Toyota continues to feel the brunt of the series of recalls it made for its vehicle as it has fallen off the top 10 list of the world’s best brands.
A study made by Interbrand, a global consultancy firm, showed Toyota has dropped to the 11th place this year from eighth in 2009.
“The number one car manufacturer in 2008, Toyota had established itself as a leader in dependability, reliability, safety, efficiency, innovation, longevity and sustainability through its pioneering hybrid engines. That’s why its January 2010 recall did so much damage--it seemed to contradict everything the brand stands for,” Interbrand said.
Interbrand noted, however, that the Toyota brand name has been resilient.
“It is unclear if it can lift itself out of its crisis, but it does show signs of improvement--a promising partnership with Tesla, for example, and a less significant profit hit than expected due to incentive offers,” Interbrand said.
Despite its drop in the ranking, Toyota continues to be the best automotive brand based on Interbrand’s list. Other best global brands in the automotive sector according to Interbrand are Mercedes-Benz (still No. 12), Ford (No. 50 from No. 49 in 2009), Volkswagen (No. 53 from No. 55), Audi (No. 63 from No. 65), Hyundai (No. 65 from No. 69), Porsche (No. 72 from No. 74) and Ferrari (No. 91 from 88).
Image from Interbrand