• Magna International for vehicle axles and driveline systems.
• Dana Incorporated for heavy-duty vehicle driveline components.
• The 'Intel Inside' for vehicles, providing the crucial axles and power systems that move cars and trucks.

• Driveline Systems: These include axles, driveshafts, and power transfer units essential for transmitting power from the engine to the wheels in vehicles.
• Drivetrain Components: AXL manufactures a range of components such as gears, shafts, differentials, and housings that are integral to a vehicle's drivetrain.
• Electrification Products: The company provides electric drive units (e-Drive) and other electric powertrain components for hybrid and electric vehicles.
• Metal Forming Products: AXL produces highly engineered metal formed products, including various types of gears, shafts, and other precision components used across automotive and industrial applications.

Major Customers of American Axle & Mfg (AXL)

American Axle & Mfg (AXL) primarily sells to other companies, specifically global automotive and commercial vehicle manufacturers.

Based on their latest public filings (10-K for fiscal year 2023), their major customers are:

• General Motors Company (Symbol: GM)
• Stellantis N.V. (Symbol: STLA)
• Ford Motor Company (Symbol: F)

These three customers accounted for approximately 35%, 18%, and 10% of AXL's net sales in 2023, respectively.

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David C. Dauch, Chairman of the Board & Chief Executive Officer

David C. Dauch joined American Axle & Manufacturing (AAM) in 1995 and has held various positions of increasing responsibility, including President & Chief Operating Officer (2009), President & Chief Executive Officer (2012), and has served as Chairman & Chief Executive Officer since 2013. With nearly 40 years of experience in the automotive industry, he began his career as a Manufacturing Co-op student with Chrysler Corporation in 1982. Prior to AAM, he held several positions at Collins & Aikman Products Co. His father, Richard E. Dauch, was a co-founder of AAM in 1994 when a private investor group acquired a business unit from GM. David C. Dauch has been a member of AAM's Board of Directors since 2009.

Christopher J. May, Executive Vice President & Chief Financial Officer

Christopher J. May started his career at AAM in 1994 as a Financial Analyst at the company's World Headquarters. He has progressively advanced through various financial roles, including Manager Financial Reporting, Finance Manager, Director Internal Audit, Assistant Treasurer, and Treasurer, before assuming his current position in August 2015. Before joining AAM, Mr. May worked as a Senior Accountant for Ernst & Young. He holds a Master of Business Administration degree from the University of Detroit Mercy and a Bachelor of Science degree in Accounting from Canisius College, and is also a Certified Public Accountant. Over the past several years, he has led the company's efforts to refinance its capital structure and strengthen its financial processes.

Michael J. Lynch, President & Chief Operating Officer

Michael J. Lynch has served as AAM's Chief Operating Officer since December 2022 and as President since 2023. He joined AAM in September 1996 and has held numerous leadership roles across finance and operations, including President - Driveline, Vice President - Finance & Controller, and Vice President - Driveline Business Performance & Cost Management.

Michael K. Simonte, President

Michael K. Simonte joined AAM in December 1998 as Director, Corporate Finance. He was appointed President in August 2015. Prior to this, he served as Executive Vice President & Chief Financial Officer, Group Vice President - Finance & Chief Financial Officer, Vice President - Finance & Chief Financial Officer, Vice President & Treasurer, and Treasurer. Before his tenure at AAM, Mr. Simonte was a Senior Manager at the Detroit office of Ernst & Young LLP.

Terri M. Kemp, Senior Vice President Chief of Staff

Terri M. Kemp is the Senior Vice President Chief of Staff at American Axle & Manufacturing. She is also listed as Senior Vice President, Human Resources & Sustainability, with senior management tenure since 2023.

The primary clear emerging threat to American Axle & Mfg (AXL) is the rapid and accelerating global transition of the automotive industry from internal combustion engine (ICE) vehicles to Battery Electric Vehicles (BEVs).

This fundamental shift threatens AXL's business because:

• Obsolescence of Core Products: AXL has historically derived significant revenue from driveline components specifically designed for ICE vehicles. The widespread adoption of BEVs directly reduces demand for these legacy products, risking obsolescence for a substantial portion of AXL's traditional portfolio.
• Intensified Competition in EV Components: While AXL is developing electric drive units (EDUs) and other EV-specific solutions, the market for these new components is highly competitive, with numerous established Tier 1 suppliers and new entrants vying for market share. This competition could lead to significant pricing pressures and challenge AXL's ability to secure profitable new business to offset the decline in ICE-related revenues.
• High Capital Investment and Adaptation Risk: Adapting to EV requirements necessitates substantial ongoing investment in research, development, and manufacturing capacity for new technologies. Failure to innovate quickly enough, or to secure sufficient new EV-related contracts to cover these investments and maintain profitability, poses a significant financial and strategic risk.

Evidence for this threat includes aggressive timelines from major global automotive OEMs for phasing out ICE vehicle production and dramatically increasing BEV output, along with new EV manufacturers rapidly gaining market share and establishing new supply chain relationships.

