AUTOMOTIVE STUDY 2025 / Šaroch (ed.) et al.

Our ndings on the evolution of the net pro t margin also show that the COVID-19 pandemic was a turning point for further developments. German automotive companies were able to take full advantage of the pent-up demand e ect (not only due to their strong focus on the premium segment, which is less sensitive to the impact of the pandemic, but also due to generous government support). eir previously declining operating pro tability surpassed the level achieved in the V4 countries after 2021. is supports Pavlínek’s (2022) argument that V4 countries remain dependent on low-value-added production and struggle to compete in the premium segment. Our ndings are also in line with Hrubý (2024), who points out that the slow transition to electromobility and a lack of innovation capacity further limit the potential for improving nancial performance and achieving higher nancial performance of companies in the V4 countries. e analysis is based on the aggregated results of companies in NACE Rev.2: 29 – Manufacture of motor vehicles, trailers, and semi-trailers, located in each country. However, as highlighted in the referenced literature (see e.g., Gere , 2005; Dicken, 2015; MacDu e et al., 2000) and in other parts of this study, the performance characteristics and market power of companies in this sector can vary signi cantly depending on their position in the supply chain. is presents an opportunity for further research in this area.

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