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

Table 4.1: The Operating revenues of the ten largest automotive companies in the EU-27 in 2023

Share of total revenue in the country of residence

Country of residence

Share of total revenue in the EU-27

Company

VOLKSWAGEN AG STELLANTIS N.V.

DE NL DE

16,2%

35,6% 80,0%

9,3%

BAYERISCHE MOTOREN WERKE AG

7,6%

16,8%

MERCEDES-BENZ GROUP AG

DE

7,6% 3,5% 3,4% 2,8% 2,6% 2,6% 2,4%

16,7% 25,8%

STELLANTIS AUTO SAS

FR DE DE FR FR SE

AUDI AG

7,5%

DAIMLER TRUCK HOLDING AG

6,1%

RENAULT SAS

19,4% 18,8% 31,1%

RENAULT AB VOLVO

Total

58,1%

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Source: Own calculations based on Orbis - Bureau van Dijk database Over the past decade, the European automotive industry has faced a number of challenges that are well known. e tightening of emission standards, the transition to electromobility, digitalization, connectivity, autonomous driving and the associated changes in consumer preferences have placed and continue to place signi cant demands on businesses across the supply chain. All of this is happening in the context of increasing competitive pressure from Asia, declining raw material availability, geopolitical tensions and trade wars. As the world entered the nal third of this turbulent decade, the e ects of the global COVID-19 pandemic remained signi cant. e aim of the following analysis is to assess how the companies in the countries under study (V4 and Germany) have dealt with these challenges and to what extent they have been able to generate value for their owners above the cost of risk and above the cost of lost opportunities. e analysis re ects the lens of a hypothetical market (diversi ed) investor at a given place and time, rather than the lens of a speci c entity (a speci c owner). To measure and analyze nancial performance, the economic value added (EVA ) metric and its decomposition into sub-components (value drivers) are used. e analysis not only examines the development of EVA over time but also compares its drivers among countries. is competitive benchmarking provides a deeper insight into the relative success of the automotive industry in each country in question in terms of the extent and in terms of shareholder value drivers. Pavlínek (2022), in his research on the spatial dimension of the European automotive industry between 2003 and 2017, identi ed Germany as one of the so-

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