This paper analyzes the determinants of 2.304 Portuguese companies’ performance in the light vehicle trade, through specific characteristics, corporate governance, and macroeconomic conditions, between 2015 and 2021. Using the GMM system estimation method, our results highlight that this sector is strongly affected by global macroeconomic conditions, facing cash flow management challenges with high debt levels. Larger companies benefit from economies of scale, which helps them achieve better performance. The ownership concentration plays a key role in explaining performance. On one side, managers need oversight to ensure their goals align with those of shareholders, which helps create business value. However, as ownership concentration increases, shareholders may gain more power, leading to higher levels of asymmetric information and potential misuse of that power, which can negatively impact the company’s performance. Additionally, results show that social concerns remain limited.