Tesla's Brand Value Falls to $43 Billion in 2024

Tesla's brand value has declined by 26% to $43 billion in 2024, according to a report by Brand Finance. This drop is attributed to an aging vehicle lineup, CEO Elon Musk's controversial public persona, and increased competition in the electric vehicle market. Despite Tesla's high stock market valuation, consumer sentiment is waning, as evidenced by declining scores in brand consideration and recommendation. Toyota and Mercedes-Benz have surpassed Tesla in brand value, with valuations of $64.7 billion and $53 billion, respectively. While Tesla's loyalty score remains high in the U.S., its market share has slipped from 55% to 49% due to competitors like BYD and Mercedes-Benz gaining ground. The report indicates that Musk's divisive actions and the lack of new Tesla models are impacting the company's global brand perception negatively.