Toyota has overtaken BMW as the most valuable automotive brand, an annual ranking of the world's top brands shows.
The value of the Toyota, Mercedes-Benz, Audi and Hyundai brands improved by double-digit percentages compared with 2012, largely because of strong demand in China and the United States, according to the BrandZ Top 100 Most Valuable Global Brands study released by market research company Millward Brown today.
Toyota's 2013 brand value rose 12 percent to $24.5 billion largely because of its significant inroads in the hybrid market, according to the study.
"Toyota is carving out a very big position in hybrids across its range, which is tapping into the consumer need for value by saving fuel cost," Peter Walshe, Millward Brown global brand director, told Automotive News. "Its hybrids are reinforcing the experience of the brand, and in so doing, Toyota continues to magnify what is special and different about it."
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