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Tesla Registers Insurance Brokerage in China with 50 Million Yuan Capital, Appoints Tom Zhu as CEO

Aug 2, 2024, 07:38 AM

Tesla has registered an insurance brokerage in China, marking a significant expansion into the insurance sector. The new entity, Tesla Insurance Brokerage, is based in Beijing's Central Business District and was established on July 30 with a registered capital of 50 million yuan ($6.92 million). Tom Zhu has been appointed as the CEO and Chairman of the Board of Directors. This move comes amid a broader positive trend for Tesla in China, with increased deliveries and improved production metrics. Tesla's Model Y continues to dominate the domestic passenger car market, and Model 3 deliveries have reached the highest level in Giga Shanghai's history. Additionally, Tesla saw a 15% increase in shipments from its Shanghai factory in July, reversing a trend of monthly declines. The company also reported a 15.3% year-over-year growth in wholesale numbers and a 33% year-over-year growth in insurance registrations in July.