Tesla service workers in Sweden are on strike, and Tesla commented publicly on the strike for the first time as sympathy strikes expand to shipping, cleaning and electrical workers.
Late last month, Tesla service workers in Sweden threatened to strike over the lack of a collective bargaining agreement covering their working conditions. After getting no response from Tesla, the strike began almost two weeks ago.
Tesla does not have any manufacturing presence in Sweden, but since EVs are very popular in Sweden with about a 60% share of the new car market, there are certainly plenty of Teslas that need to be serviced.
But those Tesla service workers are not covered by a collective bargaining agreement, unlike 90% of Swedish employees. And IF Metall, a major union covering hundreds of thousands of industrial workers across Sweden, says that’s a problem. So it is leading a strike against the company.
The strike is relatively small, covering about 130 workers in 7 locations. Not everyone who works at these locations is unionized, and because of European data privacy rules, neither the union nor the workers need to specify exactly which workers are part of the union.
While 130 workers may sound like a small amount across a whole country, Sweden saw a similarly-small strike when Toys ‘R’ Us entered Sweden and refused to sign a collective bargaining agreement. About 80 retail workers decided to strike, and that strike spread to many other industries until Toys ‘R’ Us was forced to relent, making Sweden the only territory in the world where the company signed a collective bargaining agreement.
Because of near-universal collective bargaining coverage and a history of worker victories, strikes are relatively rare in Sweden. Companies know that it’s better just to come to the table rather than to let negotiations reach strike conditions.
So Sweden has a strong history with enforcing “the Swedish model” of labor, how is it going with Tesla, just a couple weeks in?
Is work stopped, or not?
The question of how effective the strike has been so far is still an open one. On the one hand, on the day the strike began, Tesla Club Sweden suggested that nobody showed up after visiting a single service center near Stockholm and talking to some of the employees there.
On the other hand, Dagens Arbete, a Swedish labor newspaper, reported on several locations and said that some of them have seen significant strike action and some have not. For example, nobody is on strike in Norrköping but almost everyone is in Umeå. And picketers were confronted by “an English-speaking man” in Malmö, who said he would call the police if they stepped out of line. And IF Metall says there has been “strong support” for the strike from workers.
Tesla committed to hiring strikebreakers, also known as “scabs,” and there have been reports of unidentified mechanics showing up in taxis in certain locations, which could suggest new hires, or that Tesla is shuffling remaining employees from one location to another. IF Metall says that hiring strikebreakers “would be crossing all boundaries. That kind of thing happened in Sweden in the 1920s and 30s.”
Tesla responds, negotiations begin
IF Metall sat down with Tesla on November 1 and November 6 for discussions. IF Metall says the November 1 meeting was constructive, but Monday’s discussion yielded nothing according to Vali-Pekka Säikkälä from IF Metall. He said “We are clear, there will be no agreement.”
After the second meeting, Tesla issued a public statement on the strike for the first time – a rare event for Tesla, which generally does not make public comments given that it does not have a PR/communications department (though it is more common for Tesla to make comment in other countries).
In TT, the Swedish national wire service, a Tesla representative was quoted thusly:
It is unfortunate that IF Metall has taken these measures. Tesla follows Swedish labor market regulations, but like many other companies has chosen not to enter into a collective agreement. We already offer equivalent or better agreements than those covered by collective bargaining and find no reason to sign any other agreement
But strikers say the issue is less about benefits such as pay, and more about working conditions and stability. Some Tesla employees say that timelines are far too strict for repairs, leading Tesla to send out damaged cars and rewarding employees who do incomplete work, while punishing those who take the time to completely solve a problem.
Strike expands to dockworkers, cleaners, third-party shops
Today, the strike expanded to dockworkers. The Swedish Dockworkers union said that if the strike was not resolved by November 7th, it would stop unloading vehicles in four Swedish ports, and the deadline for that began today. So Tesla will no longer be able to ship to Malmö, Södertälje, Gothenburg and Trelleborg.
But it was reported this week by SVT that Tesla is said to have rearranged its car transports around the affected ports. Typically one ship a week enters the port at Södertälje, for example, but there are no transports expected from the car brand according to the CEO of the port.
And so the dockworkers union has decided to expand its work stoppage across all ports, rather than just the four previously listed. Dockworkers will continue to unload docks across the country, but will not unload Tesla cars, starting November 17th.
In addition, Fastighets, the Swedish building maintenance workers’ union, said it will join the strike at Tesla facilities in Huddinge, Segeltorp, Umeå and Upplands Väsby on the same date, November 17th. This means that these facilities will not be cleaned by union workers starting on that date.
When Tesla consistently refuses to sign a collective agreement, it poses a threat to the stability of the Swedish labor market. Everyone who works in Sweden must be covered by Swedish wages and Swedish conditions
The strike has expanded to third-party repair shops as well, with 17 additional shops across the country refusing to work on Tesla vehicles. SVT attempted to interview one of these shops in Gothenburg, which responded “we have decided not to participate in media contexts during this conflict and during ongoing negotiations as we are not a party to the primary conflict.”
