In a recent announcement, BYD Insurance Brokerage Co., Ltd. has decided to dissolve its operations. This decision was made public through the National Enterprise Credit Information Publicity System, and the dissolution notice is set to be effective from April 17, 2025, to June 1, 2025. The company plans to apply for deregistration with the relevant authorities, and creditors are encouraged to declare their claims within 45 days from the announcement date.
According to the official records, BYD Insurance Brokerage Co., Ltd. was officially named on March 2, 2022, by the State Administration for Market Regulation. The company completed its registration shortly thereafter, on March 25, 2022. Thus, it has been in operation for only three years before moving towards dissolution.
Reports indicate that BYD’s restructuring of its insurance business is not unique among automotive companies, particularly those in the new energy sector. For instance, NIO Insurance Brokerage Co., Ltd. was established in 2022, and while it obtained a license through Huiding Insurance Brokerage Co., Ltd., it dissolved just a year later, in March 2023. Similarly, Xpeng launched Guangzhou Xpeng Insurance Agency Co., Ltd. in 2018 and successfully acquired Qingdao Miaobao Insurance Agency Co., Ltd. in August 2022, only to later rename it to Guangzhou Zhixuan Consulting Service Co., Ltd., which has also completed its dissolution process.
This trend reflects the dynamic nature of the insurance market within the automotive industry, particularly among companies pivoting in response to market demands and business strategies.
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