No matter how much Korean retail investors love Tesla , the "selfless" Korean government still fines Tesla for various reasons.
On January 3, South Korea’s antitrust regulator (KFTC) will impose a fine of 2.8 billion won (approximately US$2.2 million) on Tesla for allegedly violating South Korea’s advertising laws.
A statement issued by the Korea Fair Trade Commission on Tuesday stated that Since August, Tesla has falsely promoted and exaggerated the driving range and charging speed of its electric vehicles , as well as the fuel cost savings after driving a Tesla. :
The mileage of Tesla's cars in cold weather differs by up to 50.5% from what is advertised.
Tesla had changed the advertising on its Korean website last February when South Korean regulators launched an investigation into it. Now, Tesla's website details winter driving tips, such as using an external power source to warm up the vehicle and using its updated app to monitor energy consumption, but makes no mention of the loss of range in cold temperatures.
In addition to the basic fines, the Korean regulatory agency stated that Tesla did not provide consumers with sufficient information about cancellation or unsubscription measures, and will impose an additional fine of 1 million won on Tesla for violating the e-commerce law . According to the statement, the Commission will issue a notice to Tesla requiring it to correct these actions.
media quoted South Korean environmental statistics in 2021 as saying that the cruising range of most electric vehicles will drop by as much as 40% in cold temperatures, with Tesla being the most affected.
media analysis pointed out that how to enable electric vehicles to charge normally in the face of low temperatures and severe cold has always been a difficult problem that electric vehicle manufacturers need to overcome. Lithium-ion batteries don't like freezing temperatures. Faced with the extremely cold weather during the Christmas holidays in the United States, many Tesla owners have reported that 's battery capacity dropped significantly during the freezing weather and they were unable to charge, forcing them to cancel their holiday plans .
Korean consumers have always been enthusiastic about Tesla. According to data released by the Korean Ministry of Transportation, Tesla has sold 45,812 battery-powered environmentally friendly cars in South Korea as of the end of September since it opened an office in South Korea in 2015.
This sales volume makes it the third largest environmentally friendly car brand in South Korea. 's local time market share reaches 13%, is second only to South Korea's domestic car manufacturer Hyundai Motor and its subsidiary Kia Motors .
But none are more enthusiastic than Korean retail investors. Their enthusiasm for Tesla may never die. Faced with Tesla, which is experiencing the most serious oversold period on a technical level since its listing, Korean retail investors are buying more and more as the price falls. As of December 27 last year, Korean retail investors had net bought Tesla shares worth US$2.8 billion.
But enthusiastic Korean investors still failed to "save" Tesla's share price . U.S. stocks fell nearly 4% overnight before the market opened. Its fourth quarter 2022 automobile production and delivery report released on Monday showed that 405,300 vehicles were delivered in the fourth quarter, setting another record but lower than market expectations.
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