FedEx Faces Class Action Lawsuit Over Tariff Refunds After Supreme Court Ruling 
Japan Manufacturing PMI Jumps to Four-Year High as Global Demand Strengthens 
Gold Prices Rally in February as Geopolitical Risks and Economic Uncertainty Boost Safe-Haven Demand 
Anthropic Refuses Pentagon Request to Remove AI Safeguards Amid Defense Contract Dispute 
Flare, Xaman Roll Out One-Click DeFi Vault for XRP Yield via XRPL Wallets 
Paramount Skydance to Acquire Warner Bros Discovery in $110 Billion Media Mega-Deal 
Oil Prices Surge 13% as U.S.-Israel Strikes on Iran Spark Supply Fears 
IMF Urges U.S. to Cut Fiscal Deficit to Reduce Trade and Current Account Gaps 
Strait of Hormuz Oil and LNG Shipments Disrupted After U.S.-Israel Strikes on Iran 
Netflix Stock Jumps 14% After Exiting Warner Bros Deal as Paramount Seals $110 Billion Acquisition 
Global Markets Reel as Euro Falls, Swiss Franc Surges and Oil Prices Spike After U.S.-Israel Strike on Iran 
USITC to Review Impact of Revoking China’s PNTR Status, Potentially Raising Tariffs on Chinese Imports 
APEX Tech Acquisition Inc. Raises $111.97 Million in NYSE IPO Under Ticker TRADU 
OpenAI Hires Former Meta and Apple AI Leader Ruomin Pang Amid Intensifying AI Talent War 
Trump Orders Federal Agencies to Halt Use of Anthropic AI Technology 
U.S. Stock Futures Fall as Nvidia Drops Despite Strong Earnings; Netflix Jumps 9% 
Tokyo Core Inflation Slows Below 2%, Complicating BOJ Rate Hike Outlook 
Tesla has been accused of failing to inform car owners of an unexpected drop in the mileage of the vehicles it sells. The Fair Trade Commission (FTC) of South Korea said the mileage of the EVs drastically goes down at sub-zero temperatures.
For this finding, the South Korean antitrust regulator is planning to impose a fine on Elon Musk’s Tesla company. The FTC may fine the EV-maker with more than ₩10 billion or around $8.4 million in penalty.
As per The Korea Economic Daily, the FTC’s plan to fine Tesla was revealed on Monday, Feb. 14, by sources in the industry as well as the government. The commission said that its findings showed Tesla had overstated the fuel mileage on some of its EV model units, including the Model 3.
It was reported that the mileage for the Long Range version of Tesla Model 3 shrunk by 38.8% when it was driven at below minus 7 temperatures. A source said this happened as its battery performance has weakened.
The company stated that its Long Range units are capable of 446.1 kilometers of range on a single charge. This statement has been refuted by the country’s FTC by saying the claim is an overstatement.
The FTC said that Elon Musk’s car manufacturing firm has misinformed drivers by saying the distance that its cars usually cover in warm places is their average mileage. The fine that may be imposed on Tesla is an administrative one for exaggerated advertisement.
The amount has been determined based on the maximum two percent of Tesla’s annual sales. Thus, it is likely to pay ₩10 billion since it was said to have made more than ₩1 trillion in South Korea last year.
The country’s FTC sent its report to Tesla on Monday and informed the company about its suspicion it has exaggerated the mileage of some of its cars. The agency said this act violates the nation’s Act on Fair Labeling and Advertising, Reuters reported.
Meanwhile, Tesla was said to have denied any wrongdoing and dismissed the allegations. The company explained the advertised mileages for its EVs sold in South Korea, and other territories are based on the distance they cover at room temperature. Tesla will be taking legal action against the administrative move.
