APTV · CIK 1521332
What Aptiv PLC told the SEC could break it.
Aptiv's disclosures reflect its place in the middle of the auto supply chain. Its revenue is concentrated in a few automakers — its five largest customers were about 42% of 2025 net sales — so weakness, lost market share or labor disruption at OEMs like GM, Ford or Stellantis flows straight to its results. On the cost side, its wiring and electrical components depend on non-ferrous metals, chiefly copper (a 10% adverse price move would shift its hedge values by about $44 million), and because most of its manufacturing is in Mexico, China and other low-cost countries, it is exposed to tariffs — including the April 2025 across-the-board U.S. duties — though it says it mitigated substantially all of its 2025 tariff exposure.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Commodity & input dependence
- copper and non-ferrous metalsmedium
Aptiv's automotive components (wiring/electrical) use non-ferrous metals, primarily copper; a 10% adverse move in hedged commodity prices would change its swap fair value by ~$44M, excluding the offsetting physical-purchase exposure.
“Commodity swaps/average rate forward contracts are executed to offset a portion of our exposure to the potential change in prices mainly for various non-ferrous metals used in the manufacturing of automotive components, primarily copper.”
Customer concentration
- five largest OEM customers (42% of net sales)medium
Aptiv's five largest customers were ~42% of total net sales in 2025; declines in their business/market share or labor disruptions at OEMs (GM, Ford, Stellantis) materially affect Aptiv's revenue.
“Our five largest customers accounted for approximately 42% of our total net sales for the year ended December 31, 2025. Accordingly, our revenues may be adversely affected by decreases in any of their businesses or market share.”
SEC filing →As of 2026
Regulatory & policy
- tariffs on China/Mexico manufacturingmedium
Most of Aptiv's manufacturing is in Mexico, China and other low-cost countries; increased trade restrictions/tariffs (incl. the April 2, 2025 ≥10% across-the-board US tariffs) could materially hurt results, though Aptiv mitigated substantially all 2025 tariff exposure.
“Changes in laws or policies governing the terms of trade, and in particular increased trade restrictions, tariffs, taxes or non-tariff barriers on imports from countries where we manufacture products, such as China and Mexico, could have a material adverse effect on our business and financial results. For example, beginning on April 2, 2025, the U.S. government announced tariffs of at least 10% across imported goods from all countries, with rates even higher for goods from countries with a high trade deficit with the U.S.”
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
“In addition, certain United Automobile, Aerospace and Agricultural Implement Workers of America (“UAW”) represented employees at GM, Ford Motor Company (“Ford”) and Stellantis N.V.”
Cited →“Our five largest customers accounted for approximately 42% of our total net sales for the year ended December 31, 2025. Accordingly, our revenues may be adversely affected by decreases in any of their businesses or market share. In addition, certain United Automobile, Aerospace and Agricultural Implement Workers of America (“UAW”) represented employees at GM, Ford Motor Company (“Ford”) and Stellantis N.V.”
Cited →“Our five largest customers accounted for approximately 42% of our total net sales for the year ended December 31, 2025. Accordingly, our revenues may be adversely affected by decreases in any of their businesses or market share. For instance, the worldwide semiconductor shortage adversely impacted the automotive industry in recent years resulting in reduced vehicle production schedules and sales from historical levels, which adversely impacted our financial condition, operating results and cash flows for portions of the year ended December 31, 2023. In addition, certain United Automobile, Aerospace and Agricultural Implement Workers of America (“UAW”) represented employees at GM, Ford Motor Company (“Ford”) and Stellantis N.V.”
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