Brand Finance has released the list of the World’s Most Valuable Automobile Brands for 2023. Each year, Brand Finance, a London-based brand valuation consultancy publishes a report on the most influential and valuable brands in the automotive, auto component, and car rental industries.
Brand Finance puts 5,000 of the biggest brands to the test and publishes over 100 reports, ranking brands across all sectors and countries. The world’s most valuable and strongest Automotive Industry brands are included in the annual Brand Finance Automotive Industry 2023 ranking.
The top 10 list of the most valuable automobile brands saw Tesla coming on top with a stark improvement in its brand value (was ranked #3 last year), followed by Mercedez Benz with an unchanged position. The third place is acquired by Toyota which saw a decline in its value (was ranked at #1 last year), while BMW and Porsche were in 4th and 5th place with both witnessing an uptick in their positioning.
Related: Toyota is the Most Valuable Automotive Brand in 2022
Volkswagen dropped to 6th place (was #4 last year) whereas Honda and Ford remained seated in 7th and 8th positions, the same as last year. Hyundai jumped to 9th position from 12th place last year while Audi secured 10th position, up one spot from the previous year.
This time, most notably 26 Chinese brands, up one from 2022, reached the list of the top 100 most valuable auto brands in the world in 2023, with BYD coming in first place among them. According to Brand Finance, BYD’s brand value has increased 57% from $6.4 billion USD last year to $10 billion USD, placing it 12th among the world’s most valuable auto brands, up 7 spots from 19th place last year.
Geely is ranked 22nd, up two spots from 24th last year, with a brand value rise of 11%. Other prominent Chinese players on the list included Haval, which came in at number 24, NIO came in at number 35, Dongfeng came in at number 59, and Wuling at number 72. In addition, Sokon is acknowledged as the automaker with the fastest rate of growth after its brand worth rose by 123% to $739 million USD.
In terms of Brand Value by country, Germany stood on top followed by USA and Japan. China is now ahead of South Kora and the United Kingdom, followed by Italy and Sweden.
Interestingly, India is there on the list too, worth mentioning is that both key automobile manufacturers of India– Mahindra and Tata are included in the top 100 list. Mahindra which was ranked at #42 position last year is now at 30th place, while Tata move up from #66 to 61st place in this year’s list of the World’s Most Valuable Automobile Brands.
Source: Brand Finance
A computer animation professional with over 23 years of industry experience having served in leading organizations, TV channels & production facilities in Pakistan. An avid car enthusiast and petrolhead with an affection to deliver quality content to help shape opinions. Formerly written for PakWheels as well as major publications including Dawn. Founder of CarSpiritPK.com