Swedish pension fund AP7 said Friday it had blacklisted Tesla over the US company鈥檚 lack of respect for labour rights in the US, and had sold off its $1.4 billion stake in the US carmaker.
The fund said in a statement that it had decided 鈥榯o blacklist Tesla due to verified violations of union rights in the United States.鈥�
鈥楧espite several years of dialogue with Tesla, including shareholder proposals in collaboration with other investors, the company has not taken sufficient measures to address the issues,鈥� the fund said.
AP7 spokesman Mikael Lindh Hok told AFP the fund had divested its entire stake, worth 13 billion kronor ($1.4 billion), in late May.
He said the stake represented one per cent of the fund鈥檚 total assets.
The electric carmaker has also been involved in a labour dispute with Swedish unions since 2023.
In late October of that year, the metal workers union IF Metall launched a strike against Tesla over its refusal to sign a collective wage agreement, and some 130 mechanics at 10 Tesla repair shops in seven cities walked off the job.
