Tesla is now sharing the crown of the world’s fastest-growing brand with Microsoft and Chanel after all three saw their brand value increase from last year by 32%, according to a report from Omnicom's brand consultancy Interbrand.

The top 10 most valuable brands segment is typically dominated by tech companies, with the top three usually becoming a tussle between Amazon, Apple, Microsoft and Google. This year, Apple grabbed the top spot on Interbrand's list for the tenth year in a row with a value of $482.2 billion. Amazon lost out to Microsoft for second place and fell to third, with a value of $274.8 billion. Rounding out the top 10 are Google, Samsung, Toyota, Coca-Cola, Mercedes-Benz, Disney and Nike, which cracked the top 10 for the first time.

The report’s brand value metric differs from market capitalization. The value is calculated based on the financial performance of the branded products or services; the role the brand plays in purchase decisions; as well as the brand’s competitive strength and consumer loyalty and, therefore, its ability to create sustainable demand and profit into the future. The research covers the period between June 1, 2021 and May 30 of this year. The consulting company used environmental, social and governance data in the report methodology for the first time this year. 

The total value of all brands in this year’s report increased by 16%, to $3.08 trillion; this marks the largest annual growth rate since the report was first put out in 1999.

Tesla continued to climb Interbrand’s annual ranking of total brand value worth, from 14th to 12th place, despite seeing its growth slow since last year’s report, which pegged its brand value jump at 184%. The Elon Musk-run electric automaker’s brand value has increased from $36.3 billion to $48 billion. Chanel, which stayed in 22nd place, saw its value jump from $22.1 billion to $29.3 billion.

“The Tesla brand is to climate what the Apple brand is to technology,” according to the report. The electric vehicle maker’s “clear organizational stance on this single issue” has contributed to the brand’s success, despite the controversy around Musk, according to the report. 

The Tesla CEO this week has been subject to negative headlines related to his purchase of Twitter, which has been met with concerns by some advertisers and other critics concerned about how he will handle the spread of misinformation on the platform. Of course, the Twitter saga falls after the Interbrand’s report period. (Musk unveiled his plan to buy Twitter in April but the deal just closed in late October.)

The report cites Microsoft’s “powerful stance of integrity” and “effort to drive trust in its products that enhance the human experience” as reasons for its growth. 

Out of all the top 100 brands, Chanel had the highest score when it comes to having a “clear vision for the brand,” according to Interbrand.