Toyota continues to hold its crown as the world’s largest car brand, even as it questions the future dominance of electric vehicles (EVs).
The Japanese automaker predicts that EVs will capture no more than 30% of the global car market, but this hasn’t stopped Toyota from staying at the top of the pack.
According to a new analysis by Brand Finance, Toyota is valued at an impressive $66 billion, securing its position as the most valuable car brand globally.
Mercedes comes in second at $53 billion, while Tesla, despite being synonymous with EVs, is valued at $43 billion — behind the Hyundai group, which includes Kia.
Tesla and the Musk Factor
Brand Finance attributes Tesla’s lower valuation partly to the polarizing nature of its CEO, Elon Musk.
"Many people admire Musk, but just as many find him divisive," explains David Haigh, director of Brand Finance, in an interview with CNBC.
"For some, Musk’s personality can make or break the decision to buy a Tesla. But of course, that’s just one of many factors we considered in our analysis," Haigh added.
Toyota Among Global Titans
Toyota is not only a leader in the automotive sector but also a major player on the global stage. The company ranks as the 18th most valuable brand worldwide, according to Brand Finance.
By comparison, Ferrari, despite earning the most profit per car sold, sits much further down the list at 167th.
Looking beyond the auto industry, the most valuable brand in 2024 was Apple, followed by Microsoft and Google. While Toyota hasn’t commented on its market value ranking, it remains steadfast in its belief that electric cars are not the only path forward.
"The silent majority is questioning whether EVs are really the only solution. They see it as a trend but feel they can’t speak out," said Akio Toyoda, the company’s chairman and former CEO, last year.
However, Toyota’s record isn’t spotless.
The company has recently been hit with a massive $11.6 billion fine for years of diesel engine cheating, casting a shadow over its otherwise stellar reputation.
