"Tesla’s Nordic Dispute Sparks Angry Letter From Money Managers"

(Bloomberg) -- Tesla Inc.’s showdown with trade unions across the Nordic region is threatening to spill over to the financial markets after a group of pension funds and asset managers sent a letter to Elon Musk urging him to change course.

Nordic institutional investors managing a total of $1 trillion in assets said they are “deeply concerned” about Tesla’s attitude to worker rights in Sweden and demanded the carmaker accept collective bargaining agreements for its staff, according to a letter sent Thursday and seen by Bloomberg News. Signatories to the letter include Denmark’s Velliv Pension & Livsforsikring A/S and AkademikerPension.

The group of at least 15 investors called out Tesla’s sustainability credentials over its challenge to the so-called “Nordic Model” by not letting mechanics at seven of its Swedish repair shops sign up to an agreement that covers basic rights such as minimum pay and gender equality. They also pointed out how the same model has benefited Tesla in building up “a significant market share” in the region, which trumps even Germany when it comes to deliveries of cars. [...]