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Elon Musk’s Tesla is hit with a $2.2 million fine from South Korea for false advertising

For neglecting to notify consumers that the range of all of their electric vehicles diminishes dramatically during harsh winters, the Korean Fair Trade Commission (KFTC), the country’s antitrust authority, has stated it would impose a punishment of $2.2 million or 2.85 Korean Won on Tesla.

Tesla allegedly misled its consumers by not telling them that their electric vehicles’ range diminishes by as much as 50.5% in cold weather. This was discovered by South Korea’s antitrust commission. They also failed to mention that, as the temperature decreases, the length of time it takes to charge their vehicles increases dramatically. Acknowledgement of Source: AFP

According to the KFTC, the EV giant lied about the range and charging speed of its electric vehicles, and presented the numbers in a manner that caused consumers to believe that the battery life and the time it takes to recharge the car are consistent throughout the year and all four seasons.

Additionally, it said that the American manufacturer made false statements on the value of fuel savings in comparison to gasoline cars. The KFTC reports that in cold weather, Tesla’s electric cars’ driving range might decrease by as much as 50.5% compared to what is claimed on the local, Korean-language website.

In addition, Tesla did not tell customers that the charging time for their vehicle would vary substantially based on the charger they used, the ambient temperature, and the battery’s current charge level.

Even Tesla’s projected fuel savings were a little exaggerated. The electric vehicle industry leader did not explain how charging costs change depending on variables like charging time and local tax incentives.

In addition to the aforementioned 2.85 million Korean Won, the KFTC additionally fined Tesla 1 million Korean Won for, among other things, failing to adequately notify customers of the cancellation policy and for making the policy more complicated than necessary.

The electric car manufacturing giant Tesla said on Monday that it has delivered a record-breaking 1.31 million EVs in 2022. That number represented a 40% increase over the previous year. However, Tesla hasn’t had much success on Wall Street. Shares of the corporation dropped by 65% in 2022, after two years of unprecedented rise on the stock market.