November 30, 2020

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TSLA FINED € 14 MILLION

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The History TSLA (tesla stock) has been fined by the German government of € 14...
TSLA FINED € 14 MILLION

TSLA FINED € 14 MILLION

The History

TSLA (tesla stock) has been fined by the German government of € 14 million for its battery end of life policy. Over the years, Tesla has been serving many countries and Germany is one of them. But Germany was never kind enough to provide a warm welcome, which signifies its protectiveness toward their automobile industry. The extent of protection has been so much that they try to keep Tesla out of its electric vehicles’ innovations in Germany. They also headed toward the full self-driving beta and Autopilot facility for a while.

The Present

But as per the recent news, which happens to be a good one. Tesla to open a plant in Germany. Yes, you heard it right. After so many disputes, finally, Tesla is heading towards establishing its first factory in Berlin and the automaker announced a huge investment. German officials stated that the factory will have no obligations and would instead be receiving utmost support from the German government. But the news lasted like a mirage in a desert. Soon Germany parted ways from Tesla. German officials started an argument over the way Tesla handles its end of life battery products. The automakers unveil that Germany wants Tesla to go back to its roots (with respect to the end of life battery products) and fines a fine of € 14 million to the company.

The official verdict goes by The German Umweltbundesamt (“UBA”) has issued our subsidiary in Germany a notice and fine in the amount of 12 million euro alleging its non-compliance under applicable laws relating to market participation notifications and take-back obligations with respect to end-of-life battery products required thereunder. This is primarily relating to administrative requirements, but Tesla has continued to take back battery packs, and although we cannot predict the outcome of this matter, including the final amount of any penalties, we have filed our objection and it is not expected to have a material adverse impact on our business.

As per Tesla, they identify the issue raised to be only administrative. There are only a few packets of end of life batteries which are warranty-less and the automakers say to replace them. By replacement, they mean remanufacturing of end of life battery products and use them in future replacements. Though Tesla prefers recycling the batteries there are some automakers who demand to use these non – refined old battery packs as second life battery stations to later use them as energy storage devices. Let’s see what the latest news has to say further on this topic.  You can find more information from tesla stock news.

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