Tesla’s brand value declined by 26% in 2024, dropping from US$58.3 billion to US$43 billion, according to Brand Finance’s research.

This reduction marks the second consecutive year of decreased brand value, attributed to an aging vehicle lineup and challenges related to CEO Elon Musk’s public behavior.

In global automotive rankings, Toyota held the top position with a brand value of US$64.7 billion, followed by Mercedes at US$53 billion.

Tesla’s scores in key market areas, including reputation and recommendations in Europe and Asia, also decreased significantly.

Brand Finance noted a close connection between Tesla’s brand image and Musk’s public persona as a potential risk.

Musk’s political activities and controversial gestures have also impacted public perception.

Recent Tesla developments