They may account for eight of the world’s 10 fastest-growing motor brands, but Chinese companies have a mountain to climb before they can challenge traditional automotive giants. The good news for them is that the performance of US upstart Tesla shows it can be done.
The figures are supplied by multinational brand consultancy Brand Finance. The UK-based group describes brand value as “the net economic benefit that a brand owner would achieve by licensing the brand in the open market”. Measurements include earnings, brand strength and reputation, forecast revenue, market share and brand royalties.
Among them is Great Wall Motors , the fastest-growing performer in Brand Finance’s 2022 ranking. The company, best known in SA for traditional petrol bakkies, increased its value by 109%, to $2.6bn. That’s barely 4% of Toyota’s. The VW group’s Audi brand also took a knock, shedding 20% to $13.8bn and dropping out of the top 10. German brands were victims, says Brand Finance, of global motor industry challenges.
Mercedes-Benz bucked the German downward trend by growing EV sales 90%, launching a new version of its core C-Class model and, crucially, rebranding the group it is part of. By changing the name from Daimler to Mercedes-Benz Group, there is clearer brand identity, says Brand Finance.
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