Classic Volkswagn badgeThe Volkswagen emissions scandal has caused the firm’s brand value to plunge by even more than experts initially estimated – which has led to big falls in its overall brand power.

Brand valuation firm Brand Finance has revealed its latest Global 500 rankings for 2016, and its analysis has revealed Volkswagen to be one of the very worst performing brands of the year.

It has fell down the rankings from 17th to 56th, due to a staggering $12 billion decline in the power of its brand. This is even more than the $10 billion cost initially estimated by Brand Finance.

It leaves the Volkswagen brand worth $18.9 billion, instead of the near-$31 billion it was valued at this time last year.

Volkswagen’s fortunes “come as little surprise given the scale of the scandal that has engulfed the brand,” said Brand Finance, “following revelations that it programmed its diesel vehicles to activate their optimal emission-reduction settings only when being tested.

The damming result is that, “under normal conditions, they would emit up to 40 times the more nitrogen oxide” and the effect on Volkswagen’s brand value has been stark.

Brand Finance’s analysis is based on factors such as familiarity, loyalty, promotion, marketing investment, staff satisfaction and corporate reputation. The battering the latter’s taken for Volkswagen has been enormous and it’s only by turning it back around will the value of the brand recover.