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Tesla’s (NASDAQ:TSLA) insurance launch expected after acquisition

  • In April, Musk promised to launch a new insurance product in about a month.

At the annual shareholders meeting of Tesla Inc. on Tuesday, Chief Executive Elon Musk said that the insurance product he promised in April, would be launched after the carmaker completes a “small acquisition.” While analysts scorned at the idea of Tesla selling insurance, Musk said that the insurance he plans to offer would be “much more compelling than everything else out there.” At 10.30 AM GMT on Wednesday, shares of Tesla advanced more than 2 per cent in premarket trades after settling with gains of 1.98 per cent on Tuesday.