The latest reports state that Toyota is no longer the most valuable car brand. Someone else took the spot, and the new reigning car brand is BMW. This is based on a market study done by Millward Brown. The survey BrandZ Top 100 also stated that Volkswagen and Ford managed to improve their brand values.
Peter Walshe, the President of Millward Brown, noted that Toyota’s decline in brand ranking was largely due to the huge recall crisis this year. Walshe insists, though, that Toyota is a powerful brand, and most strong brands manage to recover from even the biggest crises.
All isn’t exactly well with the leading car brand BMW. While the brand did take the top spot, the same study also indicated that BMW decreased its brand value by 9%. Toyota’s recall crisis just put the brand far behind with a 27% brand value decline. While BMW was able to make the $21.8 billion sales mark, Toyota, due to the recalls, fell far behind the figures.