Zhong Guo Qi Che Bao Wang·2025-05-19 01:13Core Viewpoint - BYD Insurance Brokerage Company has announced its cancellation, which has led to misunderstandings regarding BYD's insurance business strategy, despite the fact that it has not conducted any operations since its establishment [2][3][5]. Group 1: Company Actions - BYD Insurance Brokerage was registered in March 2022 with a capital of 50 million yuan and was wholly owned by BYD Auto Industry Company [2]. - The company has not engaged in any business activities and its cancellation will not affect the normal operations of BYD Property Insurance Company [2][3]. - The cancellation is seen as a strategic move to optimize BYD's business model, as BYD Property Insurance already has the necessary licenses and capabilities to conduct insurance sales [5]. Group 2: Industry Context - The establishment of insurance brokerage companies by automotive firms is a common strategy to enter the insurance market, with many companies like Xpeng and NIO following similar paths [3][6]. - The insurance market is lucrative, and automotive companies can leverage their customer base to earn commissions from insurance sales, enhancing their product competitiveness [7]. - BYD's entry into the insurance sector is part of a broader trend among car manufacturers to integrate insurance services into their business models, creating a comprehensive service ecosystem [8][9]. Group 3: Insurance Business Development - In May 2023, BYD acquired 100% of Easy安 Property Insurance, rebranding it as Shenzhen BYD Property Insurance, thus obtaining a license to operate in the insurance sector [4]. - BYD Property Insurance has increased its registered capital to 4 billion yuan to support business expansion and has begun offering various insurance products [4][8]. - The company is focusing on the new energy vehicle insurance market, utilizing data from vehicle usage to create precise risk assessment models and innovative insurance products [8][9].