Tesla has overtaken Japan’s Toyota and Germany’s Mercedes-Benz as the most valuable car brand in the world in 2023.
Toyota, the world’s biggest carmaker by sales, is likely to post record sales for 2023 with 10 million Toyota and Lexus-branded vehicles sold. In the meantime, Chinese automaker BYD surpassed Tesla in battery electric vehicle sales in the fourth quarter of 2023.
Brian McColl, a market analyst at TradingPedia, said: “Over the past few years, electric vehicles have been stealing market share from companies that traditionally make internal combustion engine cars (ICE cars), a trend that continues at a growing rate. As more consumers recognize the significance of carbon-neutral means of transportation, they are putting more value in brands such as Tesla.
“For years, the company has been a global leader in the design and manufacturing of fully electric vehicles, as well as in the cutting-edge technology that allows EV’s constant improvement. So, despite the recent criticism faced by its CEO, Elon Musk, Tesla will likely remain one of the most highly valued and respected EV brands in the world in the coming years.”
Several reputable publications, including Forbes and Brand Finance, come up with a brand ranking every year. However, each has its own method of determining the value of a company or brand. Brand Finance, the publication we relied on for this visualisation, calculates the value of a brand in quite an interesting way, using the Royalty Relief method. In essence, researchers at Brand Finance determine the value a company “would be willing to pay to license its brand as if it did not own it”.
TradingPedia based its research on Brand Finance’s annual report on the top 500 global brands, and also sifted through dozens of country and industry-specific reports published on its Brandirectory website.