Back in December, Norway’s $1.5 trillion wealth fund, also known as the Norges Bank Investment Management (NBIM), urged Tesla to sign a collective agreement with trade union IF Metall. The NBIM’s stance in December was seen by Tesla skeptics as a sign that the fund may be stepping back from its support of the electric vehicle maker.
As per a recent report from Bloomberg News, however, the NBIM actually boosted its holdings in Tesla last year. The fund saw Tesla climb to its 11th largest holding by the end of 2023, with its stake rising to 0.98%, or about $7.7 billion. In the year prior, the NBIM held a 0.87% stake in the electric vehicle maker.
Tesla is not the only electric vehicle maker that saw some support from the NBIM. BYD, which dethroned Tesla as the world’s largest electric car company in late 2023, also saw more investment from…
