The beginning of the year has been pretty tough on Toyota, thanks to the major recalls and various scandals. While many fans of the Japanese company believed the carmaker would survive and see its public image not too seriously tarnished, a new study shows that Toyota has indeed suffered, in terms of brand value.
Millward Brown, in its BrandZ Top 100 list revealed that BMW is now the most valuable car brand in the world, overtaking last year’s former number one, Toyota. The German company is worth $21.82 billion, as opposed to Toyota, which saw its value drop by 27% to $21.77 billion.
The podium was completed by Honda, which ranked ahead of luxury carmakers like Mercedes-Benz or Porsche. While drops in value were registered almost across the board for carmakers, there were companies that achieved growth, as opposed to this time last year. Among them were Ford, Volkswagen or Audi.
In terms of predictions for the future, Millward Brown analyst say they see Hyundai and Kia cracking the top 10 next year, while Chinese brands, like Geely, will see significant growth.