Dutch civil service pension fund ABP, which is one of the biggest funds in the world, has sold its investments in US tech billionare Elon Musk’s car company Tesla, the Financieele Dagblad has reported.

The fund divested its 2.8 million shares in Tesla in September because it was unhappy about Musk’s €56 billion remuneration package and poor working conditions at the company, a spokesman told the paper.

At the end of 2023, the company valued its stake in Tesla at €782 million. The fund had voted against Musk’s package at the company’s AGM in June.

At the same time, a number of Dutch companies and private individuals are having doubts about including Tesla cars in their fleets, the paper said.

Electricity grid firm Alliander, where 25% of company cars are Teslas, is having second thoughts, the company’s head of social responsibility said recently on LinkedIn.

However, Ayvens, the biggest lease car group in the Netherlands, has reported no downturn in demand for the electric cars, the paper said.

Tesla was the best sold car brand in the Netherlands last year.