Toyota did not submit to the tyranny of the electric car. Now its brand is worth as Tesla, Volkswagen and Ford combined, and more than Coca Cola.

The American brand consultancy Interbrand has republished its list of 100 strongest brands in the world. In the automobile sector, Toyota is (once again) the most valuable brand, ahead of Mercedes, Tesla and BMW. It’s even stronger than Coca-Cola or Nike.

Every year, the American agency Interbrand publishes its ranking of the 100 strongest brands in the world, the “Best Global Brands”. In 2024, the ranking is dominated, to no one’s surprise, by the technology giants that monopolize the top five positions. Namely, AppleMicrosoft, Amazon, Google and Samsung, in that order. But among the 100 most valuable brands, there are also 14 automotive brands.

Neither Porsche nor Tesla or Ferrari, Toyota is the most valuable

The classification carried out by Interbrand does not refer to stock market value or market capitalization of the company. This is a metric that does not always reflect the good health of the company, but essentially the growth potential of the share value; It is a bet on the future and in which speculation often distorts the value and real potential of the company.

He Interbrand ranking is based on economic performance that the brand generates for its investors or its economic profit, the role of the brand (the influence of the brand on consumers’ purchasing decisions compared to other marketing factors) and the strength of the brand (the ability of a brand to create loyalty and maintain continued demand in the future).

And in that metric that combines financial results and more intangible elements, the most valuable car brands are not exclusive brands, such as Porsche o Ferrari. In fact, they only occupy positions 43 and 62, respectively (with Porsche just behind Zara). And Ferrari has been the brand that has grown the most this year, with 21% more brand value.

The champion is the world’s leading automobile manufacturer. Once again, it is Toyota the most valuable car brand in the world, according to Interbrand. The Japanese manufacturer is in sixth place, with a value of $59.76 billion (about 54.9 billion euros), 10% more than last year.

They follow him in the top 10 Mercedes (octave) and BMW (tenth). However, not all car brands have achieved such success. Teslain twelfth position, registers one of the largest declines this year in brand value (-9%), the problems with its “Autopilot FSD” and the NHTSA, as well as the increasingly open drift of its founder Elon Musk towards the more conspiratorial extreme right has not helped his brand.

On the other hand, Toyota maintains its position, undoubtedly helped by its pragmatic position regarding the electric car. The brand does not close the electric car, not in vain is it one of the most advanced brands in the development of the solid-state battery, but it considers that the electric car, as a product, is not yet ready to be a viable option for everyone , in terms of price and practicality.

Betting everything on the electric car was going to be the salvation, but For Toyota it is a mistake. In statements collected by The Wall Street Journal in late 2022, Akio Toyoda (then CEO of the brand) said: “People involved in the automotive industry are largely a silent majority. That silent majority wonders if it’s really okay to have electric vehicles as the only option. But they think it’s the trend, so they can’t speak out loud.”

A year later, Toyota sang “I told you so.” Sales of electric cars began to slow down. It was undoubtedly good for the brand to justify its strategy, but today, more than half of the electric cars and PHEVs sold in the world are sold in China.

In Europe, sales continue to fall, while in the United States they continue to represent a tiny part of the market. In fact, in the West, people don’t buy electric cars, they essentially buy Tesla. And that is why, despite its low sales compared to giants such as Toyota or the Hyundai group (fifth largest manufacturer in the world), it is on the verge of the Top 10. Tesla’s brand image is immense.

“Finally people are seeing the reality of electric cars,” said Akio Toyoda in the Wall Street Journal. Toyoda is no longer CEO, but president of Toyota, so he continues to have a notable influence on the company.