DCH · CIK 0001062231
What Dauch Corporation (formerly American Axle & Manufacturing Holdings) told the SEC could break it.
Dauch's disclosures read as those of a Big Three-dependent auto-parts supplier living on the USMCA trade frontier. Three OEM customers — GM at roughly 44%, Ford at 15% and Stellantis at 13% — together make up about 72% of 2025 net sales, and a meaningful share of production runs through its Mexican (Guanajuato) operations, so trade policy hits it directly: 2025 U.S. auto and parts tariffs cut earnings by about $10 million with more expected, and the 2026 USMCA review adds further uncertainty. Overlaying all of this is a transformation in its capital structure and ownership — a roughly $1.7 billion combination with Dowlais (GKN Automotive) that renamed the company and left legacy holders with about 51%, alongside secured 7.75% notes whose covenants restrict additional debt and asset transfers.
5 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.
Regulatory & policy
- US tariffs & 2026 USMCA reviewhigh
2025 US tariffs on imported vehicles and auto parts (plus retaliatory tariffs) cut the company's earnings by ~$10 million in FY2025, with continuing impact expected; the 2026 USMCA review adds further trade uncertainty.
“For the year ended December 31, 2025, the net impact on earnings related to the aforementioned tariffs was approximately $10 million and we expect a continuing impact from tariffs in future periods.”
SEC filing →As of 2026
Customer concentration
- GM + Ford + Stellantis (~72% combined)medium
The company is significantly dependent on three OEM customers — GM (~44%), Ford (~15%) and Stellantis (~13%) — together roughly 72% of 2025 net sales; loss or program cuts at any would be material.
“Our business is significantly dependent on sales to GM, Ford and Stellantis.”
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
“Sales to Stellantis N.V. (Stellantis), were approximately 13 % of our consolidated net sales in both 2025 and 2024, and 16 % in 2023.”
Cited →“Sales to General Motors Company (GM) were approximately 44 % of our consolidated net sales in 2025, 42 % in 2024, and 39 % in 2023.”
Cited →“Sales to Ford Motor Company (Ford) were approximately 15 % of our consolidated net sales in 2025, 13 % in 2024 and 12 % in 2023.”
Cited →
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