Tesla (TSLA), Stellantis (STLA), Volkswagen, and BYD are under investigation by Italy's antitrust agency for reportedly misleading buyers on battery capabilities of their electric vehicles, multiple news outlets reported Friday, citing a statement from the Italian Competition Authority, or AGCM.
The inquiries focus on potentially unfair commercial practices regarding EV driving range, battery capacity degradation, and limitations on battery-related warranties, according to the news outlets.
Inspections were reportedly conducted at the Italian offices of all the automakers on Thursday, with support from Italy's financial crimes police.
Tesla, Stellantis, Volkswagen, and BYD did not immediately respond to MT Newswires' request for comment.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.