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 →
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