Over time, insurance will become one of the company's major products, musk said during the company's third-quarter earnings call, with the insurance business accounting for 30 to 40 percent of the vehicle's business value. Tesla believes that insurance is a product highly dependent on data, and through its own ecological construction, it can accurately collect relevant data of electric vehicles, with better conditions to control risks and realize pricing. Tesla launched Tesla Insurance in April 2019, saying it could offer premiums 20 to 30 percent lower than traditional Insurance companies. Because Tesla knows its cars best, it can take advantage of their advanced technology, safety and serviceability to provide insurance at a lower cost. In August 2020, Tesla established Tesla Insurance brokerage company in Shanghai with a registered capital of 50 million yuan, which is held by Tesla in Hong Kong. At the meeting, Musk also said that in the future, if Tesla has a better department to receive feedback, the data will not just be statistics, but concrete solutions. If Tesla's insurance costs are lower and quality is better, it will be chosen by many people. Artificial intelligence and big data are the core competitiveness of Tesla's insurance products. According to the report, Tesla has real-time data from all driver behavior and vehicle technical performance, including camera recordings and sensor readings, which can accurately estimate accident risk and repair costs, and its insurance premium also offers cheaper quotes based on the driver's actual driving conditions.