NIO Invests $7.9 Million to Set Up Insurance Brokerage Company
According to Tianyancha APP, NIO Insurance Brokerage Co., Ltd. has been recently established with a registered capital of 50 million yuan ($7.9 million). The brokerage is 100% controlled by Chinese EV maker NIO.
The company’s business scope includes both the insurance brokerage and agency aspects of the industry.
NIO’s move comes after the launch of exclusive insurance for new energy vehicles in China. On December 27 last year, the Shanghai Insurance Exchange launched a NEV insurance trading platform, offering the first batch of NEV insurance products from 12 different insurance companies.
NIO currently offers owners “Service Free” and “Insurance Free” options, both of which include commercial insurance. The company announced through its app on December 29 that the 2021 version of “Service Free” will add coverage for external grid failure, home charger loss and home charger liability, while maintaining the same price.
On December 29, local media outlet Cailian quoted NIO as saying that it was evaluating the possibility of creating an exclusive insurance product for its vehicles in response to the latest NEV insurance terms.