Toyota has ranked first among automakers in the BrandZ Top 100 Most Valuable Global Brands study released by market research company Millward Brown. The Japanese carmaker has overtaken last year’s best ranks car manufacturer, BMW.
Toyota’s 2013 brand value rose 12 percent to $24.5 billion (€19.03 billion), mainly due to its significant inroads in the hybrid market, the study said. The Japanese automaker ranked 23rd amongst all brands, while came in behind at No.24. The German carmaker’s brand value lost 2 percent to $24 billion (€18.65 billion)) compared to last year, with the reason for this being the lack of new product launches compared with past years.
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