The V4 countries are highly integrated with global value chains (GVCs); their backward participation decisively exceeds the forward one. They are mostly involved in activities generating low value added and faced with long-term stagnation in creating value. This especially concerns automotive industries. In order to alter the current status quo and gain benefits from participation in GVCs, it is necessary for theV4 to foster innovation abilities and stabilize business climate. The outbreak of COVID-19 posed both threats (disruption in production processes, demand shocks) and opportunities (re-definition of MNEs policies on FDI localization) that need to be investigated.