Tesla Takes Lead as Most Valuable Automotive Brand

With a 44% increase to USD66.2 billion in brand value, Tesla surged ahead of the competition to claim the title of most valuable automotive brand in the world. This establishes it as the most valuable automobile brand in the world for the first time and marks the first time a brand that doesn't produce internal combustion engines has taken the top spot in the rankings.
Tesla has surpassed Mercedes-Benz (brand value down 3% to USD58.8 billion) and Toyota (brand value down 18% to USD52.5 billion) as the year’s top brands, surpassing their pre-pandemic values by more than five times. It’s an impressive accomplishment for Tesla to be ranked first. The fact that it is the only automobile brand among the top thirteen to have seen a significant increase in brand value of over 20% makes it even more impressive.

Tesla outperformed most analysts’ predictions and reported record profits in 2022, more than doubling those of 2021. Strong operational growth and increased production of cars, especially Tesla’s best-selling Model 3, are directly related to Tesla’s brand value growth.

In order to meet the growing demand for its electric vehicles, it has also invested an additional USD3.6 billion in its Nevada campus, constructing a truck factory and expanding battery production (EVs). Price reductions of up to 20% have been announced for some models by Tesla. This initially decreased the used car market value and might indicate a loss of price premium. It could also increase Tesla’s market share and bring in more buyers of new cars.

The brand could experience further growth if Tesla can meet its ambitious goal of producing 1.8 million vehicles by 2023. This increased market share and dominance complements that goal.

Source: Automotive Industry 2023 | Brand finance

Overview of automakers and their valuation
Source: Automotive Industry 2023 | Brand finance
Related news

P3 Charging Index reveals Asia’s fastest-charging EVs

The P3 Group has released its P3 Charging Index for Asia at the 37th International Electric…

read more
EV Charging
Asia
Published by: Editorial board | June 19, 2024

UAE accelerates EV adoption to meet 2050 carbon neutrality goals

The UAE is intensifying its efforts to transition to e-Mobility as part of its ambitious plan…

read more
Electric Vehicles
Asia
Published by: Editorial board | June 18, 2024

Corporate cars falling behind in Europe’s Electric Vehicle adoption

A recent briefing by Transport & Environment (T&E) has highlighted a significant issue in Europe’s corporate…

read more
Electric Vehicles
Europe
Published by: Editorial board | June 17, 2024

EU introduces provisional duties on subsidised EV imports from China

In a decisive move aimed at ensuring fair competition and protecting its automotive industry, the European…

read more
Electric Vehicles
Americas
Published by: Editorial board | June 13, 2024