Tesla ranked world’s most valuable car brand in 2023
Electric-car pioneer Tesla accelerated to pole position as the world’s most valuable automotive brand in the latest Brand Finance survey.
The brand value of Elon Musk’s car company surged 44% to $66.2bn (R1.2-trillion), according to the brand valuation consultancy.
That makes Tesla the world’s most valuable car brand for the first time, and the first car brand that does not manufacture internal combustion engines.
Tesla is now worth more than five times its pre-pandemic value, and overtakes last year’s leader, Mercedes-Benz, which dropped 3% in value to $58.8bn (R1.05-trillion).
The brand value of last year’s runner-up, Toyota, fell 18% to $52.5bn (R941.9bn).
The Brand Finance survey puts 5,000 of the biggest brands to the test annually, and publishes more than 100 reports, ranking brands across all sectors and countries.
Sokon, a subsidiary of China’s Dongfeng conglomerate that makes electric vehicles, is the fastest-growing car brand.
Its brand value more than doubled to $739m (R13.2bn) according to the latest data.
After a successful 2022 in which sales rose 21% from a year earlier, the brand’s prospects have also increased, helping to boost the brand value further.
Ferrari’s brand value is down 8% to $7.4bn (R132.7bn), but the Italian company remains the strongest car brand after a good financial performance last year.
The decline was due to exchange rate fluctuations and concerns about its financing requirements.
Brand Finance also published a sustainability perceptions value score, and Tesla came out on top in the automotive category with a score of 5.43 out of 10, and a value of $17.8bn (R319.2bn).
Uber also scored the highest sustainability perception value in the mobility segment, with a ranking of $2.4bn (R43bn).
“This growth in brand value is a positive sign for Tesla as it indicates consumers are recognising and valuing the brand more, which could potentially lead to increased sales and revenue,” Brand Finance valuation director Alex Haigh said.
“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.
“Tesla must work to protect this [and] to build long-term brand strength. ”—