Thursday, April 18, 2024

Tesla Drives Past Legacy Automakers To Become Top Auto Brand – Tesla (NASDAQ:TSLA), Ford Motor (NYSE:F), Toyota Motor (NYSE:TM), Mercedes-Benz Group (OTC:MBGYY)

Brand valuation consultancy Brand Finance pegged Tesla Inc TSLA to be the world’s most valuable auto brand in a new report.

What Happened: Tesla’s brand value rose 44% year-on-year to $66.2 billion, over five times its pre-pandemic level, notes a report by Brand Finance.

This is the first time that a brand that does not manufacture internal combustion engines has topped the global rankings, the report noted.

Tesla was seconded by Mercedes-Benz Group AG MBGYY with a brand value of $58.8B and Toyota Corp TM with $52.5B.

Toyota was the leader last year and Mercedes-Benz was the runner-up. However, the two brands saw their brand value fall by 18% and 3%, respectively. U.S. automaker Ford Motor Co F ranks eighth with a value of $22.3B.

See Also: Best Electric Vehicle Stocks

“The automotive industry is highly competitive, so for Tesla to achieve this level of brand value growth is a remarkable achievement and a testament to the value of the Tesla brand,” said Brand Finance France Managing Director Bertrand Chovet.

Tesla also scored highest on the consultancy’s sustainability evaluation metric with 5.43 points out of 10 and a perceived sustainability value of $17.8 billion.

Check out more of Benzinga’s Future Of Mobility coverage by following this link.

Read More: Ford Pumps $1.3B To Transform 70-Year-Old Canada Assembly Plant Into EV-Making Hub


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