It even beat BMW and Mercedes-Benz.
If you guessed that General Motors was the world's most valuable car brand then you'd be wrong. What about Volkswagen? Also wrong. Automotive News reports that, once again, Toyota has defended its title as the most valuable car brand in the world. However, the competition is gaining ground and it's uncertain whether Toyota will be in this same place this time next year. BMW and Mercedes-Benz, for example, are quickly rising towards the top of the list, ranking at second and third place, respectively.
For its part, Toyota's brand value decreased by three percent compared to last year, for a total value of $28.7 billion. The reason this happened is that despite increased sales, there were difficult currency fluctuations as well as increased investments and higher labor costs. The study itself, BrandZ Top 100 Most Valuable Global Brands, was conducted by market researcher Kantar Millward Brown. Another interesting finding is Tesla, who rose two spots in the ranking to the number eight position thanks to a 32 percent increase in its brand value. Valued at $5.9 billion, Tesla even surpassed Land Rover and Porsche in this year's survey. So why, exactly, is Toyota ranked so highly?
It's not like the Japanese automaker has the most exciting cars. "Toyota is seen as a reliable, quality value brand," stated Global BrandZ director Peter Walshe. "Even when it was going through its recall problems, the users were saying, 'What's all the fuss about, my car is fine.' Toyota has delivered great value for years." For the record, Toyota has earned the number one spot on this list for 10 of the 12 years the study has been conducted.