BYD and Tesla enter the insurance industry, leading the new trend of electric vehicle insurance

Recently, BYD and Tesla, two giants in the electric vehicle industry, have begun to get involved in the insurance business, which has brought a major impact on the traditional auto insurance industry. BYD has launched an auto insurance business on its APP, which not only provides insurance services to new car buyers, but also launches renewal activities. It is predicted that BYD's insurance business has reduced premiums by about 20% compared with its peers, truly transferring the benefits to users. At the same time, Tesla also established Tesla Insurance Brokerage Co., Ltd. at the end of July. The actions of these two giants will undoubtedly have a profound impact on the auto insurance business.