Tesla fined $2.2 million for false advertising in South Korea

Bye Elon Musk take the trouble to question twittera Tesla going through problems all over the world. The South Korean antitrust authority fined the automaker 2.8 billion won (about $2.2 million or R$12 million). According to the agency, the reason is alleged violations of the law on advertising with false advertising.

According to the South Korean Trade Commission, Tesla falsely advertised and exaggerated the range and charging speed of its electric vehicles, as well as the estimated fuel cost savings. The statement was released last Tuesday (3). Tesla made changes to its announcement in February 2022, so the agency launched an investigation.

In addition to imposing a penalty for false advertising, the regulator also imposed an additional fine of 1 million won (approximately $788) for violating the E-Commerce Law. The automaker did not provide enough information to consumers about its cancellation policy, they said.

Since opening an office in South Korea in 2015, Tesla has sold just over 45,000 electric vehicles, according to the country’s transportation ministry. Thus, Tesla became the third largest brand of eco-cars. Its 13% local market share is second only to Hyundai Motor Co. and its division Kia Corp.

Last year, the body fined German automaker Mercedes-Benz and its Korean arm 20.2 billion won, according to Reuters. The reason was the same: misleading advertising, but this time related to gas emissions from diesel passenger cars.

Tesla set a record for delivering cars in 2022

Tesla delivered 405,278 electric vehicles in the last three months of 2022, according to the automaker. This number represents a new record for the company, but it is also well below Wall Street’s estimates. As of December 30, 2022, most analysts agree that Tesla will deliver about 418,000 vehicles in the fourth quarter. A year earlier, in 2021, the company delivered 308,600 vehicles over the same period.

The Model 3 and Model Y accounted for the majority of the company’s deliveries in the fourth quarter of 2022, with 388,131 of those vehicles reaching consumers by the end of the year, according to the company. The most expensive Tesla Model S and Model X cars accounted for only 17,147 deliveries during the same period.

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Source: Bloomberg.

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