Despite rising global sales and recording good profits ( Ray LaHood’s best attempts just aren’t good enough), the bad news keeps coming in for Toyota. Recently, Toyota lost a preliminary hearing that ruled they hid safety evidence (I think it’s safe to say that Dimitrios Biller is off Toyota’s Christmas card list). Now their brand has taken an official hit.
Interbrand has compiled their annual 100 best global brands list. Toyota has slipped from 8th (previous year) to 11th (this year). According to Insideline, Toyota lost 16 percent of its brand value this year. The reasons cited for this fall were (as, I’m sure, you can guess) the recalls, the court hearings, etc. But it wasn’t all bad news. You see, despite losing 16 percent of its brand value, the Toyota brand still remains the top ranking car brand in the list. Car brands as a whole have suffered a loss of respect. Close behind Toyota in 12th was Mercedes-Benz, BMW came in at 15th. Honda, also, took a bit of a pounding dropping from 18th (last year) to 20th (this year). Volkswagen jumped two spots from 55th (last year) to 53rd (this year). As with all surveys, Hyundai came out as the biggest improver, jumping 4 places from 69th to 65th.
Quite curiously, Ford, despite achieving record sales, mega profits and a good press, actually slipped one place from 49th (last year) to 50th (this year). But before the GM fan boys start crowing about Toyota’s and Ford’s slip, hold your tongues. Take a look at the full list and see if you can find Chevrolet, Cadillac, GMC or Buick on it.