Elon Musk, Tesla CEO, claims that the firm is in the procedure of finishing a “small acquirement” that will assist it launch its own insurance device. This is something the firm claimed in April that it was only almost “a month” away from bringing this to the market. One month is minimum 2 Months when converted from Musk-time to ordinary time.
Musk made the statement at the Annual Shareholder Meeting of Tesla, stating that the firm is “very close to being capable of releasing [its insurance device],” and that apart from this acquisition in development, Tesla also has “a little software to code” to set it up for market.
Insurance for Tesla cars can be costly when sourced from conventional insurance suppliers (it ranked 15th largest in the US in a latest 3rd-party study), but Tesla claims that it has a major benefit when compared to 3rd-parties that will assist it cost insurance for its clients rightly—detailed and ample information about their driving behaviors.
No word still on who the acquirement target is, but it makes logic that Tesla may seek to pick up a tiny insurer to increase its own user and driving data, rather than making an attempt to develop an insurance business from scratch in-house.
On a related note, previous spring, Wei Lun Huang aka Walter Huang (Apple engineer) passed away in a crash when his Tesla Model X hit a median in Mountain View on Highway 101 while the Autopilot driving assist of the car was turned on. Now media reports that family members of Huang have filed a court case against the state of California and Tesla.
As per media reports, the court case states that Huang’s Model X was “faulty” in its design, and accuses the state for not making security mends on a security barrier within the needed amount of time.