In South Korea, Tesla has been fined 2.8 billion won, about $2.2 million, for violating the country’s advertising laws. According to BloombergTesla made false claims about the driving range and charging speed of its electric vehicles, as well as estimated savings on fuel costs.
The offending ad was changed by Tesla on its Korean website last February after the Fair Trade Commission launched an investigation, fined for misleading potential customers in the first place.
In addition to the 2.8 billion won fine, the regulator will impose an additional 1 million won on Tesla for violating the Electronic Commerce Act because it failed to provide sufficient information on its cancellation policy. The Free Trade Commission said it plans to send Tesla a notice outlining how it can address the concerns raised.
On Monday, Tesla released its Q4 2022 and full-year 2022 production and delivery figures. It revealed that deliveries had increased in 2022 but only by 40 percent, short of the 50 percent target the company had envisioned. The carmaker has had a bad start to the year but it still has time in 2023 to turn things around.