Latest news with #AP7
Economic Times
14-06-2025
- Automotive
- Economic Times
Swedish pension fund AP7 blacklists Tesla, says union rights violations in U.S. crossed the ethical line
Tesla Blacklisted Over Union Rights Violations Swedish Pension Fund AP7 Sold Off $1.36 Billion Stake in Tesla Tesla: The Only Non-Unionized US Carmaker Live Events Tesla's Ongoing Labor Disputes in Sweden FAQs (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Sweden's pension fund, AP7, which stands for Sjunde AP-fonden or Seventh AP Fund, has blacklisted and fully divested from US electric vehicle giant Tesla because of the EV maker's alleged violations of union rights in the United States, as per pension fund wrote in a statement to Reuters, "AP7 has decided to blacklist Tesla due to verified violations of labor rights in the United States," as quoted in the also highlighted that, "Despite 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," quoted pension fund's spokesperson revealed that the fund's stake in Tesla was worth about $1.36 billion when it was sold in late May, Reuters reported. During the time of the sell-off, AP7's stake in Tesla represented about 1% of the AP7 Equity Fund, according to the to the EV maker had employed about 70,000 workers in the United States at the end of 2024 and is the only American automaker whose workers are currently not represented by a unionisation efforts have consistently failed until now, like those by the United Auto Workers, the United Steelworkers, Workers United, and the International Brotherhood of Electrical Workers, has also been in a conflict with IF Metall, a Swedish trade union, after the IF Metall workers' union initiated a strike, accusing the EV maker of refusing to join a collective wage agreement, as per Brussels company's CEO, Elon Musk, has repeatedly dismissed calls for unionisation within his global workforce, according to Brussels Tesla was found to have violated labor rights in the US, and after years of engagement, AP7 felt the company failed to make any $1.36 billion when it was sold in late May 2025.
Time of India
14-06-2025
- Automotive
- Time of India
Swedish pension fund AP7 blacklists Tesla, says union rights violations in U.S. crossed the ethical line
Sweden's pension fund, AP7, which stands for Sjunde AP-fonden or Seventh AP Fund, has blacklisted and fully divested from US electric vehicle giant Tesla because of the EV maker's alleged violations of union rights in the United States, as per Reuters. Tesla Blacklisted Over Union Rights Violations The pension fund wrote in a statement to Reuters, "AP7 has decided to blacklist Tesla due to verified violations of labor rights in the United States," as quoted in the report. AP7 also highlighted that, "Despite 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," quoted Reuters. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Don't Miss The Top Packaging Trends Of 2024, Enhnace Your Brand With The Latest Insights Packaging Machines | Search Ads Search Now Undo Swedish Pension Fund AP7 Sold Off $1.36 Billion Stake in Tesla The pension fund's spokesperson revealed that the fund's stake in Tesla was worth about $1.36 billion when it was sold in late May, Reuters reported. During the time of the sell-off, AP7's stake in Tesla represented about 1% of the AP7 Equity Fund, according to the report. Tesla: The Only Non-Unionized US Carmaker According to the EV maker had employed about 70,000 workers in the United States at the end of 2024 and is the only American automaker whose workers are currently not represented by a union. Live Events Tesla's Ongoing Labor Disputes in Sweden Many unionisation efforts have consistently failed until now, like those by the United Auto Workers, the United Steelworkers, Workers United, and the International Brotherhood of Electrical Workers, reported. Tesla has also been in a conflict with IF Metall, a Swedish trade union, after the IF Metall workers' union initiated a strike, accusing the EV maker of refusing to join a collective wage agreement, as per Brussels Times. The company's CEO, Elon Musk, has repeatedly dismissed calls for unionisation within his global workforce, according to Brussels Times. FAQs Why did AP7 divest from Tesla? Because Tesla was found to have violated labor rights in the US, and after years of engagement, AP7 felt the company failed to make any changes. How much was AP7's stake in Tesla worth? Roughly $1.36 billion when it was sold in late May 2025.
Daily Tribune
14-06-2025
- Automotive
- Daily Tribune
Swedish pension fund blacklists Tesla, divests stake
Swedish pension fund AP7 said yesterday it had blacklisted Tesla over the US company's 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 'to blacklist Tesla due to verified violations of union rights in the United States.' 'Despite 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,' 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 percent of the fund's 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. IF Metall then extended the strike to include work on Teslas at other repair shops which served multiple brands. The strike then grew into a larger conflict between Tesla and almost a dozen unions seeking to protect Sweden's labour model, including postal workers, dock workers and even spreading to neighbouring Nordic countries. Tesla chief Elon Musk has long rejected calls to allow the company's employees worldwide to unionise.
CNBC
13-06-2025
- Automotive
- CNBC
Swedish pension fund AP7 blacklists Tesla, has sold entire stake
Swedish pension fund AP7 said on Friday it has blacklisted and sold all its shares in U.S. electric vehicle maker Tesla, citing violations of union rights in the United States. "AP7 has decided to blacklist Tesla due to verified violations of labor rights in the United States," the pension fund said in a statement. "Despite 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," it added. An AP7 spokesperson said the fund's stake in Tesla was, when it was sold in late May, worth around 13 billion crowns ($1.36 billion). At the time, the stake represented around 1% of the AP7 Equity Fund, the spokesperson said. The fund's assets totaled 1,181 billion crowns at the end of May, according to AP7's website.
Yahoo
13-06-2025
- Automotive
- Yahoo
Swedish pension fund AP7 blacklists Tesla, has sold entire stake
STOCKHOLM (Reuters) -Swedish pension fund AP7 said on Friday it has blacklisted and sold all its shares in U.S. electric vehicle maker Tesla (TSLA), citing violations of union rights in the United States. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
