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Tesla expands insurance initiative outside U.S., looks to become full-service car company

(Credit: Tesla China/Twitter)

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Tesla has successfully expanded its insurance service to China, as a brokerage dawning the electric automaker’s name and sharing the same address as the company’s Giga Shanghai production facility appeared on a Chinese government website.

Tesla Motors Hong Kong Ltd was registered in the National Enterprise Credit Information Publicity System of China website on August 6th, 2020. Tesla’s Global Vice President and head of Tesla China, Zhu Xiaotong, was named as the insurance brokerage’s legal representative, The Morning Tick reported.

The company has listed its principal capital of 50 million Chinese yuan, or $7.2 million.

The registration of the company moves toward Tesla’s ultimate goal to begin establishing an in-house insurance service for its vehicles that would aim to reduce expensive rates for its drivers. The advantage Tesla would hold would assist drivers in lowering their insurance costs because the company knows its own vehicles inside and out.

Tesla executives Elon Musk and Zachary Kirkhorn talked extensively about the company’s intentions to begin expanding the insurance side of the company during the Q2 Earnings Call.

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(Credit: Tesla)

Kirkhorn talked extensively about the advantages Tesla has by offering its own service, specifically with the data that each vehicle captures. The data could be used to determine the probability of a driver being involved in an accident and would assess these characteristics when determining a proper premium for an individual.

Kirkhorn said:

“Ultimately, where we want to get to with Tesla Insurance is to be able to use the data that’s captured in the car, in the driving profile of the person in the car to be able to assess correlations and probabilities of a crash and be able then to assess a premium on a monthly basis for that customer.”

The advantage was only available to California drivers, however, because Tesla had not expanded the insurance service outside of its home state.

With the China-based insurance brokerage, Tesla will likely create an even more solidified presence in the country. Offering sustainable vehicles built within the country’s Giga Shanghai facility has been available since January, but insurance has only been accessible through third-party companies.

Tesla insurance has been available since late August 2019, when Tesla announced its in-house insurance service through a blog posting.

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The company has also looked to expand the insurance initiative to other international markets based on job postings. Tesla is also looking to begin ramping a European insurance sector in London, England, and Brandenburg, Berlin, Germany, after attempting to hire Insurance Product Managers and Underwriters.

Joey has been a journalist covering electric mobility at TESLARATI since August 2019. In his spare time, Joey is playing golf, watching MMA, or cheering on any of his favorite sports teams, including the Baltimore Ravens and Orioles, Miami Heat, Washington Capitals, and Penn State Nittany Lions. You can get in touch with joey at joey@teslarati.com. He is also on X @KlenderJoey. If you're looking for great Tesla accessories, check out shop.teslarati.com

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Tesla investors will be shocked by Jim Cramer’s latest assessment

Jim Cramer is now speaking positively about Tesla, especially in terms of its Robotaxi performance and its perception as a company.

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Credit: CNBC Television/YouTube

Tesla investors will be shocked by analyst Jim Cramer’s latest assessment of the company.

When it comes to Tesla analysts, many of them are consistent. The bulls usually stay the bulls, and the bears usually stay the bears. The notable analysts on each side are Dan Ives and Adam Jonas for the bulls, and Gordon Johnson for the bears.

Jim Cramer is one analyst who does not necessarily fit this mold. Cramer, who hosts CNBC’s Mad Money, has switched his opinion on Tesla stock (NASDAQ: TSLA) many times.

He has been bullish, like he was when he said the stock was a “sleeping giant” two years ago, and he has been bearish, like he was when he said there was “nothing magnificent” about the company just a few months ago.

Now, he is back to being a bull.

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Cramer’s comments were related to two key points: how NVIDIA CEO Jensen Huang describes Tesla after working closely with the Company through their transactions, and how it is not a car company, as well as the recent launch of the Robotaxi fleet.

Jensen Huang’s Tesla Narrative

Cramer says that the narrative on quarterly and annual deliveries is overblown, and those who continue to worry about Tesla’s performance on that metric are misled.

“It’s not a car company,” he said.

He went on to say that people like Huang speak highly of Tesla, and that should be enough to deter any true skepticism:

“I believe what Musk says cause Musk is working with Jensen and Jensen’s telling me what’s happening on the other side is pretty amazing.”

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Tesla self-driving development gets huge compliment from NVIDIA CEO

Robotaxi Launch

Many media outlets are being extremely negative regarding the early rollout of Tesla’s Robotaxi platform in Austin, Texas.

There have been a handful of small issues, but nothing significant. Cramer says that humans make mistakes in vehicles too, yet, when Tesla’s test phase of the Robotaxi does it, it’s front page news and needs to be magnified.

