Tesla is now the world’s fastest growing car brand!

 

According to this year’s WPP and Kantar Millward Brown BrandZ study, the Japanese automotive manufacturer Toyota are still the largest car brand in the world, valued at $28.7 billion but they have suffered a 3% decline during the past year.

Tesla however, have watched their value creep up by an overwhelming 32%, therefore making it the world’s fastest growing car brand ever, plus Elon Musk’s company made it onto the world’s most valuable car brand list at number eight, above Land Rover in ninth and Porsche in tenth place.

The electric car company is now worth $5.9 billion according to the ‘BrandZ Top 100 Most Valuable Global Brands’ survey for 2017.

Toyota may still be the largest car brand in the world but..

Tesla is now the world’s fastest growing car brand! © Copyright Robert Lamb and licensed for reuse under this Creative Commons Licence.

 

Some of you might be asking why it’s worth so much – the answer is that many consider the Tesla to be an innovative and stylish luxury car brand which provides “the performance of a high octane, carbon-burning engine without the guilt.”

The 3% decline however for Toyota, has been blamed on rising labour costs and a greater need in investment to go up against the growing interest in automotive technology.

Pressure is now on automotive manufacturers to not only keep up with sales on current models but to also invest in the future, putting big brands under immense pressure to deliver on both.

This kind of financial pressure is playing into the hands of newcomers such as Tesla, who are steaming ahead in terms of sales and growth.

“Strong brands will not only help car groups boost existing revenues but encourage consumers to stick with them as the vehicle they drive changes fundamentally,” says Peter Walshe, Global BrandZ strategy director.

Tesla managed to move up from 10th to eight place on the top 10 most valuable car brand in the world list, whilst BMW and Mercedes-Benz stayed in second and third place respectively.

Ford moved up one place, overtaking Honda and finishing in fourth place.

When combined, the top 10 most valuable car brands in the world are worth a staggering $139.2 billion, with luxury brands now taking up over half of the rankings – a huge increase when compared to the first ever survey by BrandZ way back in 2006, which saw a 36% representation of luxury car brands.

Despite Tesla’s strong performance within the automotive sector, they fall way behind the biggest brands in the world such as Google, Apple and Microsoft, whose combined value is worth a mind blowing $620 billion.

Social media giants Facebook finished in fifth place, with a 27% growth in value, now standing at $129.8 billion overall – on its own, Facebook is worth just $10 billion less than the top 10 biggest car brands put together!

BrandZ’ 10 Most Valuable Car Brands Globally:

1. Toyota – $28.7 billion 2. BMW – $24.6 billion 3. Mercedes-Benz – $23.5 billion 4. Ford – $13.1 billion 5. Honda – $12.2 billion 6. Nissan – $11.3 billion 7. Audi – $9.4 billion 8. Tesla – $5.9 billion 9. Land Rover – $5.5 billion 10. Porsche – $5.1 billion

 

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