With consumers increasingly soured by the maker’s ongoing safety scandal, Toyota has been toppled as the most valuable automotive brand in the world, according to a new study, replaced in the top spot, by Germany’s BMW.
Ford and Volkswagen both gained ground in the latest BrandZ Top 100 survey compiled by the market research firm Millward Brown. But two other German brands, Mercedes-Benz and Porsche, lost ground in the annual study of brand value – which is based on both financial performance and the perceptions of more than 1 million consumers.
The firm placed Toyota’s brand value at $21.77 million, just slightly behind BMW’s $21.82 million. Among all companies, the Japanese maker ranked 26, while the German brand came in at 24. In fact, both companies actually declined in value over the last year, Toyota by 27%, BMW by a more modest 9%.