Toyota has surpassed all other automakers in Interbrand’s Best Global Brands list for 2021 for the third consecutive time.
The list includes the names of the biggest brands in the world in terms of financial value, and Toyota captured the seventh spot overall, recording five percent year-on-year growth in value.
The following automakers made it to the top 25:
- Mercedes-Benz got second place among carmakers and eighth overall with a year-on-year (YoY) value increment of three percent.
- BMW grabbed the third spot among the carmakers and the twelfth spot overall, with a YoY increment of five percent.
- Tesla was the fourth top carmaker and fourteenth overall with a YoY increment of 184 percent (the highest out of all the top25 companies).
- Honda came in fifth among the carmakers, and 25th overall with a two percent YoY drop in value.
Toyota is currently the world’s largest automaker in terms of production volume. It also surpassed Volkswagen last year to take on same the mantle for sales volume.
With a strong footprint in most markets worldwide, Toyota is a household name among car buyers everywhere, but this status seems to be in jeopardy as the company is lagging behind in adapting to the battery-powered electric vehicle trend, which is all the rage these days evident with Tesla’s YoY growth rate.
Instead, Toyota is actively resisting the paradigm shift, stating that hybrid-electric powertrains are more realistic and practical for reducing the carbon footprint in a short term.
Other major automotive conglomerates such as the Volkswagen Audi Group, the Stellantis Group, BMW, General Motors, etc. are quickly embracing the new era of electric vehicles while fuelling speculation that Toyota may soon become irrelevant in advanced car markets such as Europe, North America, and East Asia, given that their demand is increasing rapidly.