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Despite the drop in car sales this year, Toyota managed to maintain its position as the world’s top car brand, according to consulting agency Kantar Millward Brown’s annual BrandZ Top 100 Most Valuable Global Brands study.

Ranked based on the brand’s monetary value, impact, and consumer perception, Toyota topped other car brands for the 12th time since the study was first conducted 14 years ago. Rounding up the top three automotive brands are Mercedes and BMW.

Although it only placed 41st, Toyota enjoyed a huge lead over Mercedes, which ranked 54th, and the third most valuable car brand, BMW, at the 55th spot.

, Toyota Named Most Valuable Car Brand –study
Kantar Millward Brown’s annual BrandZ Top 100 Most Valuable Global Brands recognizes Toyota as the most valuable car brand.

All three brands, however, were down a few spots compared to the previous year’s list, and this is mainly because consumers are said to be more tech-hungry now than they did before.

“Consumers are more interested in brands that give them experiences rather than brands that make things. Ecosystem brands are tending to win,” said Graham Staplehurst, Strategy Director for Global BrandZ.

The other seven brands in the top 10 include Honda, Ford, Nissan, Tesla, Audi, Volkswagen, and Porsche. Only Volkswagen was able to move up as the company rebuilds its brand after the controversial ‘Dieselgate’ scandal. Porsche, meanwhile, is new to the list after bumping Maruti-Suzuki off, thanks to its electrification strategy.

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