Image: Brand Finance
Tesla is among the fastest-growing brands in the world according to Brand Finance Global 500 2023, thanks to rising demand for electric vehicles. Tesla saw an increase of 433% in brand value over the past three years and climbed to #9 in the ranking.
The technological downturn is cutting the value of the world's most valuable brands by billions of dollars. Apple lost its top spot after losing $57.6 billion and Amazon became the world's most valuable brand despite losing $51 billion. Tesla is among the world's fastest growing brands as demand for electric vehicles rises, according to a new report from leading brand valuation consultancy Brand Finance.
In total, there were 48 technology brands in the ranking, two fewer than 50 in 2022. They continue to lose value, which is reflected in their position in the rankings. Thus, the value of Samsung Group decreased by 7% to $99.7 billion, the value of Alibaba.com decreased by 56% to $10.0 billion, and the value of Facebook decreased by 42% to $59 billion. However, there are also companies whose value is growing despite the general downtrend.
The big brand value winners include Tesla, which makes electric cars that are in high demand today. The brand added 44% in its value, which makes it stand out from the rest. According to the rankings, Tesla is currently in 9th place among the world's 25 most valuable brands. It is worth noting that in 2022 the manufacturer was ranked 28th, which means that it improved its position by 19 points. Brand Finance’s report shows that Tesla saw an increase of 433% in brand value over the past three years.
"In the automotive sector, the American brand Tesla (brand value up 44% to US$66.2 billion) sold the most electric cars globally in 2022, which contributed to its status as one of the ranking’s fastest-growing brands.
“Other brands may be getting into gear to compete with the pre-eminent EV producer, but the public still sees Tesla as significantly more innovative and sustainable in Brand Finance's Global Brand Equity Monitor study, a fact that outweighs the latest headlines about Tesla's mercurial CEO.”
© 2023, Eva Fox | Tesmanian. All rights reserved.
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Article edited by @SmokeyShorts; follow him on Twitter
About the Author
Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.