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Investigations into its Autopilot autonomous driving feature, as well as allegations of widespread racism at Elon Musk’s Tesla plant in California, have charged the world’s largest electric vehicle maker with a position on Standard’s sustainability index.
On Tuesday, the index provider announced adjustments resulting from its annual rebalancing, revealing that electric vehicle pioneer failed to make the cut with Berkshire Hathaway, Johnson.
Musk took to Twitter and claimed that “ESG is a scam” and that S
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Still, regulatory and reputational dangers appear to have tripled Tesla’s position on the index.
During the media investigation and the supplier’s stakeholders, two separate occasions were known “focused on allegations of racial discrimination and malfunctioning situations at Tesla’s Fremont plant, as well as its handling of the investigation (National Highway Traffic Safety Administration) after several deaths and injuries related to its Autopilot vehicles.
As a result, his scores placed him in the last quartile of his industry, disqualifying him from any consideration.
“While Tesla would possibly be betting its component to take gasoline-powered cars off the road, it has fallen against its peers when viewed from a broader ESG perspective,” said Margaret Dorn, senior director and director of ESG indices for North America.
Crude oil giant Exxon was among the 308 applicants included in the index. Lately he’s being asked across Massachusetts and New York if he’s talking to investors and the public about what he knew about climate change. A federal appeals court rejected Exxon’s efforts to end the previous investigation this year.
Dorn did not provide explanations as to why Exxon selected Tesla’s spot in the statement.
According to the rating agency, the ESG 500 is intrinsically designed to outperform the S
It will have to maintain a threat profile and regress similar to its own benchmark, while also providing separate exposure to corporations deemed more sustainable based on environmental, social and governance (ESG) criteria. Almost all sectors of the equity market are excluded from the review. , with the exception of thermal coal, tobacco and weapons manufacturing.
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However, by adding a mega-cap like Tesla, there is now a potential threat that the two indices will diverge more than expected.
Tesla hasn’t reveled in agencies like S
In addition, Tesla’s debt score is still in unwanted territory, even though it was hugely successful and generated just over $5 billion in excess money last year.
“While Tesla and others may not have been included in the index this year, the good looks of the annual rebalancing is that they will again have a chance to be reviewed for inclusion in the coming years,” Dorn said.
This tale originally appeared in Fortune. com