Tesla has lost its status as the most expensive automaker, losing leadership to Mercedes-Benz, according to a report by the international analytical agency Brand Finance, Report informs.

The decline in Tesla’s value occurred against the backdrop of scandals surrounding Elon Musk, which affected the reputation of the electric vehicle manufacturer and the value of its brand. The price of the US company decreased by 12%, to $58.3 billion, which allowed Mercedes-Benz to take the lead – the value of the German brand increased by 1%, to $59.4 billion. Toyota ranked third, valued at $52.7 billion.