A Danish pension fund decided to sell its Tesla share to support IF Metall’s strike against the Texas-based automaker in Sweden.
Pension Danmark is one of the largest pension funds in Denmark. It manages pensions for about 823,000 Danes and has 317.3 billion Danish crowns under its asset management. On Wednesday, Pension Danmark announced plans to sell all its holdings in Tesla to support IF Metall’s strike in Sweden.
“In the light of the conflict now spreading to Denmark as well as Tesla’s recent very categorical refusal to enter a labor union agreement in any country, we have come to the conclusion that we as investors at present hardly can influence the company. That is why we’re now putting Tesla on our exclusion list,” announced the pension fund.
In late November, IF Metall sought support for its strike against Tesla Sweden across Europe and the United States. The United Auto Workers (UAW) union in the U.S. seemingly answered IF Metall’s call as it announced union drives for 13 non-unionized automakers in the United States, including Tesla.
Norway sent a clear message that it would support IF Metall’s strike against Tesla. Norwegian union Fellesforbundet stated it would do whatever is necessary to keep Tesla vehicles from going to Sweden. Denmark and Norway said they would block transit shipments of Tesla vehicles meant for Sweden.
The primary purpose of IF Metall’s strike is to get Tesla Sweden to sign a collective agreement, a common practice between employers and unions in Sweden. However, Tesla Sweden has a direct order from Elon Musk to refrain from signing a collective agreement.