Large Swedish pension fund blacklists Tesla

Billions worth of Tesla shares have been sold off by a pension fund that believes the company violates workers’ rights.

The Swedish state pension fund AP7 has blacklisted Tesla and sold all its shares in the electric car company.

This is reported by the news agency TT.

The reason is that AP7 believes that Tesla is violating workers’ rights.

“After several years of trying to influence them, we have recognized that we have reached the end of the road,” says Mikael Lindh Hök, head of communications for AP7.

“It’s about violations of professional rights in the United States,” he continues.

At the turn of the year, AP7 owned Tesla shares worth around 12.6 billion Danish kroner.

The fund’s shares in Tesla were sold off late in May. In total, the fund manages approximately 757 billion Danish kroner.

AP7 is the state alternative within the Swedish premium pension system, and almost six million people have money there.

Tesla and CEO Elon Musk have long been in conflict with unions, including Swedish unions.

The Swedish union IF Metall began a conflict with Tesla in the fall of 2023 at service points and workshops around Sweden.

The disagreements caused by Tesla’s refusal to enter into a collective agreement have not yet been resolved.

Elon Musk’s close collaboration with US President Donald Trump has also led to calls from several for a Tesla boycott.

However, the Musk-Trump collaboration has recently run into problems with a public altercation between the two.

A number of Danish pension companies have already excluded Tesla from their investments.

This applies, among others, to Sampension, which did so five years ago, and recently AkademikerPension announced that an exclusion was on the way unless Tesla improves employee rights.

ATP – which all Danish employees save with – had no Tesla shares at the end of 2024.

ritzau