South Korea's antitrust agency will fine Tesla Inc 2.8 billion won ($2.2 million) for allegedly violating advertising laws.
The Korea Fair Trade Commission said in a statement on Tuesday that Tesla falsely advertised and exaggerated the range and charging speed of its electric vehicles, as well as the estimated fuel cost savings. The Elon Musk-led company changed ads on its Korean-language website in February as regulators investigated.
The regulator will fine Tesla an additional 1 million won for violating the Electronic Commerce Act because it failed to provide consumers with sufficient information about its cancellation policy.
Tesla Korea did not immediately respond to a request for comment.
By the end of September, Tesla had sold 45,812 electric vehicles in South Korea since it opened a local office in 2015, according to the transportation ministry.
-Bloomberg
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