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Investing.com -- Italy’s antitrust agency announced on Friday that it has launched investigations into BYD (SZ:002594), Stellantis (NYSE:STLA), Tesla (NASDAQ:TSLA), and Volkswagen (ETR:VOWG_p).
The probe is centered around allegations that these automakers may have misled consumers about the performance of their electric vehicles (EVs).
The investigations are focused on possible unfair commercial practices. Specifically, the regulator is examining the information these companies provided to consumers about the driving range of their EVs, the degradation of their batteries’ capacity, and limitations on standard battery warranties.
The agency believes these practices could potentially be in violation of the Consumer Code.
The agency noted that it is standard procedure in such circumstances to carry out inspections. As such, on Thursday, the Italian headquarters of the four automakers were inspected. The Guardia di Finanza, Italy’s financial crimes police, assisted in these inspections.
At the time of the announcement, BYD had not provided a comment on the investigation. Stellantis and Volkswagen had not responded to requests for comment, and Tesla’s Italian operations could not be immediately contacted.
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