The Korean Fair Trade Commission (KFTC), South Korea’s antitrust regulator, has announced that it will fine Tesla $2.2 million, or 2.85 Korean Won, for failing to inform customers that the driving range of all of its electric cars significantly decreases during cold winters.
According to the KFTC, the Ev giant made false claims about the range and charging speed of its electric cars and presented the figures in a way that led people to believe that battery life and the amount of time it takes to recharge the car are the same throughout the year and in all seasons.
It also stated that the American automobile manufacturer made deceptive claims regarding the cost-effectiveness of fuel savings in comparison to gasoline vehicles. The KFTC says that in cold weather, the driving range of Tesla’s electric cars decreases by up to 50.5 percent compared to how they were advertised on the local website in Korean.
Tesla also failed to inform customers that the type of charger used, temperature outside, and battery charge state all have a significant impact on the speed at which the vehicle charges.
Additionally, Tesla made erroneous estimates regarding the potential savings in fuel. The EV giant withheld information about how a variety of factors, including charging speed and the government’s policy on price discounts, affect the cost of charging their vehicles.
In addition to the 2.85 Korean won previously imposed, the KFTC fined Tesla an additional 1 million Korean won for, among other things, failing to provide adequate information regarding the cancellation policy and making it excessively complicated.
Tesla announced on Monday that it would set a new record by delivering 1.31 million electric vehicles in 2022. This number was up 40% from the previous year. However, Tesla’s situation has not been ideal, at least not on Wall Street. The company’s shares fell 65% in 2022 after two years of record-breaking growth in the financial markets.
