Spectator on facebook

Spectator on facebook

Automotive industry dominates the CEE region

Carmaker Volkswagen Slovakia jumps to fifth place within the CEE Top 500 companies

Volkswagen Slovakia has just started manufacturing Porsche Cayenne cars(Source: Courtesy of VW Slovakia)

The automotive sector overtook oil and gas as the biggest sector in central and eastern Europe for the very first time. The Slovak arm of German carmaker Volkswagen Slovakia even made it to fifth place in the rating. These are some of the findings of the ninth Coface annual CEE Top 500 study, in which the international credit insurance company reports on the 500 largest companies in Central and Eastern Europe, reflecting developments across the region.

The analysis by sectors shows a changing market. Traditional industries are declining and new ones are ready to take over.

The automotive and transport sector took over the lead position with a turnover of €128 billion. In the EU, new passenger car registrations increased by nearly 7 percent. This higher demand had a positive impact on car producers, which are mainly located in CEE.

Read also: Read also:TOP 500 of CEE region includes 45 from Slovakia

Car manufacturers and producers of components and spare parts in the region increased their capacities for western Europe, their main export destination. In 2016, more than 20 percent of all CEE Top 500 companies (102 companies) worked in this field whereas in 2015 it was only 17 percent. Revenues rose by 8.6 percent and net profit increased by 6.8 percent. This result is due to a very favourable economic environment with increasing demand.

Country rankings

Slovakia ended fifth with 41 companies within the CEE Top 500, a decline from 45 companies in 2016. Poland kept its leading position with 168 companies followed by Hungary with 75 and the Czech Republic with 71 companies.

Of Slovakia’s companies, Volkswagen Slovakia ended the highest in the ranking when it jumped from ninth place to fifth. Kia Motors Slovakia improved its position too, when it jumped from 12th in 2015 to 10th place in 2016. Samsung Electronics Slovakia ended 29th, up from 34th and the third carmaker in Slovakia, PCA Slovakia ended 37th, up from 42nd.

Topic: Automotive


Top stories

End of investigative show a cause for concern

Media freedom watchdogs believe the scrapping of the only investigative show on public-service television is a threat to its independence.

Jaroslav Rezník

Proxy for Roma criticises minister Kaliňák for ethnical and group discrimination

The government proxy slammed Interior Minister Robert Kaliňák for the draft law on repressing criminality in Roma settlements, for populist discrimination and preferring repression to prevention.

Roma communities, illustrative stock photo

Slovak racer Svitko finished at Dakar Video

After a serious fall in the tenth leg, Slovak motorcyclist Štefan Svitko resigned from the 40th year of the Dakar Rally due to pain in his upper body.

Štefan Svitko

Carmakers in Slovakia produced more than one million cars last year

2018 will be critical for Slovakia’s automotive industry, claim sector’s representatives.

Most cars produced in Slovakia head for export.