F · CIK 0000037996
What Ford Motor Company told the SEC could break it.
Ford's disclosures are dominated by trade and supply-chain pressure on its manufacturing. Tariffs implemented or revised in 2025 cost it about $3 billion gross and roughly $2 billion in net EBIT after offsets, a primary driver of profit declines across Ford Blue, Model e and Ford Pro. Specific input shocks compounded that: a disruption in aluminum supply lowered F-150 wholesales and contributed to a 5% drop in Ford Blue volumes, while China's restriction on exporting rare earth minerals and components caused production disruptions and higher costs, with elevated risk of more. It also flags environmental litigation — a 2022 New Jersey DEP complaint seeking natural resource damages tied to the Ringwood Mines/Landfill Superfund site.
4 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
- aluminummedium
A disruption in aluminum supply lowered F-150 wholesales and contributed materially to Ford Blue's 5% wholesale decline and EBIT drop in 2025.
“In 2025, Ford Blue's wholesales decreased 5% from a year ago, primarily driven by lower wholesales in North America including a planned reduction in dealer stocks resulting in lower wholesales across multiple nameplates and lower F-150 wholesales driven by a disruption in aluminum supply.”
SEC filing →As of 2026 - rare earth minerals (China export restriction)medium
China's restriction on rare earth mineral and component exports has caused production disruptions and increased costs for Ford, with heightened risk of future disruptions.
“Further, instability in the supply chain exacerbated by tariffs and other industry concerns, such as China's restriction on the export of rare earth minerals and various components, has resulted in production disruptions and increased costs and heightens the risk of future production disruptions and additional cost increases.”
Regulatory & policy
- 2025 U.S. and global tariffshigh
2025 tariffs cost Ford ~$3B gross / ~$2B net EBIT impact after offsets, and tariff-related costs were a primary driver of EBIT declines across Ford Blue, Model e, and Ford Pro.
“In 2025, Ford's gross costs related to tariffs implemented or revised in 2025 was about $3 billion, including the impact of tariff relief, and the net EBIT impact was about $2 billion after offsets.”
Litigation
- Ringwood Mines/Landfill Site (NJDEP natural resource damages)medium
New Jersey DEP filed a 2022 complaint seeking natural resource damages and other claims tied to the Ringwood Mines/Landfill Superfund site, an environmental proceeding with possible monetary sanctions over $1M.
“On June 16, 2022, the New Jersey Department of Environmental Protection (“NJDEP”) filed a complaint in the Superior Court of New Jersey (Bergen County) seeking natural resource damages and other claims related to the Ringwood Mines/Landfill Site located in Ringwood, New Jersey.”
SEC filing →As of 2026
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
“New vehicles from five manufacturers, Honda, Toyota, Ford, BMW, and Stellantis, represent 25% of our sales.”
Cited →“In the case of motorhome RV chassis, Mercedes-Benz (USA and Canada), Stellantis N.V., Freightliner Trucks, Ford Motor Company, and Spartan RV Chassis are our major suppliers.”
Cited →“The core brands of new vehicles that we sell, representing approximately 89% of the new vehicles that we sold in 2025, are manufactured by Toyota (including Lexus), Honda, Ford, General Motors, BMW, Mercedes-Benz, Stellantis, and Volkswagen (including Audi and Porsche).”
Cited →Berkshire Hathaway Inc. (Berkshire Hathaway Automotive)
“BHA maintains franchise agreements with 26 different vehicle manufacturers, although it derives a significant portion of its revenue from the Toyota/Lexus, General Motors, Ford/Lincoln, Nissan/Infiniti and Honda/Acura brands. These manufacturers normally represent approximately 90% of the revenue generated by BHA's dealerships.”
Cited →
Its suppliers
Universal Logistics Holdings, Inc.
“In 2025, 2024 and 2023, General Motors accounted for approximately 25 %, 18 % and 20 % of our total operating revenues, respectively, and Ford accounted for approximately 6 %, 17 % and 6 %, respectively.”
Cited →“In addition, Ford accounted for 12%, Mercedes-Benz and Volkswagen each accounted for 10% and Stellantis accounted for 9% of our 2025 net sales.”
Cited →“OEMs) worldwide, including BMW, Mercedes-Benz, the Volkswagen Group (Volkswagen, Audi, Porsche, and other brands), Stellantis, Renault, Toyota, Ford, General Motors, BYD, Great Wall Motor, and NIO.”
Cited →“In fiscal 2025, our three largest customers, General Motors Company, Ford Motor Company and Stellantis, accounted for 29%, 23% and 12%, respectively, of our annual sales, compared to 30%, 21% and 14%, respectively, in fiscal 2024.”
Cited →“Sales to Ford were $ 2,395 ( 32 %) in 2025 , $ 2,399 ( 31 %) in 2024 and $ 2,127 ( 28 %) in 2023 . Sales to Stellantis N.V. (including those via a directed supply relationship) were $ 989 ( 13 %) in 2025 , $ 801 ( 10 %) in 2024 and $ 922 ( 12 %) in 2023 .”
Cited →“Consolidated net sales to Ford (including its subsidiaries) were approximately 12 %, 13 % and 14 % for the years ended December 31, 2025, 2024 and 2023, respectively.”
Cited →Ford Otomotiv Sanayi Anonim Sirketi (Ford Otosan)
“Ford Otomotiv Sanayi Anonim Sirketi (“Ford Otosan”) — a joint venture in Türkiye among Ford (41%), the Koc Group of Türkiye (41%), and public investors (18%) that is the sole supplier to us of the Transit, Transit Custom, and Transit Courier commercial vehicles and the Puma for Europe and the sole distributor of Ford vehicles in Türkiye.”
Cited →“The Company is highly dependent on Ford Motor Company and General Motors.”
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 →“As a percentage of total sales from operations, our sales to Ford were approximately 23% in 2024, 20% in 2023 and 19% in 2022.”
Cited →“In 2023, our sales to Ford, a powered vehicles OEM, accounted for approximately 13% of total net sales.”
Cited →“The Company's worldwide net sales to the following customers (including their subsidiaries) were approximately as follows: Year Ended December 31, Customer 2023 2022 2021 Ford 14 % 15 % 13 % Volkswagen 11 % 9 % 9 % No other single customer accounted for more than 10% of the Company's consolidated net sales in any of the years presented.”
Cited →
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