Tesla knocks VW from top-ten list of most valuable brands

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Tesla has knocked Volkswagen from the top 10 during an annual report of the 100 most valuable brands.

Using data from more than three million consumers worldwide, BrandZ, the company behind the research, has shown that the electric carmaker has joined the likes of Toyota and BMW at the top of the list.

It also estimated Tesla's brand (not the entire company) at around $4.4 billion.

Alongside its report, BrandZ said: "The Tesla brand has come to represent much more than beautiful cars; it also means breakthrough technology and exhilarating performance. Tesla has become a symbol of a new way of living – clean, bright, innovative and forward-thinking.

"Tesla's pioneering spirit, as personified by founder Elon Musk, conveys an urgency to shed the old way of doing things."

It comes in the wake of Volkswagen's difficult period of dealing with the fallout from the recent emission scandal. Contrasting this, Tesla has received overwhelming popularity, with its most recent Model 3 car accumulating over 373,000 reservations. The VW group does still have brands within the list in the form of Audi and Porsche, however.

BrandZ added: "Earlier this year, 325,000 [now 373,000] consumers were so enamoured with the vision of, and the emotion radiating from the brand that they put down a $1,000 deposit on a vehicle they have yet to see. In this case, vision and emotion combined to create real capital."

The list refers to Tesla's brand, although the company's official name is 'Tesla Motors'. It also recently expanded to the energy storage business, opening a 'Tesla Energy' division.