Watchdogs find Elon Musk electric carmaker violated advertising and commerce laws
South Korea’s antitrust watchdog is to fine Tesla 2.8-billion won 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 on 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 did not provide enough information to consumers on its cancellation policy.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 and its unit Kia.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Business Maverick: Tesla fined $2.2m in Korea for false advertisingSouth Korea’s antitrust watchdog will levy a fine of 2.8-billion won ($2.2 million) on Tesla for alleged violations of the nation’s advertisement law, dealing a setback to the US carmaker that’s seeking to expand its presence in the Asian country.
Read more »
Tesla breaks delivery record but misses targetThe company handed over 405,278 vehicles to customers in the last three months, short of the 420,760 average estimate compiled by Bloomberg.
Read more »
South Korea in talks with US over exercises using nuclear armsYear could turn into one of crisis on peninsula, experts warn over president’s call for preparation for war
Read more »
One of Twitter's landlords has sued the company, saying it owes $136,000 in unpaid rent | Business InsiderSince taking ownership of Twitter in late October, Elon Musk has embarked on wide-ranging cost-cutting, including laying off more than half of the company's staff.
Read more »
Elon Musk teases release of the 'Fauci Files,' following his previous criticism of the medical expert | Business InsiderTwitter's CEO said files relating to Anthony Fauci would be released 'later this week.' Musk has criticised the doctor on several occasions.
Read more »