The COVID-19 pandemic has had a huge impact on the automotive industry. But despite hardships for every brand, some have continued to maintain their worth — and Toyota was among the best.
Toyota was the only automaker featured in BrandZ’s Top 100 Most Valuable Global Brands for 2020. It placed 48th of the top 50. Value in technology brands like Apple and retail outlets like Amazon rose significantly while most car brands dropped.
Although Toyota was the least affected in the top 10 automakers of the world, it still suffered a little. In 2019 it had an estimated $29.2 billion value while this year it has dropped 3 percent to $28.4 billion.
But Toyota remained the top brand in the industry. Why? Kantar’s global automotive practice lead, Guillaume Saint, said it was because of clarity in the EV market. “Brands that are continuing to invest in more EVs will continue to grow in the future. Companies that are dropping value the most are the ones that are most shy about expressing their vision for the future in terms of mobility.”
But Toyota has also retained its standing because of its faithfulness to core values, which include reliability, excellent customer service, and long-lasting value in their vehicles. It doesn’t hurt that they’re developing hybrid powertrains and hydrogen fuel cells, which are growingly popular among customers.
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