The antitrust regulator in South Korea fined Tesla $2.2 million for failing to provide accurate information regarding its cars’ short driving capabilities in sub-zero temperatures, according to Semafor. The report, which claims Tesla’s electric vehicles’ driving range is more than 50% lower during cold weather, sent the company’s shares 4% lower in premarket trading.
South Korea’s antitrust watchdog imposed a $2.2 million fine on Tesla for providing inaccurate information about its electric cars’ driving range capabilities in lower temperatures. In addition, the regulator will fine Tesla 1 million won for failing to disclose enough information to users regarding its cancellation policy. Tesla is down 4% in premarket trading after the reports.
The Korea Fair Trade Commission (KFTC) said in a statement on Tuesday that Tesla falsely advertised the driving range and charging speed of its electric vehicles (EVs), “as well as their fuel-cost effectiveness compared to gasoline vehicles.” The regulator claims Tesla’s vehicles’ driving range is over 50% lower during cold weather compared to how they are promoted online.
According to Bloomberg, Tesla changed the advertisement on its Korean-language website in February when the KFTC opened an investigation into the automaker. Tesla did not respond to the KFTC’s remarks yet.
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