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Toyota and Mercedes-Benz are the only automotive brands to finish in the top 10 of the latest ‘Best Global Brands 2017’ published by Interbrand.

But while the value of Mercedes-Benz grew by 10% to $47.83 billion, Toyota saw a fall of 6% to $50.29.

Interbrand pioneered brand valuation in 1988, recognising that strong brands influence customer choice and create loyalty; attract, retain and motivate talent; and lower the cost of financing.

The brand value is based on three factors: financial forecast, the role of the brand, and brand strength. The study is designed to identify the world’s 100 most valuable brands.

Three new entrants make the top 100, with appearances by Netflix ($5.59 billion), Salesforce ($5.22 billion) and Ferrari ($4.88 billion) highlighting the diversity of the Interbrand list.

As expected, the top 10 is dominated by technology companies, with Apple perched at the top of the tree.

1. Apple: $184.15 bn
2. Google: $141.70 bn
3. Microsoft: $79.99 bn
4. Coca-Cola: $69.73 bn
5. Amazon: $64.80 bn
6. Samsung: $56.25 bn
7. Toyota: $50.29 bn
8. Facebook: $48.19 bn
9. Mercedes-Benz: $47.83 bn
10. IBM: $46.83 bn

13. BMW: $41.52 bn
20. Honda: $22.70 bn
33. Ford: $13.64 bn
35. Hyundai: $13.19 bn
38. Audi: $12.02 bn
39. Nissan: $11.53 bn
40. Volkswagen: $11.52 bn
48. Porsche: $10.13 bn
69. Kia: $6.68 bn
73. Land Rover: $6.10 bn
77. Harley-Davidson: $5.67 bn
87. MINI: $5.11 bn
88. Ferrari: $4.88 bn
89. Caterpillar: $4.87 bn
92. John Deere: $4.78 bn
98. Tesla: $4.01 bn

Interestingly, Tesla only moved up one position in 2017, having made the top 100 for the first time in 2016. According to Interbrand, its brand value is unchanged at $4.01 billion. Meanwhile, Volkswagen recovered from dieselgate to return a 1% increase, securing a top 40 position in the process.

Speaking about the results, Dr Jens Thiemer, vice president of marketing for Mercedes-Benz Cars, said: “This demonstrates that we’re well placed worldwide with our future-oriented strategy CASE, a consistently innovative brand identity and our wide-ranging product portfolio.

“With our unique combination of tradition and modernity as well as constant innovation as part of the Mercedes-Benz brand DNA, we are ideally placed to play a successful and active role in helping shape the necessary transformations of the digital age.”