Tesla fined $2.2 mn for false advertising on EV range in cold weather

by IANS |

Seoul, Jan 4 (IANS) South Korean market regulator has fined Elon Musk-run Tesla $2.2 million for misleading consumers about the range of its electric vehicles via advertisements.

The Korea Fair Trade Commission (KFTC) had an issue with the range drop in cold weather.

According to Electrek, the electric-car maker has now added a disclaimer to its website in South Korea, saying "performance and mileage may vary by model".

"The displayed drivable distance may vary depending on external factors such as speed, weather conditions and road conditions.," said Tesla.

Last year, KFTC launched an investigation into allegations that Tesla violated advertising laws by overstating the range of its electric vehicles.

Now, the KFTC announced that it is imposing a 2.85 billion won ($2.2 million) fine on Tesla for not stating "that its range might drop significantly in cold weather".

Meanwhile, Tesla missed its target of 50 per cent growth in production and deliveries for 2022, as its stock plummeted around 65 per cent amid Musk's $44 billion Twitter takeover last year.

The automaker needed to sell 495,760 vehicles in its fourth quarter (Q4) to have achieved the 50 per cent growth guidance.

In the fourth quarter, Tesla produced over 439,000 vehicles and delivered over 405,000 vehicles.

In 2022, vehicle deliveries grew 40 per cent (year-on-year) to 1.31 million while production grew 47 per cent (on-year) to 1.37 million.

Investors fear that the China Covid situation and supply chain-related challenges will further impact Tesla sales. They are also concerned about Musk's distraction by his Twitter overhaul.

Latest News
Bihar: Man arrested under POCSO Act Sat, Feb 04, 2023, 04:47 PM
Bihar: Man arrested under POCSO Act Sat, Feb 04, 2023, 04:47 PM
Follow path shown by Guru Ravidass: Punjab CM Sat, Feb 04, 2023, 04:44 PM
Ethiopian PM meets Tigray leaders for first time since peace deal Sat, Feb 04, 2023, 04:14 PM
Delhi: Acquitted in Chhawla gang rape case, man, his aide arrested for murder Sat, Feb 04, 2023, 03:58 PM
Avalanche in Afghanistan kills 2, injures 3 Sat, Feb 04, 2023, 03:42 PM
Grenade blast near Sunny Leone's fashion show venue in Imphal Sat, Feb 04, 2023, 03:40 PM
Congress in Kerala says 'no' to hartal Sat, Feb 04, 2023, 03:38 PM
Samsung's new XR headset may be a stand-alone device Sat, Feb 04, 2023, 03:15 PM
Self-defence training for girls: Rs 184 cr allocated, TN schools want more money Sat, Feb 04, 2023, 03:10 PM
5 dead in Chile forest fires Sat, Feb 04, 2023, 03:01 PM
KIYG gives the feel of international events, says U21 hockey star Sharda Tiwari Sat, Feb 04, 2023, 02:49 PM
Logistics startup FarEye lays off 90 employees, 2nd job cut in 8 months Sat, Feb 04, 2023, 02:40 PM
BJP names candidates for 2 Pune Assembly bypolls Sat, Feb 04, 2023, 02:33 PM
PM Modi to visit poll-bound Karnataka, inaugurate various projects Sat, Feb 04, 2023, 02:24 PM