(Bloomberg) -- South Korea’s antitrust watchdog will fine Tesla Inc. 2.8 billion won ($2.2 million) for alleged violations of advertising law.
Tesla falsely promoted and exaggerated the driving range and charging speed of its electric cars, as well as the estimated savings on fuel costs, South Korea’s Fair Trade Commission said in a statement Tuesday. The Elon Musk-led company changed the advertisement on its Korean-language website in February when the watchdog started an investigation.
The regulator will levy an additional penalty of 1 million won on Tesla for violations of the Electronic Commerce Act, saying the carmaker didn’t provide enough information to consumers on its cancellation policy.
Tesla Korea didn’t immediately respond to requests for comment.
By the end of September, Tesla had sold 45,812 electric vehicles in South Korea since opening a local office in 2015, according to the transport ministry. That made it the third-biggest green car brand with a local market share of 13%, just behind Hyundai Motor Co. and its unit Kia Corp.
--With assistance from Shinhye Kang.
(Adds line to show Tesla didn’t immediately respond to requests for comment.)
©2023 Bloomberg L.P.
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