Toyota has once again been named the world’s most valuable car brand while Tesla passes Honda, Ford, and Nissan. This was calculated by market researcher Kantar and released through their annual BrandZ Top 100 Most Valuable Brands List.

Three automakers did make the ranking of the world’s 100 Most Valuable Brands, led by Toyota, valued at USD 28.39 billion, at No. 48. Mercedes-Benz placed 56th and BMW 61th.

With the exception of Tesla, all brands in the automaker top 10 lost value. This was partly because of waning consumer enthusiasm according to Kantar’s Global BrandZ strategy team.

Brand value is calculated using a formula that includes the brand’s market capitalization and the results of a global public survey into consumer attitudes toward those brands.

A widespread decline in automotive share prices is a key reason behind the 7.2 percent decline in value of the auto making brands in the top 10, while the disruption caused by the coronavirus pandemic has stalled momentum on electric vehicles. Kantar believes EV demand is key to restoring consumer enthusiasm for automotive brands.

Brands with a clear and visible EV message, such as Mercedes with its EQ sub-brand for full-electric vehicles, are best-placed to slow the decrease in their valuation, according to Kantar.

In the Top 10, Nissan suffered the biggest percentage fall in value, down 18 percent to USD 8.66 billion, while Honda dropped 15 percent to USD 9.97 billion.

Tesla’s value benefited from its all-electric lineup, but the brand’s positive perception among consumers went beyond the battery-driven powertrain. According to Kantar, Tesla has managed to tap into the consumer desire to buy into an experience rather than just a product. More automakers need to go that route if they are to increase brand value.

Core traditional values such as reliability helped Toyota retain its top spot with only a small value loss from the previous year, says Kantar. The company was also associated in consumers’ minds with low-emissions propulsion through its use of hybrids and development of hydrogen fuel cell models such as the Mirai sedan.

Online retailer Amazon is ranked number one with Apple, Microsoft, Google, and Visa rounding out the top five.

BrandZ Cars Top 10 (Brand Value)

1. Toyota – USD 28.388 billion (-3 percent)
2. Mercedes-Benz – USD 21.349 billion (-9 percent)
3. BMW – USD 20.517 billion (-12 percent)
4. Tesla – USD 11.350 billion (+22 percent)
5. Ford – USD 10.067 billion (-10 percent)
6. Honda – USD 9.974 billion (-15 percent)
7. Nissan – USD 8.658 billion (-18 percent)
8. Audi – USD 7.334 billion (-14 percent)
9. Volkswagen – USD 6.462 billion (-4 percent)
10. Porsche – USD 5.606 billion (-4 percent)