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Toyota has retained its title as the most valuable car brand, ahead of BMW and Mercedes-Benz who round off the podium positions. The Japanese automaker’s brand value rose 2% to US$29.5 billion, according to the BrandZ Top 100 Most Valuable Global Brands study released by market researcher Millward Brown.

Toyota has a had a strong showing on this front; it has held the top ranking in nine out of the 11 years this study has been carried out.

Valued at US$4.4 billion, Tesla Motors makes its entry into this list at No. 10, supplanting Lexus. BMW, ranked second, increased in value by 2% to US$26.8 billion, while its Stuttgart rival Mercedes-Benz in third recorded the highest rate of value increase amongst the top 10 automotive brands, gaining 4% to US$22.7 billion.

Total value of the top 10 auto brands dropped 3% to US$139.9 billion, reflecting decreases from the Audi, Honda and Land Rover brands. Audi recorded the steepest drop out of the top 10 auto brands, seeing a 6% drop. Its stablemate VW brand dropped out of this year’s top 10, having ranked eighth last year.

World’s most valuable car brands in billions; rank in top global 100; % value change from 2015

1. Toyota $29.5 (28) +2
2. BMW $26.8 (33) +2
3. Mercedes-Benz $22.7 (39) +4
4. Honda $13.2 (74) -1
5. Ford $13.1 (75) 0
6. Nissan $11.5 (92) +1
7. Audi $9.5 (*) -6
8. Land Rover $4.7 (*) -5
9. Porsche $4.4 (*) (**)
10. Tesla $4.4 (*) (**)

(*) Did not rank in the top 100 global brands
(**) Did not rank in the top 10 most valuable car brands in 2015

Source: Millward Brown