Tesla accelerated to the front of the pack, taking pole position as the world’s most valuable automotive brand, with its value surging by 44% to USD66.2 billion, according to a new report from leading brand valuation consultancy, Brand Finance, but Ferrari remains the strongest brand.
This makes it the world’s most valuable Automobiles brand for the first time, and the first time that a brand which does not manufacture internal combustion engines has topped the global rankings.
Every year, leading brand valuation consultancy Brand Finance puts 5,000 of the biggest brands to the test, and publishes over 100 reports, ranking brands across all sectors and countries. The world’s most valuable and strongest Automotive Industry brands are included in the annual Brand Finance Automotive Industry 2023 ranking.
The Tesla brand is now worth more than five-times its pre-pandemic value, overtaking last year’s leader, Mercedes-Benz (brand value down 3% to USD58.8 billion), and last year’s runner-up, Toyota (brand value down 18% to USD52.5 billion).
Alex Haigh, Valuation Director of Brand Finance, said, “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. Tesla must now work to protect this moving forward in order to build long-term brand strength.”
However, Ferrari is the strongest Automobile brand, earning an elite AAA+ rating from the experts.
