Car companies such as Tesla (TSLA.US) and Stellantis (STLA.US) “escaped a robbery”! Italian regulators released promises to accept rectification and did not issue fines

The Zhitong Finance App learned that Italy's competition regulator — the Italian Competition and Market Authority (AGCM) — said on Friday that it had completed investigations against Stellantis (STLA.US), Tesla (TSLA.US), BYD, and Volkswagen (VWAGY.US).

According to reports, in February of this year, AGCM launched an investigation against the four automobile manufacturers mentioned above, accusing them of possible unfair commercial practices, particularly the disclosure of information on the range of electric vehicles, battery capacity decay, and battery warranty. AGCM said that when showing the range of electric vehicles on the websites of these companies, the information provided was often vague and sometimes even contradictory, and failed to fully explain the factors affecting the range. AGCM also notes that the information on the websites of these car manufacturers about battery capacity reductions and battery warranty conditions or limitations is not sufficiently clear and complete. When consumers buy electric vehicles, it is often difficult to obtain accurate information on battery performance and service life, which is a barrier to their purchasing decisions.

AGCM said on Friday that these automakers have agreed to revise website information to more clearly present relevant information to consumers. The regulators accepted the company's promise to rectify and decided not to impose financial penalties. The supervisory authority is responsible for protecting consumers' rights. According to relevant Italian regulations, violating consumer rights protection regulations may result in companies being fined between €5,000 and €10 million.

The regulator added that relevant car companies have also promised to introduce vehicle battery life simulation tools to allow consumers to compare models within the same market segment, and that Stellantis, BYD, and Volkswagen will have to improve warranty policies for battery capacity decay.