Toyota has slipped to No. 2 on Millward Brown's BrandZ Top 100 chart as the world's most valuable automotive brand, Paul McVeigh reports, as the controversy over various recalls took it toll with
consumers' perceptions of the brand. Its value dropped 27% to just under $21.8 billion. BWM AG now sits atop the list, even though its value also dropped -- 9% to just over $21.8 billion.
While Toyota is down, it's certainly not out, Millward Brown global brand director Peter Walshe maintains. "It is a strong brand and is trying hard to overcome the damage through a major
communications campaign," he says. "All of our evidence shows that strong brands are much more likely to recover from a crisis."
Two big winners were Ford and Volkswagen. The former
boosted its brand value by 19% to $7 billion; VW increased by 20% to just under $7 billion. Audi was up 2% to $3.6 billion.
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