By Lauren Bailey
The Canadian Association of Professional Employees (CAPE) is calling on pension funds in Canada to divest from all Tesla Inc. holdings.
In particular, CAPE, one of Canada’s largest public-sector unions, singled out the Public Sector Pension Investment Board, which as of Dec. 31, 2024, held 690,063 shares of Tesla, valued at more than US$278M, according to public disclosures.
Calls have been growing for public-sector pension funds to divest from Tesla. Last month, a group of New York state senators wrote a letter similarly urging the city’s Comptroller to divest the state pension funds from Tesla, citing news reports of a significant decrease in the electric-vehicle manufacturer’s sales this year, including New York Times reporting that its sales decreased in Germany by 76% in February 2025 compared to a year earlier.
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“It is deeply concerning that Canadian public sector pension funds are being used to support a corporation whose owner is directly attacking the federal programs and workforce that deliver essential services for millions of ordinary Americans,” said Nathan Prier, CAPE’s president and Public Service Pension Advisory Committee member, in a press release. “CAPE and its members stand firmly in solidarity with our siblings south of the border and against corporate interference, naked conflicts of interest, and indiscriminate job cuts that weaken critical public services ordinary Americans rely on.”
In an email to Markets Group, PSP Investments’ media team said the pension fund manages amounts transferred to it by the government in the best interests of the contributors and beneficiaries. “We invest the assets with a view to achieving a maximum rate of return, without undue risk of loss, having regard to the funding, policies and requirements of the pension plans and their ability to meet their financial obligations.”
“We are continually monitoring global trade conditions and market developments, evaluating how they may impact our portfolio and adjusting when necessary. Our diversified strategy and long-term focus help us navigate market fluctuations as we continue to fulfill our mandate.”
CAPE is speaking up as Canadians head to the polls in less than three weeks to elect the next prime minster. The union also warned against any attempt by current or future Canadian federal governments to implement DOGE-like cuts to public services.
