Toyota is the most valuable automotive brand in 2023, says Interbrand – BMW overtakes Tesla; Mercedes 2nd

For another year running, Toyota has been named the world’s most valuable automotive brand in Interbrand’s Best Global Brands 2023 report. The Japanese carmaker ranked sixth overall in a list that includes 100 brands, and is one of just three automotive brands to crack the top ten, the other two being Mercedes-Benz and BMW.

Outside the top ten, other automotive brands that made the cut include Tesla, Honda, Hyundai, Audi, Porsche, Volkswagen, Ford, Nissan, Ferrari and Kia. In total, only 13 brands from the automotive sector were part of the Best Global Brands 2023 report, down from 15 in 2022.

According to Interbrand, the methodology to determine a brand’s value is based on three key analyses, including the financial performance of the branded products or services, the role the brand plays in purchase decisions as well as the brand’s competitive strength and its and its ability to foster loyalty, thereby ensuring sustainable demand and profit into the future.

With a brand value of USD64.5 billion (+8% from 2022), Toyota retained its top spot in the automotive segment ahead of second-place Mercedes-Benz with USD61.4 billion (+9% from 2022), although the latter did improve to seventh place overall from eighth last year.

Meanwhile, BMW’s brand value of USD51.2 billion (+10% from 2022) was enough to keep it in the third spot among automotive brands, while also improving to tenth overall from 13th place in 2022. The Munich-based carmaker also leapfrogged Tesla, which dropped to fourth among automotive brands and staying put in 12th overall with a brand value of USD49.9 billion (+4% from 2022).

Further down the rankings, Honda maintained its fifth position with USD24.4 billion (+7% from 2022) and is 27th overall. It is followed by Hyundai and Audi, both staying put in sixth and seventh respectively.

Porsche is another German automaker to register an improvement in brand value by overtaking both Volkswagen and Ford to be in eighth with USD16.2 billion. As for the last three brands, Nissan, Ferrari and Kia saw no change to their positioning in terms of brand value among automotive brands. Compared to last year’s report, Land Rover and MINI were not shortlisted in 2023.

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