Despite a turbulent year in 2022, Tesla surprised everyone when Brand Finance published its 2023 World’s Most Valuable Brands rankings. The EV maker climbed 19 spots into the hierarchy to claim the number 9 position, ahead of Mercedes-Benz and Toyota.
Tesla has become one of the most valued companies in 2021, with a market cap of over $1,200 billion in November of that year. Nevertheless, its brand value was far from its market valuation. In February 2022, when Brand Finance released the 2022 World’s Most Valuable Brands report, Tesla was number 28, with a $46 billion brand value. Mercedes-Benz was more valuable, at $61 billion, and so was Toyota, at $64 billion. Tesla was on a fast track to growing its brand value, though, having climbed more than 100 places to the 42nd spot in 2021 and another 14 to number 28 in 2022.
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