Tesla has had a rocky start to the new year of 2023. Despite posting record sales, the company failed to meet analysts’ expectations. In addition to this, Tesla’s newly appointed second-in-command, Tom Zhu, has faced criticism. To top it off, the company has now been fined $2.2 million by South Korea’s antitrust authority for alleged violations of advertising laws.
The Korea Fair Trade Commission (KFTC) has fined Tesla $2.2 million for deceptive advertising practices in South Korea. The KFTC claims that since August 2019, Tesla has misled consumers about the driving range, fuel efficiency, and performance of its Superchargers on its official website in the country.
The investigation, which began in February 2021, found that the driving range of Tesla vehicles could drop by as much as 50.5% in cold weather, compared to the advertised range. The website also failed to mention that the driving range of the vehicles may be reduced in sub-zero temperatures.
As a result of the investigation, Tesla modified the Korean version of its website. As of September 2021, Tesla had sold 45,812 electric vehicles in South Korea, giving the company a market share of 13%.
