After losing the title of most valuable car brand to German competitor BMW in 2012, Toyota has knocked its German rival out of the top spot to reclaim the title of Most Valuable Car Brand once again for the 2013 calendar year.
That’s according to Brand Z’s Top 100 Most Valuable Global Brands study, which revealed that Toyota’s overall value increased by 12 percent to $24.5 billion. That’s higher than all of its competitors and represents an impressive increase versus last year. A majority of this increase can be attributed to the brand’s diverse lineup of hybrid vehicles, as well as the company’s talent at marketing and promoting these vehicles to customers, especially buyers that are new to the Toyota brand.
Peter Walshe, global brand director for the company Milward Brown, provided further details regarding Toyota’s performance in this study in a statement to the folks at Automotive News, stating “Toyota is carving out a very big position in hybrids across its range, which is tapping into the consumer need for value by saving fuel cost” while also adding, “its hybrids are reinforcing the experience of the brand, and in so doing, Toyota continues to magnify what is special and different about it.”
As for the former holder of the title, BMW, the study revealed that the company actually saw its overall value slide by 2 percent to $24 billion. Walshe explained that BMW’s drop in value was due to the make not having any new model launches. That served to adversely affect its position when compared to Toyota. Walshe claimed that, “the automotive brands that grew the most were ones that launched the most models.” However, he was quick to point out that despite the company’s performance in this study “BMW remains a very powerful and distinctive brand”.
This latest swing in fortune is the latest chapter in a long running and heated battle between the two companies for the Most Valuable Brand title. Toyota fired the first salvo by winning the title in 2006 and holding on to this honor until 2009 before BMW wrestled the crown away from Toyota in 2010, no doubt helped by Toyota’s recall crisis. The Japanese firm recovered in 2011 before losing the title once again to BMW in 2012. In addition to Toyota’s impressive performance, BMW’s arch-rival Mercedes-Benz also posted stronger numbers in the study, with the company’s value increasing by 11% to $18 billion, which helped the firm nab third place. Meanwhile, Toyota’s key rivals Honda and Nissan took 4th and 5th places, with values of $12.4 billion and $10.2 billion, respectively.