The value of Tesla’s brand fell by 26% in 2024, a second straight annual decline, with factors including an aging lineup of vehicles, and CEO Elon Musk’s “antagonism,” according to research and consulting firm Brand Finance.
Tesla’s brand value now stands at an estimated $43 billion, down from $58.3 billion at the beginning of 2024 and $66.2 billion at the start of 2023, the firm said in its annual ranking. Toyota
is the most valuable brand in autos at $64.7 billion, with Mercedes close behind at $53 billion, the researchers found.
Brand Finance, based in London, conducts comprehensive consumer surveys and analyzes thousands of companies’ financials, looking at revenue, licensing agreements, margins and more, to estimate the monetary value of brands. The assessments include corporate brands and the sub-brands associated with individual product lines.
As part of the firm’s ranking this year, Brand Finance analyzed answers from about 175,000 survey respondents worldwide, including about 16,000 people who shared their views on Tesla.
Tesla’s stock price soared 63% last year, reaching a record in December, after investors snapped up the shares following Donald Trump’s election victory the prior month. Musk contributed $277 million to help propel Trump and other Republican candidates to victory, and is poised to wield influence in the administration to the benefit of his companies.
When it comes to the broader public, Brand Finance CEO David Haigh says that Musk’s political rhetoric and public persona has its downsides.
“There are people who think he’s wonderful, but many that don’t,” Haigh said. “If you are buying electric vehicles, his persona is highly likely to impact your view of whether or not you want to buy one of his company’s cars, but that’s only one of many factors.”
On key measures like “consideration,” “reputation” and “recommendation,” Tesla’s scores declined across the board in major markets where it operates factories and sells its cars -- the U.S., Europe and Asia, Brand Finance found.
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