Electric vehicles are quickly becoming the center of attention in the auto industry, and while Tesla has been dominating deliveries and production of zero-tailpipe-emission vehicles in recent years, it’s also becoming more valuable as a brand. New research from one firm has named Tesla the world’s most valuable automotive brand, surpassing two key household names.
Tesla has surpassed Mercedes-Benz and Toyota as the world’s most valuable auto brand, with its brand now valued at $66.2 billion, according to recent research from French consulting firm Brand Finance. The EV automaker has moved up two spots in the rankings, now valued higher than Mercedes and Toyota, which are valued at $58.8 billion and $52.5 billion, respectively.
In 2022, Toyota was the brand valuation leader, while Mercedes-Benz was the second most highly-valued auto brand. Crucially, the report notes that Tesla’s brand is now worth 5 times more than its pre-pandemic value. From last year to this year alone, Tesla’s brand value is up 44%, also marking the first time an EV automaker has topped worldwide value rankings.
Despite increasing competition for Tesla in the EV space, other automakers haven’t faired well thus far in the switch. Toyota’s brand value dropped 18% to current levels from last year’s, while Mercedes-Benz saw its brand value decrease by 3% in the same time period. Brand Finance Managing Director Bertrand Chovet highlighted Tesla’s accomplishment in the report, pointing to its ability to woo new customers as its brand becomes more and more well known.
“This growth in brand value is a positive sign for Tesla as it indicates that consumers are recognizing and valuing the brand more, which could potentially lead to increased sales and revenue in the future,” Chovet wrote in a press release, as translated from French. “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.”
In addition, the report notes that Tesla has the highest perceived sustainability value, which Brand Finance says is “rapidly growing in importance.” The automaker earned a 5.43 out of 10, with a total sustainability value rated at $17.8 billion.
According to Brand Finance, the research comes from annual tests of 5,000 top automotive brands and over 100 separate reports, which go on to rank brands throughout the world and in different auto segments.
Originally published by EVANNEX, by Peter McGuthrie.
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