Tesla, the U.S.-based global leader in electric vehicle manufacturing, has overtaken Japan’s Toyota and Germany’s Mercedes-Benz as the most valuable car brand in the world in 2023. This is part of a data review into the most valuable brands around the world in 2023. As of January 2024 Tesla has a market cap of $754.96 Billion. This makes Tesla the world’s 9th most valuable company.
The review comes from the firm TradingPedia, who collected data from BrandFinance and created a map showing the biggest brands in terms of monetary value in 45 different countries. All calculations were based on the monetary value of the brands in U.S. dollars.
Toyota, the world’s biggest carmaker by sales, is on track 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.
For the entire 2023, however, Tesla remains a market leader in battery-only car sales with 1.82 million BEV sales in 2023 against 1.6 million for BYD. When it comes to the value of automaker brands, Tesla stands as the most valuable brand in the world.
Tesla’s estimated value is $66.21 billion, up 43.9 percent from 2022, which is an impressive rise of $20.2 billion. With Tesla standing as the most valuable car brand in the world in 2023, followed by Mercedes-Benz (valued at $58.8 billion), Toyota ($52.5 billion), BMW ($40.4 billion), and Porsche ($36.8 billion). Tesla also ranks 9th in The top 500 brands global ranking for 2023.
Brian McColl, a market analyst at TradingPedia explains to Digital Journal what these trends are indicating: “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.”
This is also something that is set to shift further. McColl predicts: “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.”
Consequently, says McColl “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”.
