Nio Joins Auto Industry Rush Into the Insurance Business

Chinese electric vehicle startup Nio Inc. joined the ranks of automakers venturing into the insurance business, acquiring Huiding Insurance Broker Co. Ltd. last December, according to a business registration filing.

Nio rebranded the Hefei, Anhui-based enterprise as Nio Insurance Broker Co. Ltd., according to a recent update to the company’s business registration. Anhui Nio Data Technology Co. Ltd., a unit of Nio, became the sole shareholder of Huiding in December 2022, according to the document. Li Bin, founder and chairman of Nio, is the controlling shareholder of Anhui Nio Data.