Leading American EV maker Tesla has just overthrown legacy brands Mercedes-Benz and Toyota to become the world’s most valuable automotive brand in just a year.
Tesla tops Brand Finance rankings
Brand Finance reported that Tesla advanced two spots on the rankings of automotive brands, reaching valuations of a tremendous $66.2 billion.
The consulting agency that monitors brand value in different segments revealed that Tesla’s value significantly grew by about 44%, topping the rankings. Furthermore, that valuation also represents a five-fold increase compared to Tesla’s pre-pandemic value.
Top brands with the highest valuations
On an annual basis, Brand Finance generates its brand ranking lists by analyzing 5,000 brands.
As expected, its annual Brand Finance Automotive Industry 2023 list includes both the most valuable and the most powerful automotive brands.
As you can see in the image attached to the Tweet above, Mercedes-Benz landed the second spot with a $58.8 billion valuation. Japanese automaker Toyota followed it with a valuation of $52.5 billion.
The top five were completed by BMW and Porsche, with valuations of $40.4 billion and $36.8 billion, respectively.
According to Brand Finance, this is the first time Tesla has topped its ranking of automotive brand values. The report also points out that this is the first time a car company that solely produces all-electric vehicles has topped the list.
“This growth in brand value is a positive sign for Tesla as it indicates that consumers are recognising and valuing the brand more, which could potentially lead to increased sales and revenue in the future. The automotive industry is highly competitive, so for Tesla to achieve this level of growth in brand value is a noteworthy accomplishment and a testament to the value of the Tesla brand.”
Alex Haigh, Valuation Director of Brand Finance
