Swedish pension fund AP7 announced on Friday that it has placed Tesla on a blacklist due to the US company’s disregard for workers’ rights in the United States.
AP7 also said it has also sold its stake in the automaker.
The fund disclosed, in a statement, that it decided to blacklist Tesla for proven violations of union rights in the United States.
AP7 highlighted that despite years of dialogue with Tesla, which included shareholder proposals in collaboration with other investors, the company has failed to take sufficient measures to address these issues.
AP7 Spokesperson Mikael Lindh Hok informed French news agency AFP that the fund completely divested its stake, valued at 13 billion kronor (€1.2 billion), at the end of May. This stake constituted 1% of the fund’s total assets, he said.
Tesla has been embroiled in a social conflict with Swedish unions since 2023, when the IF Metall metalworkers’ union initiated a strike, accusing the company of refusing to join a collective wage agreement.
Approximately 130 mechanics across 10 Tesla repair workshops in seven cities went on strike. IF Metall then expanded the strike to other workshops, escalating the conflict between Tesla and nearly ten unions fighting to uphold the Swedish social model. These included unions representing postal workers and dockers, as well as unions from other Nordic countries.
Elon Musk, CEO of the electric vehicle brand, has consistently rejected calls for unionisation within his global workforce.
