Sweden’s Largest Fund Dumps Tesla (TSLA) Shares & Blacklists Company
Last Updated on: 18th June 2025, 12:18 pm
One of our readers has passed along some interesting news that we missed in the past week. I’ll let him summarize it since he did that well in an email to CleanTechnica.
“The largest fund in Sweden, AP7, has sold all it’s shares in Tesla and blacklisted the company because of their violation of labour rights in the US, and thus not fulfilling AP7’s ESG requirements,” Björn Ylinenpää writes. “AP7 is the state alternative to private funds in the Swedish pension system. It has 5.9 million savers and has had an above average return.”
The news comes from a press release from AP7 that lists five companies it’s blacklisting and why. Here’s what AP7 wrote:
- Chord Energy Corporation (USA)
Acting against the targets of the Paris agreement through large-scale oil operations without transition plans. - Coterra Energy Inc (USA)
Acting against the targets of the Paris agreement through large-scale oil operations without transition plans. - JSW Energy Limited (Indien)
Acting against the targets of the Paris agreement through large-scale coal operations without transition plans. - PRIO SA (Brasilien)
Acting against the targets of the Paris agreement through large-scale oil operations without transition plans. - Tesla Inc (USA)
Involvement in the violation of labor rights in the USA.
In total, AP7 has blacklisted 114 companies. Though, in this announcement, it also shared that one company has been removed from the blacklist. “Evergy, Inc. has been re-evaluated after taking sufficient transition measures and therefore no longer meets the criteria for blacklisting.”
AP7 elaborated a little bit on the Tesla blacklisting, basically saying what Björn wrote above. “AP7 has decided to blacklist Tesla due to verified violations of labor 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.”
Notably, as you can see there, the concern is about labor rights in the USA. It doesn’t surprisingly, highlight the labor union conflict in Sweden. However, Björn adds, “If you wonder if it relates to the ongoing labour conflict in Sweden, here you have an article where the union-owned Dagens Arbete ask AP7 just that, in Swedish though: https://da.se/2025/06/sjunde-
How has IF Metall’s conflict with Tesla in Sweden contributed to your decision?
– Not at all. But it has reinforced the image that there are major problems with union rights within the company.
Interesting….
Will we see more such TSLA sales and blacklisting from other major funds now that AP7 has done this? Who knows? These US labor concerns have been around for several years. However, recent political activities from Elon Musk have clearly ticked people off, and I wonder how much of this is AP7 leadership simply finding a specific, more robust or sound explanation for why they are selling all of their Tesla stock and blacklisting the company. That said, the labor union matter is clearly a hot matter in Sweden, and raising the US labor concerns is certainly a solid rationale — Elon Musk was even convicted by a judge of union busting in the past. So, maybe it’s all simply about what AP7 says it is about.
Sign up for CleanTechnica's Weekly Substack for Zach and Scott's in-depth analyses and high level summaries, sign up for our daily newsletter, and follow us on Google News!
Whether you have solar power or not, please complete our latest solar power survey.
Have a tip for CleanTechnica? Want to advertise? Want to suggest a guest for our CleanTech Talk podcast? Contact us here.
Sign up for our daily newsletter for 15 new cleantech stories a day. Or sign up for our weekly one on top stories of the week if daily is too frequent.
CleanTechnica uses affiliate links. See our policy here.
CleanTechnica's Comment Policy