And Elektrikerna, the Swedish electricians’ union, will also refuse to do electrical work at Tesla’s workshops and charging stations, starting November 15. Other unions that are part of LO, Sweden’s Trade Union Confederation, may join as time goes on.
Electrek’s Take
As is the case in a necessarily oppositional conflict like this, there are a lot of competing voices for what is or is not happening in the strike.
And as I’ve stated before in strike-related articles, personally, I’m pro-union. And I think that everyone should be – it only makes sense that people should have their interests collectively represented, and that people should be able to join together to support each other and exercise their power collectively, instead of individually.
This is precisely what companies do with industry organizations, lobby organizations, chambers of commerce, and so on. And it’s what people do when sorting themselves into local, state, or national governments. So naturally, workers should do the same.
It seems to be a success in Sweden, too, where workers typically have high median wages, high levels of life satisfaction and generally good quality of life and good labor protections. These sorts of protections become the standard when 90% of the country is covered by collective bargaining – they’re so standard that Sweden in fact does not have a national minimum wage, since union power is strong enough to ensure that workers get treated well without the force of law getting involved.
And, in our significant experience with Tesla, it is apparent that it is a company that offers good potential gains for workers, but suffers from high turnover and burnout, and plays fast and loose when relating to government regulations. Employees in one Swedish service center say that isn’t the case, at least according to a Tesla fan forum, so maybe it’s different in Sweden. But here in California, Tesla employees universally acknowledge the high turnover – even the ones that have been with the company for a long time themselves.
So I tend to think that the strikers likely have a point – everything I know about Tesla makes the reports of rushed work and tough conditions completely believable. And while Tesla’s “startup mentality” suggests that a scrappy, hardworking approach is the best way to move forward, maybe a company that is now 20 years old and has well over 100k employees could stand to mature a bit, focus on quality and employee retention (aiding institutional memory, which is lacking at Tesla), and play by the rules in a country that has stopped other anti-union companies dead in their tracks before.
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GE Vernova has produced over half the turbines needed for SunZia Wind, which will be the largest wind farm in the Western Hemisphere when it comes online in 2026.
GE Vernova has manufactured enough turbines at its Pensacola, Florida, factory to supply over 1.2 gigawatts (GW) of the turbines needed for the $5 billion, 2.4 GW SunZia Wind, a project milestone. The wind farm will be sited in Lincoln, Torrance, and San Miguel counties in New Mexico.
At a ribbon-cutting event for Pensacola’s new customer experience center, GE Vernova CEO Scott Strazik noted that since 2023, the company has invested around $70 million in the Pensacola factory.
The Pensacola investments are part of the announcement GE Vernova made in January that it will invest nearly $600 million in its US factories and facilities over the next two years to help meet the surging electricity demands globally. GE Vernova says it’s expecting its investments to create more than 1,500 new US jobs.
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Vic Abate, CEO of GE Vernova Wind, said, “Our dedicated employees in Pensacola are working to address increasing energy demands for the US. The workhorse turbines manufactured at this world-class factory are engineered for reliability and scalability, ensuring our customers can meet growing energy demand.”
SunZia Wind and Transmission will create US history’s largest clean energy infrastructure project.
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Circle, the company behind the USDC stablecoin, has filed for an initial public offering and plans to list on the New York Stock Exchange.
The prospectus, filed with the SEC on Tuesday, lays the groundwork for Circle’s long-anticipated entry into the public markets.
JPMorgan Chase and Citigroup are serving as lead underwriters, and the company is reportedly aiming for a valuation of up to $5 billion. It will trade under ticker symbol CRCL.
It marks Circle’s second attempt at going public. A prior merger with a special purpose acquisition company (SPAC) collapsed in late 2022 amid regulatory challenges. Since then, Circle has made strategic moves to position itself closer to the heart of global finance, including the announcement last year that it would relocate its headquarters from Boston to One World Trade Center in New York.
Circle reported $1.68 billion in revenue and reserve income in 2024, up from $1.45 billion in 2023 and $772 million in 2022. The company reported net income last year of about $156 million., down from $268 million a year earlier.
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A successful IPO would make Circle one of the most prominent pure-play crypto companies to list on a U.S. exchange. Coinbase went public through a direct listing in 2021 and has a market cap of about $44 billion.
Circle will be trying to hit the public markets at a volatile moment for tech stocks, with the Nasdaq having just wrapped up its steepest quarterly drop since 2022. The tech IPO market has been mostly dry for over three years, though there are signs of life. Online lender Klarna, digital health company Hinge Health and ticketing marketplace StubHub have all filed their prospectuses recently. Late last week, artificial intelligence infrastructure provider CoreWeave held the biggest IPO for a U.S. venture-backed tech company since 2021. But the company scaled back the offering and the stock had a disappointing first two days of trading before rebounding on Tuesday.
