Tesla took top honors as Most Innovative U.S. Brand this year on a list compiled by BrandZ, the largest global brand equity platform covering over 100,000 brands across 45 countries. With over 4.5 billion data points from 20 years of research, BrandZ has been recognized for identifying key attributes shared by strong, valuable brands around the globe.
So why was Tesla ranked #1 for innovation? The report notes, “Tesla is a premium electric-only car brand that creates meaningful difference by, quite simply, being meaningful and different. Tesla has not only produced products that fulfill its customers’ desire for more environmentally conscious vehicles, it has invented an entirely new, direct-to-consumer sales model. It equips its cars with different driving modes and can update their firmware, just as you might upgrade the OS on a mobile phone. All this has built an enthusiastic, nearly rabid fan base that helps the brand grow.”
Above: Tesla tops the BrandZ US innovation rankings (Source: BrandZ)
Last year, Tesla entered BrandZ’s Top 10 Most Valuable Car Brands worldwide at #10. This year, Tesla moved up the rankings to #8. How? The report explains, “Tesla led the BrandZ Car Top 10 in [brand] value increase, rising 32 percent… twice the rate of any other car brand… Tesla’s sharp increase in brand value in part reflects the success of the car’s positioning as a stylish luxury brand offering the performance of a high-octane, carbon-burning engine without the guilt.”
Tesla also ranked #6 on BrandZ’s list of Top 20 Risers (worldwide) as well. The report notes: “[Tesla’s] combination of electric car technology leadership and luxury marketing continued to set the pace for carmakers, who worried about the anticipated introduction of Tesla’s more mass market Model 3… Tesla [has] demonstrated a future for electric vehicles and recently surpassed Ford and GM in market value.”
In addition, the report forecasts a bright future ahead for the brand: “Tesla mostly threatens the luxury brands… [but] recently, the company debuted the Model 3, whose $35,000 price tag promises to bring Tesla’s electric vehicles, which were formerly deemed luxury items, to the masses… Tesla’s cars distinguish themselves by their energy efficiency, cutting edge technology, and low carbon footprint — winning them many exuberant fans.”
Above: Of all car brands worldwide, Tesla increased 32% in brand value, the most year-over-year, while the category remained relatively flat (Source: BrandZ)
Note: Article originally published on evannex.com, by Matt Pressman
Source: BrandZ / WPP and Kantar Millward Brown
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