Report: Tesla Has Established Insurance Brokerage Company In China

If Tesla Inc (NASDAQ: TSLA) really wants to launch level 5 full self-driving, the company will need to provide insurance. If Tesla claims the cars are fully self-driving, with no human needed, the company becomes the one responsible. This is part of the reason Tesla launched its own insurance in the U.S. last year.

Now a report on Tesmanian reveals through the China National Enterprise Credit Information Publicity System, Tesla has established an insurance company in China.

Tesla also launched the company's insurance in the U.S. to help with high insurance cost for Tesla vehicles. Tesla insurance is currently only available in California, but during the second-quarter earnings call, the company said it will roll out to more states by the end of 2020.

Benzinga's Take: It looks like Tesla wants to dominate every aspect of car ownership, to fueling with solar power, propulsion with drivetrains and batteries, and now even the insurance that covers the vehicle in case of an accident. This may also signal Tesla really is getting closer to level 5 full self-driving, which it intends to launch by the end of 2020.