Tesla's brand value has decreased for the second consecutive year, falling to an estimated $43 billion. This decline is attributed to Elon Musk's influence and public persona, which has divided consumers. Brand Finance CEO David Haigh notes that Musk's actions and rhetoric impact consumer perception of Tesla, potentially affecting sales. The company also faces increasing competition in the electric vehicle market.
The value of Tesla 's brand dropped in 2024 for a second straight year, according to research and consulting firm Brand Finance.
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.
A consideration score shows whether people would consider buying from a brand. A reputation score shows how highly respondents regard a brand on average on a scale from 1 to 10. And a recommendation score indicates whether or not people are likely to speak favorably about a brand. Tesla maintained a high loyalty score of 90% in the U.S., however. That means customers who already owned a Tesla vehicle were likely to keep driving it over the next 12 months. But Tesla's recommendation score in the U.S. dropped from 8.2 out of 10 to 4.3.
"Unless Tesla can come up with a whole range of new products that will really excite consumers, and unless they can mitigate some of the antagonism caused by their leader, they will be seen as past their peak and will begin to go down," Haigh said.with Russian leader Vladimir Putin, has praised and worked with Italy's Giorgia Meloni, Brazil's Jair Bolsonaro and Argentina's Javier Milei and made public appearances with Israel's Benjamin Netanyahu.
The overall brand value of X dropped 26% to $498 million from $673 million, the firm estimated. Simple awareness of the X brand dropped from 2022, when the company was still known as Twitter, from 94% to 78% today on an international level. Before Musk took over and renamed it, Twitter had a brand value of $5.7 billion in 2022.
TESLA BRAND VALUE ELON MUSK COMPETITION ELECTRIC VEHICLES
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