American Axle & Manufacturing (AXL) operates primarily in the automotive driveline and metal forming technologies sectors, supplying components and systems for electric, hybrid, and internal combustion vehicles globally. The addressable markets for their main products and services are substantial:

• Driveline Systems: The global driveline market was valued at approximately USD 28.45 billion in 2024 and is projected to grow to USD 113.19 billion by 2035, exhibiting a Compound Annual Growth Rate (CAGR) of 13.38% from 2025–2035. Another estimate valued the global driveline market at USD 45.13 billion in 2024, forecasting a rise to USD 144.07 billion by 2032 with a CAGR of 13.5% from 2026 to 2032. In 2023, the global driveline market was estimated at USD 25.36 billion, expected to reach USD 94.22 billion by 2032, growing at a CAGR of 15.7% from 2025-2032.

• Electric Vehicle Driveline Systems: The global electric vehicle driveline market was valued at USD 13.8 billion in 2023 and is projected to grow at an 8.4% CAGR between 2024 and 2032. Another assessment valued the global market at USD 22.9 billion in 2024, with expectations to reach USD 90 billion by 2035, growing at a CAGR of approximately 13.2% from 2025-2035. The U.S. region alone held over 70% of the electric vehicle driveline market share in 2023 and is anticipated to exceed USD 5.5 billion by 2032.

• Automotive Axle Market: The global automotive axle market size was valued at USD 61.21 billion in 2023 and is projected to reach around USD 72.45 billion by 2033, with a CAGR of 1.7% from 2024 to 2033. Another report indicated the global automotive axle market was valued at USD 9.37 billion in 2024 and is expected to grow to USD 28.48 billion by 2034, with a CAGR of 11.77% from 2025 to 2034. The Asia Pacific automotive axle market was valued at USD 4.68 billion in 2024 and is projected to grow to USD 14.38 billion by 2034.

• Power Transfer Units (PTUs): The global Power Transfer Unit (PTU) market was estimated at approximately USD 3.2 billion to USD 4.5 billion in 2023. It is projected to grow to between USD 5.6 billion and USD 8.2 billion by 2032, with CAGRs ranging from 6.1% to 6.8%.

• Metal Forming Technologies (as part of the broader Automotive Components Market): The global automotive components market, which includes metal-formed products, was valued at USD 1,964.51 billion in 2023 and is expected to reach USD 3,429.54 billion by 2033, growing at a CAGR of 5.73%. Another source estimates the market to grow from USD 1,780.34 billion in 2025 to USD 2,660.79 billion by 2035, at a CAGR of 4.1%.

American Axle & Manufacturing (AXL) anticipates several key drivers for future revenue growth over the next two to three years:

1. New Business Backlog and Program Wins: AXL projects approximately $600 million in new and incremental business backlog to launch between 2024 and 2026. This includes an estimated $300 million in 2024, $175 million in 2025, and $125 million in 2026. The company has also secured new and replacement programs, including a significant volume uplift for a popular heavy-duty truck program.
2. Expansion in Electrification (EV Components): A substantial portion of the new business backlog is attributed to electrification, with an estimated 50% of the new backlog linked to electric vehicle components, an increase from 40% in the prior 2023-2025 backlog. This indicates a strategic shift and growing demand for AXL's products in the evolving EV market.
3. Combination with Dowlais: The ongoing combination with Dowlais is a significant strategic move expected to position AXL as a premier global driveline and metal forming supplier, enhancing its size, scale, and value creation potential. This acquisition is anticipated to bolster future growth and geographic diversification, with the deal targeted to close in the first quarter of 2026.
4. Launch with Scout Motors: AXL anticipates the start of production with Scout Motors in 2027, which, while slightly beyond the immediate 2-3 year window, suggests foundational work and potential revenue generation from this new customer in the latter part of the forecast period.

Share Repurchases

• American Axle & Manufacturing Holdings Inc. reported net total equity repurchases of approximately $15 million in 2023, $2 million in 2022, $4 million in 2021, $3 million in 2020, and $3 million in 2024.

Share Issuance

• On July 15, 2025, AAM shareholders approved an increase in the number of authorized shares from 150 million to 375 million as part of the terms for the business combination with Dowlais Group plc.
• New AAM shares are to be issued as part of the Combination with Dowlais Group plc.

Outbound Investments

• American Axle & Manufacturing announced a recommended cash and share offer to acquire Dowlais Group plc on January 29, 2025.
• The acquisition received approval from AAM stockholders on July 15, 2025, and Dowlais shareholders on July 22, 2025, with the transaction expected to close in the fourth quarter of 2025.
• To fund the Dowlais acquisition, AAM announced a proposed private offering of $843 million in senior secured notes and $600 million in senior unsecured notes, later upsized to $850 million and $1.25 billion, respectively.

Capital Expenditures

• For the full year 2025, capital expenditures, net of proceeds from asset sales, are expected to be approximately $280 million, representing about 5% of sales.
• The primary focus of capital expenditures is on important upcoming launches, especially for major truck programs, and supporting AAM's electrification growth strategy, including a significant supply deal with Scout Motors for electric drive units and rear e-Beam axles.
• In October 2025, AAM received a tax break for a $133 million investment in its Michigan facility for upgrades, prioritizing it over its Mexico site.