The latest report from Brand Finance, a respected brand valuation consultancy, has revealed that Mercedes-Benz has exceeded Tesla to reclaim its position as the world’s most valuable automobile brand. This change in position comes at a time when Tesla is embroiled in controversies surrounding its CEO, Elon Musk, and has seen a 12% decrease in brand value to USD58.3 billion. In contrast, Mercedes-Benz’ brand value has increased by 1% to USD59.4 billion.
Luxury sports car manufacturer, Ferrari, has upheld a high brand strength, achieving a AAA+ rating and solidifying its status as the world’s strongest automotive brand. With a score of 90.0/100, Ferrari’s brand value has increased by 43% to USD10.6 billion, owing to its strong familiarity, recommendation, and reputation metrics.
According to Alex Haigh, Managing Director of Brand Finance, Asia Pacific, there is no denying the decline in Tesla’s brand value. Nonetheless, the automaker’s brand strength remains resilient, reflecting high levels of consumer familiarity and recommendation. This core identity will be crucial for Tesla to remain competitive in the ever-expanding electric vehicle (EV) market.
The electric vehicle industry in China has also experienced substantial growth, with BYD emerging as China’s most valuable auto brand, with its brand value increasing by 20% to USD12.1 billion. Additionally, 19 out of the 22 Chinese brands featured in the 2024 Brand Finance Automobiles ranking have improved in brand strength.
Conversely, New Flyer, a leading manufacturer of electric transit buses, has witnessed a remarkable 250% increase in brand value, reaching USD646 million. This growth is attributed to the rising demand for electric vehicles in the public transport sector, as well as strong support from the British and Canadian Governments in funding public transport initiatives involving EVs.
Bosch has emerged as the most valuable and strongest Auto Components brand, with a valuation of USD14.6 billion. The company’s growing respect for its brand and contributions are evident through metrics such as ‘Brand I Admire’ and ‘Positive Contribution’, further reinforcing its recognition.
Brand Finance, the world’s leading brand valuation consultancy, evaluates the strength of brands and quantifies their financial value to assist organizations in making strategic decisions. It is a regulated accountancy firm and has received the official endorsement of the Marketing Accountability Standards Board in the United States.
Brand strength is the efficacy of a brand’s performance on intangible measures relative to its competitors, and Brand Finance evaluates brand strength in a process compliant with ISO 20671, looking at Marketing Investment, Stakeholder Equity, and the impact of those on Business Performance.
The values and opinions in this study are based on publicly available information and certain assumptions that Brand Finance used where such data was lacking or unclear. Brand Finance accepts no responsibility and will not be liable if the publicly available information relied upon is subsequently found to be inaccurate.
In conclusion, the automotive brand landscape is evolving, and the recent shifts indicate the increasing dominance of electric vehicles and the impact of brand controversies on brand value. As the industry continues to grow and change, it will be intriguing to see how these brands adapt and compete in the dynamic automotive market.
Tesla may have stepped down from its position as the most valuable automobile brand, but its brand strength remains strong. Meanwhile, Mercedes-Benz has reclaimed the top position, and other electric vehicle manufacturers are gaining ground in this ever-evolving industry. Brand Finance’s insights provide valuable perspectives on the changing dynamics of the automotive sector.
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