The focus on the luxury segment has helped Mercedes-Benz surpass Tesla to become the world’s most valuable car brand.
According to a report released on February 21 by Brand Finance, a business consultancy and brand valuation firm in the UK, Mercedes-Benz has become the world’s most valuable car brand, with a value of $59.4 billion, up 1% from last year. Meanwhile, Tesla dropped to second place with a value of $58.3 billion, down 12%.
The report shows that Tesla has not maintained its strong appeal as in previous years, in a market where the electric vehicle industry is still growing strongly. Experts from Brand Finance believe that the controversial actions of CEO Elon Musk in recent times have affected the brand’s value and reputation.
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Alex Haigh – Managing Director of Brand Finance Asia-Pacific – said that the decline in Tesla’s brand value reflects the increasingly attractive electric vehicle market with a series of big names joining the race. However, it is important to affirm that Tesla is still a strong brand with high recognition value.
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Brand Finance believes that the key to Mercedes-Benz’s brand value success this year lies in effective cost control measures and well-managed product portfolio, both of which have significantly increased the company’s revenue. In addition, the focus on the luxury segment has helped the three-pointed star brand achieve high profits without expanding too quickly. This plays a crucial role in sustainable brand development.
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According to this report, the brand value of Chinese automakers is increasing rapidly as the electric vehicle market is growing fast. This is clearly demonstrated by the fact that 19 out of 22 Chinese brands in the 2024 ranking have improved their brand strength compared to the previous year. BYD is the strongest car brand in China, with its brand value increasing by 20% to $12.1 billion.
Thái Sơn (Tuoitrethudo)
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