By Kwanwoo Jun

Tesla Inc. has been fined 2.85 billion won ($2.2 million) by a South Korean regulator for allegedly misleading customers about its electric vehicles' driving ranges.

South Korea's antitrust watchdog said Tuesday that the U.S. EV maker's Korean units exaggerated the driving range of its vehicles and falsely promoted their estimated fuel-cost savings in local online advertisements.

The Korea Fair Trade Commission also accused Tesla of unfairly charging a deposit to frustrate online-purchase cancellations. Tesla was told to correct the marketing practice, the commission added.

Tesla wasn't immediately available for comment on the South Korean penalty action.

The commission said Tesla recently altered its misleading Korean-language advertisements, which had been online since 2019.

Write to Kwanwoo Jun at kwanwoo.jun@wsj.com

(END) Dow Jones Newswires

January 03, 2023 03:57 ET (08:57 GMT)

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