South Korea’s antitrust regulator said on Tuesday it has fined Mercedes-Benz, opens new tab 11.2 billion won (US$7.61 million) for misleading consumers about the battery suppliers used in some of its electric vehicles.
The Korea Fair Trade Commission (FTC) said Mercedes-Benz distributed sales guidelines to dealers suggesting that all EQE and EQS EVs were equipped with battery cells made by China’s Contemporary Amperex Technology Co Ltd, the world’s largest battery maker.
Some Mercedes EV models, however, were fitted with battery cells supplied by China’s Farasis Energy (688567.SS), opens new tab, information that was omitted from the internal sales guide and concealed from dealers and consumers, the FTC said in a statement.
CATL held a 39% share of the global EV battery market in 2025, while Farasis Energy did not rank among the world’s top 10 battery suppliers, according to industry tracker SNE Research.
The FTC said it launched an investigation after it found battery cells in a Mercedes EV involved in an August 2024 fire at an underground parking lot in Incheon was made by Farasis.
