German automaker BMW has overtaken the perennial frontrunner Toyota by a slim margin as the world’s most valuable car brand, according to an annual ranking of the world’s top brands.

The BrandZ Top 100, a survey compiled by the market research company Millward Brown, pegged BMW’s brand’s value at $21.82 billion, higher than Toyota’s $21.77 billion.

Peter Walshe, Millward Brown’s global brand director, told the Automotive News that Toyota will likely bounce back on top once recall issues are addressed and media scrutiny subsides.

“It is likely that Toyota’s brand has suffered further in recent months, but it is a strong brand and is trying hard to overcome the damage through a major communications campaign,” Walshe told the news provider. “All of our evidence shows that strong brands are much more likely to recover from a crisis.”

Rounding up the top 10 list are Honda ($14.3 billion), Mercedes ($13.7 billion), Porsche ($12 billion), Nissan ($8.6 billion), Ford ($7 billion), Volkswagen ($7 billion), Audi ($3.6 billion) and Renault ($3.3 billion).