Tesla Named 'Best Overall Luxury Brand' For Third Year Running: What It Means For The EV Stock

Despite competition breathing down its neck, EV pioneer Tesla, Inc. TSLA has maintained its leadership position in the market for green energy vehicle market. The Elon Musk-led company recently earned an accolade underlining the strong mindshare its brand commands among people.

What Happened: Tesla has been voted Kelley Blue Book's "Best Overall Luxury Brand" for 2022, the Cox Automotive Company announced. The award is based on annual new car consumer perception data.

This is the third consecutive year Tesla bagged the award. In 2022, the company achieved the highest average score across all ratings of luxury models. The Model S Plaid+ trim launched in 2021 was primarily responsible for swaying brand perceptions, Kelley Blue Book said.

Tesla was also voted as the "Most Refined Luxury Brand" and the "Best Value Luxury Brand" for the third straight year.

In the other luxury brand award categories, Toyota Motor Corporation's TM Lexus unit won the "Best Trusted Luxury Brand." Volkswagen AG's VWAGY Porsche bagged the two awards — "Best Performance Luxury Brand" and "Best Car Styling Luxury Brand."

Related Link: Elon Musk Takes Chinese Ambassador To US On Drive In Model S Plaid

Why It's Important: Tesla's improved Model S and Model S Plaid sedans were both made available to customers in 2021. The Model S Plaid is touted as having a superior EPA range of 396 miles. It accelerates from zero to 60 miles per hour in 1.99 seconds, hitting a top speed of 200 mph and peak power of 1,020 horsepower. The improved Model S sedan is said to have a longer range of 405 miles.

The dual-motor all-wheel drive Model S is priced at $89,490, including potential incentives, and the tri-motor AWD Model S Plaid is priced at $124,490.

Musk had hinted late last year the Model S Plaid will likely be made available in China by March 2022.

Tesla's best-selling models are its Model 3 EV sedan and the Model Y SUV. Sales of high-end Model S/Model X vehicles remained slack for much for last year. With consumer brand perception for Model S Plaid remaining high, a rise in interest could be expected in 2022.

TSLA Price Action: Tesla shares were falling by 2.2% at $819.83 Friday morning. 

Photo courtesy of Tesla.