He said:

“Look, I mean, drivers make mistakes all the time. Why should we hold Tesla to a standard where there can be no mistakes?”

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It’s refreshing to hear Cramer speak logically about the Robotaxi fleet, as Tesla has taken every measure to ensure there are no mishaps. There are safety monitors in the passenger seat, and the area of travel is limited, confined to a small number of people.

Tesla is still improving and hopes to remove teleoperators and safety monitors slowly, as CEO Elon Musk said more freedom could be granted within one or two months.

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Tesla launches ultra-fast V4 Superchargers in China for the first time

Tesla has V4 Superchargers rolling out in China for the first time.

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Credit: Tesla

Tesla already has nearly 12,000 Supercharger piles across mainland China. However, the company just initiated the rollout of the ultra-fast V4 Superchargers in China for the first time, bringing its quick-charging piles to the country for the first time since their launch last year.

The first batch of V4 Superchargers is now officially up and running in China, the company announced in a post on Chinese social media outlet Weibo today.

Tesla China teases arrival of V4 Superchargers in 2025

The company said in the post:

“The first batch of Tesla V4 Superchargers are online. Covering more service areas, high-speed charging is more convenient, and six-layer powerful protection such as rain and waterproof makes charging very safe. Simultaneously open to non-Tesla vehicles, and other brands of vehicles can also be charged. There are more than 70,000 Tesla Superchargers worldwide. The charging network layout covers 100% of the provincial capitals and municipalities in mainland China. More V4 Superchargers will be put into use across the country. Optimize the charging experience and improve energy replenishment efficiency. Tesla will accompany you to the mountains, rivers, lakes, and seas with pure electricity!”

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The first V4 Superchargers Tesla installed in China are available in four cities across the country: Shanghai, Zhejiang, Gansu, and Chongqing.

Credit: Tesla China

Tesla has over 70,000 Superchargers worldwide. It is the most expansive and robust EV charging network in the world. It’s the main reason why so many companies have chosen to adopt Tesla’s charging connector in North America and Europe.

In China, some EVs can use Tesla Superchargers as well.

The V4 Supercharger is capable of charging vehicles at speeds of up to 325kW for vehicles in North America. This equates to over 1,000 miles per hour of charging.

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Elon Musk hints at when Tesla could reduce Safety Monitors from Robotaxi

Tesla could be reducing Safety Monitors from Robotaxi within ‘a month or two,’ CEO Elon Musk says.

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Credit: Joe Tegtmeyer | X

Elon Musk hinted at when Tesla could begin reducing Safety Monitors from its Robotaxis. Safety Monitors are Tesla employees who sit in the front passenger seat during the driverless rides, and are there to ensure safety for occupants during the earliest rides.

Tesla launched its Robotaxi fleet in Austin last Sunday, and after eight days, videos and reviews from those who have ridden in the driverless vehicles have shown that the suite is safe, accurate, and well coordinated. However, there have been a few hiccups, but nothing that has put anyone’s safety in danger.

A vast majority — close to all of the rides — at least according to those who have ridden in the Robotaxi, have been performed without any real need for human intervention. We reported on what was the first intervention last week, as a Safety Monitor had to step in and stop the vehicle in a strange interaction with a UPS truck.

Watch the first true Tesla Robotaxi intervention by safety monitor

The Tesla and UPS delivery truck were going for the same street parking space, and the Tesla began to turn into it. The UPS driver parallel parked into the spot, which was much smaller than his truck. It seemed to be more of an instance of human error instead of the Robotaxi making the wrong move. This is something that the driverless cars will have to deal with because humans are aggressive and sometimes make moves they should not.

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The Safety Monitors have not been too active in the vehicles. After all, we’ve only seen that single instance of an intervention. There was also an issue with the sun, when the Tesla braked abnormally due to the glare, but this was an instance where the car handled the scenario and proceeded normally.

With the Robotaxi fleet operating impressively, some are wondering when Tesla will begin scaling back both the Safety Monitors and Teleoperators that it is using to ensure safety with these early rides.

CEO Elon Musk answered the inquiry by stating, “As soon as we feel it is safe to do so. Probably within a month or two.”

Musk’s response seems to confirm that there will be fewer Teleoperators and Safety Monitors in the coming months, but there will still be some within the fleet to ensure safety. Eventually, that number will get to zero.

Reaching a point where Tesla’s Robotaxi is driverless will be another significant milestone for the company and its path to fully autonomous ride-sharing.

Eventually, Tesla will roll out these capabilities to consumer-owned vehicles, offering them a path to generate revenue as their car operates autonomously and completes rides.

For now, Tesla is focusing on perfecting the area of Austin where it is currently offering driverless rides for just $4.20 to a small group of people.

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