Circle is best known as the issuer of USD Coin (USDC), the world’s second-largest stablecoin by market capitalization.
Pegged one-to-one to the U.S. dollar and backed by cash and short-term Treasury securities, USDC has roughly $60 billion in circulation and makes up about 26% of the total market cap for stablecoins, behind Tether‘s 67% dominance. Its market cap has grown 36% this year, however, compared with Tether’s 5% growth.
The company’s push into public markets reflects a broader moment for the crypto industry, which is enjoying political favor under a more crypto-friendly U.S. administration. The stablecoin sector specifically has been ramping up as the industry gains confidence that the crypto market will get its first piece of U.S. legislation passed and implemented this year, focusing on stablecoins. President Donald Trump has said he hopes lawmakers will send stablecoin legislation to his desk before Congress’s August recess.
Stablecoins’ growth could have investment implications for crypto exchanges like Robinhood and Coinbase as they become a bigger part of crypto trading and cross-border transfers. Coinbase also has an agreement with Circle to share 50% of the revenue of its USDC stablecoin, and Coinbase CEO Brian Armstrong said on the company’s most recent earnings call that it has a “stretch goal to make USDC the number 1 stablecoin.”
The stablecoin market has grown about 11% so far this year and about 47% in the past year, and has become a “systemically important” part of the crypto market, according to Bernstein. Historically, digital assets in this sector have been used for trading and as collateral in decentralized finance (DeFi), and crypto investors watch them closely for evidence of demand, liquidity and activity in the market.
After its meteoric rise in the global auto industry last year, the Chinese EV giant is off to a hot start in 2025. BYD sold over one million EVs and plug-in hybrids in the first three months of the year. Even more impressive, BYD’s overseas sales doubled to start the year as it expands into new markets. With new EVs arriving, some predict BYD could see even more growth this year.
BYD’s overseas sales are surging as new EVs arrive
BYD sold 377,420 new energy vehicles (NEVs) last month alone. Like most Chinese automakers, BYD reports NEV sales, including plug-in hybrids (PHEVs) and fully electric vehicles (EVs).
Of the 371,419 passenger vehicles BYD sold in March, 166,109 were EVs, and the other 205,310 were PHEVs. Combined, BYD’s sales were up 23% compared to last year.
BYD’s Dynasty and Ocean series accounted for 350,615, while its luxury Denza brand sold 12,620, Fang Cheng Bao had 8,051, and its ultra-luxury Yangwang brand sold another 133 models.
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Through the first three months of 2025, BYD sold over one million (1,000,804) NEVs. That’s up 60% from the 626,263 sold in Q1 2024. Fully electric models accounted for 416,388 while PHEV sales reached 569,710, an increase of 39% and 76% from last year, respectively.
BYD Dolphin (left) and Atto 3 (right) at the 2024 Tokyo Spring Festival (Source: BYD Japan)
BYD’s overseas sales reached a new record last month, with 72,723 vehicles sold in markets outside of China. Through March, BYD has sold over 206,000 NEVs overseas, more than double (+110%) the number it sold last year.
BYD has made a name for itself with ultra-low-cost EVs like the Seagull, which starts at under $10,000 in China. In overseas markets, like Mexico, it’s sold as the Dolphin Mini and starts at around 358,800 pesos, or around $20,000.
BYD Seagull EV (Dolphin Mini) testing in Brazil (Source: BYD)
The world’s largest EV maker is quickly expanding into new segments with pickup trucks, smart SUVs, luxury models, and electric supercars rolling out.
Last week, BYD launched the Yangwang U7, its first ultra-luxury electric sedan. With four electric motors, the U7 packs 1,287 horsepower, good for a 0 to 62 mph (0 to 100 km/h) sprint in just 2.9 seconds. It also has up to 720 km (447 miles) CLTC driving range.
BYD Yangwang U7 ultra-luxury electric sedan (Source: Yangwang)
The Porsche Panamera-size EV is loaded with BYD’s top-tier “God’s Eye” A advanced driving assistance system, DiPilot 600, and a host of other premium features. All of that, and it starts at just just 628,000 yuan ($87,700).
In Europe, BYD is aggressively expanding with new vehicles tailored to buyers in the region, like the Sealion 7 midsize SUV and Atto 2. It’s also expected to launch the low-cost Seagull EV in Europe later this year or early 2026 as the “Dolphin Surf.”
BYD’s wide-reaching electric vehicle portfolio (Source: BYD)
According to S&P Global Mobility, BYD’s sales are expected to double in Europe this year to around 186,000. By 2029, that number could reach 400,000 or more.
BYD outsold Honda and Nissan in 2024. As it aims to sell 5.5 million vehicles this year, BYD could be on track to surpass Ford in global sales this year. BYD also aims to sell over 800,000 EVs overseas in 2025, double the number it sold last year.
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