Tesla was fined 2.8 billion won, about $2.2 million, in South Korea for violating the country’s advertising laws. According to BloombergTesla made false claims about the range and charging speed of its electric vehicles as well as estimated savings in fuel costs.
The offending ad was changed by Tesla on its Korean website last February after the Fair Trade Commission opened an investigation, the fine being for misleading potential customers in the first place.
In addition to the 2.8 billion won fine, the regulator will collect another 1 million won from Tesla for violating the e-commerce law because it did not provide enough information about its cancellation policy. The Free Trade Committee said it plans to send a notice to Tesla explaining how it can address the concerns raised.
On Monday, Tesla released its production and delivery figures for the fourth quarter of 2022 and for the year 2022. It revealed that deliveries increased in 2022 but only by 40%, which is below the 50% target that the company had predicted. The automaker has had a bad start to the year, but there’s still plenty of 2023 to turn things around in its favor.
source: Bloomberg