Tesla Passes Mercedes, Toyota as Most Valuable Auto Brand

Posted on April 20, 2023 by Peter McGuthrie

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.

Above: Tesla vehicles parked at a service center (Image: Casey Murphy / EVANNEX).

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 five times more than its pre-pandemic value. From last year to this year alone, Tesla’s brand value is up 44 percent, 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 percent to current levels from last year’s, while Mercedes-Benz saw its brand value decrease by 3 percent 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.

===

Source: Brand Finance

Related Posts

Tesla Cybertruck Tool Rack Seen at Lithium Groundbreaking
Tesla recently held a groundbreaking ceremony for its new lithium refinery in Texas, during which CEO Elon Musk rolled up in a fully-outfitted Cybertruck. Due out this year, Musk's version of the futuristic truck included a sporty new to...
Read More
How Ineligible EVs Can Still Qualify for $7,500 Tax Credit
Recent changes to federal regulations deemed certain electric vehicles no longer eligible for the full $7,500 tax credit. However, a recent loophole spotted restores eligibility to nearly any EV, whether from Tesla or other automakers.  ...
Read More
How Driving an EV is Becoming Even Greener
Many critics of electric vehicles point out the fossil fuels generating the electricity used to charge them. However, they rarely mention that, as power generation grows more sustainable through renewable energy, so will charging and dri...
Read More

Posted in Battery-Electric Vehicles, Brand Valuation, Electric Vehicles, Mercedes-Benz, Tesla, Toyota


Next

Previous

Join over 60,000 Tesla fans, enter your email to subscribe:

Accessories for Tesla