BYD retained its title as China’s most valuable automobiles brand, with its brand value increasing by 20% to USD12.1 billion, according to a new report from Brand Finance, the world’s leading brand valuation consultancy.
Meanwhile, Tesla’s brand value fell 12% to USD58.3 billion, with Mercedes-Benz overtaking it to become the world’s most valuable automobiles brand (brand value up 1% to USD59.4 billion). Tesla’s drop to second position comes in the context of controversies surrounding Elon Musk which have affected the electric car maker’s reputation.
The Chinese automobiles sector continues to grow, fuelled by strong global EV interest which is driving investments and exports. While Chinese automobiles brands experienced fluctuations in brand value, brand strength is rising – Brand Finance research reveals that 19 out of 22 Chinese brands listed in the rankings improved in brand strength.
The top three most valuable Japanese automobiles brands see improvements as high as 8.32% in brand strength due to strong performance in several brand equity measures. With intensifying global interests in EV, Toyota, Honda and Nissan took the stage at Japan’s biggest car show Japan Mobility Show 2023 to showcase innovative and creative car concepts of the future, with participation from a record total of 475 enterprises.
Promotional efforts from these Japanese automobiles brands bode well, as they see significant improvements in brand strength. Toyota recorded an increase in Brand Strength Index (BSI) score of 86.13 to 89.01 out of 100, driven by strong performance in Familiarity, Consideration and Recommendation measures.
Meanwhile, Honda’s BSI score increase from 80.38 to 87.07, was driven by increases across equity and investment in various metrics – Familiarity, Consideration, Recommendation and Reputation. Nissan witnessed a BSI score increase of 72.35 to 75.54, driven by strong performance across most brand strength metrics, especially in Familiarity and Recommendation.
Luxury sports car manufacturer, Ferrari, maintains a high brand strength with a score of 90.0/100, earning a AAA+ rating and solidifying its status as the world’s strongest automotive brand. Research conducted by Brand Finance underscores the brand’s robust Familiarity, Recommendation and Reputation metrics, while optimistic forecasts have further contributed to its increased brand value (up 43% to USD10.6 billion).
Bosch is the most valuable and strongest auto components brand, with a valuation of USD14.6 billion. Brand Finance research shows it is excelling in metrics like ‘Brand I Admire’ and ‘Positive Contribution’, indicating growing respect for its brand and contributions. Updates in Familiarity and Consideration evaluations reinforce this recognition.
Alex Haigh, Managing Director, Brand Finance Asia Pacific commented: “The decline in Tesla’s brand value is made all the more compelling against the backdrop of an automotive industry increasingly focused on electric vehicles, however, Tesla’s brand strength persists, a sign that the company’s core identity is resilient. As other EV manufacturers, such as BYD and New Flyer, see considerable growth, Tesla’s enduring high levels of consumer familiarity and recommendation are likely to be pivotal for the company to stay competitive.”
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