This week in EVs: Tesla’s massive recall | Pro Recap
Here is your weekly Pro Recap of the past week's biggest headlines in the electric vehicle space: Tesla faces Nordic union troubles; F-150 Lightning production cut in half; and Tesla’s massive recall.
Get news like this in real-time by signing up for InvestingPro.
Tesla (NASDAQ:TSLA) continues to grapple with escalating union issues in the Nordic countries.
Danish 3F union members pledged support to Swedish mechanics striking against the electric automaker. The Danish union is now refusing to unload Tesla vehicles bound for Sweden at Danish ports, aiming to disrupt Tesla's efforts to bypass a Swedish blockade that has persisted for several weeks.
Moreover, Sweden's Transport Workers' Union plans to halt waste collection at Tesla locations starting December 24, unless Tesla agrees to a collective bargaining agreement with IF Metall.
On top of the labor strikes, a group of Norwegian pension funds sent a letter to Tesla urging the EV company to respect collective bargaining for its employees.
Tesla has attracted criticism from unions and several pension funds in the area due to its rejection of the Swedish mechanics' request for collective bargaining rights.
Adding financial weight to this, several of the pension funds, including KPL and PFA, hold significant shares in Tesla, further complicating the situation.
Despite these challenges, TSLA shares ended the week up 4.79%.
As always, InvestingPro subscribers got this news first. Start your 7-day trial to get on board.
In a surprising move, Ford Motor Company (NYSE:F) disclosed plans to slash production of its F-150 Lightning electric pickup truck by half in 2024.
Citing shifting market demand as the primary reason, the decision aligns with the wider auto industry's
Read more on investing.com
