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Toyota overtakes Mercedes-Benz claiming the Numero Uno position as the world’s most valuable automobile brand with a brand value of US$59.5 billion.
Toyota has dethroned Mercedes to claim the number 1 position as the world’s most valuable automobile brand. The obvious reasons for this achievement are the fact that Toyota handled the Pandemic situation much better. The volume impact was relatively lesser. Toyota had almost 2% growth in their brand value at reached 59.5 Billion USD.
Toyota gained big time with the increase in sales in China. The Q3 of 2020 gave them a 50% growth in net profits. Toyota is not competing with the rest. It has set itself into motion towards a different orbit altogether. When the rest are complaining and struggling about the Pandemic situation, Toyota has skyrocketed into new avenues to earn more. Be it electric, new markets, better product launches, and focus on the right markets, it has all worked in Toyota’s favor.
The Pandemic at first and the chip shortage in the second half of the year. Has put Honda and Nissan on the back foot for sure. In fact, Nissan saw a 33% drop in profits. If you are watching them closely you will realize it was last lowest at this level way back in 2009.
Tesla continues to leave the traditional OEMs behind its back. The Technology and innovation giant continues to be the fastest-growing OEM globally. Mercedes lost out at about 11% against LY valuation. With its co OEMs from Germany cumulatively ruling the auto Industry with the likes of VW which climbed up by 5%, Porsche and BMW were marginally around the same value.
Source: Brand Finance Automotive Industry 2021.
Market Intelligence Partner : AutoPunditz