STOCKHOLM (Reuters) -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 totalled 1,181 billion crowns at the end of May, according to AP7’s website.
($1 = 9.5285 Swedish crowns)
(Reporting by Greta Rosen Fondahn, writing by Louise Breusch Rasmussen, editing by Anna Ringstrom)
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