Here are 1-2 brief analogies for Dana Inc. (DAN):

• BorgWarner for vehicle axles and drivetrains.
• Cummins for vehicle power transmission components.

• Axles: These are core driveline components that transfer power from the transmission to the wheels in various vehicle and machinery applications.
• Driveshafts: These components transmit torque and rotational power from the transmission to the axle, connecting different parts of the powertrain.
• Transmissions & Gearboxes: Dana provides systems that manage engine power and torque, delivering appropriate gear ratios for diverse vehicle and industrial applications.
• Sealing Products: This category includes gaskets, seals, and heat shields essential for maintaining the integrity and performance of engines and driveline systems.
• Thermal Management Products: These products, such as coolers and heat exchangers, are designed to regulate temperatures in engines, transmissions, and electrified powertrains.
• Electrification Systems (e-Propulsion): Dana develops integrated systems like e-Axles, e-Gearboxes, motors, and inverters for electric and hybrid vehicle propulsion.

Dana Inc. (symbol: DAN) is a global supplier of highly engineered driveline, sealing, and thermal-management technologies for conventional, hybrid, and electric-powered vehicles. As such, Dana sells primarily to other companies (Business-to-Business or B2B), specifically to original equipment manufacturers (OEMs) in the light vehicle, commercial vehicle, and off-highway markets, as well as to the aftermarket.

Based on their public filings, Dana's major customers include the following companies:

• Ford Motor Company (F)
• General Motors Company (GM)
• Stellantis N.V. (STLA)
• Volvo Group (Nasdaq Stockholm: VOLV B)
• PACCAR Inc. (PCAR)
• Navistar International Corporation (a subsidiary of TRATON SE)
• CNH Industrial N.V. (CNHI)
• Deere & Company (DE)
• Caterpillar Inc. (CAT)

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R. Bruce McDonald, Interim Chairman, President, and Chief Executive Officer

Appointed in November 2024, R. Bruce McDonald previously served as the chairman and Chief Executive Officer of Adient plc, Executive Vice President and Vice Chairman of Johnson Controls Inc, Executive Vice President and Chief Financial Officer of Johnson Controls Inc, and as Vice President for Finance at TRW Automotive. He also serves as the Chairman of Andrew Peller Ltd.

Timothy R. Kraus, Senior Vice President and Chief Financial Officer

Timothy R. Kraus has served as the Senior Vice President and Chief Financial Officer of Dana since 2021. Prior to this role, he was the Senior Vice President of finance and treasurer from 2017 to 2021, and Vice President of Finance and Treasurer from 2016 to 2017.

Christophe Dominiak, Senior Vice President and Chief Technical Officer

Christophe Dominiak serves as the Senior Vice President and Chief Technical Officer of Dana Holding Corporation.

Douglas Liedberg, Senior Vice President, General Counsel & Secretary

Douglas Liedberg serves as the Senior Vice President, General Counsel & Secretary of Dana Incorporated.

Andrea Siudara, Vice President of Digital Enterprise Transformation

Prior to joining Dana, Andrea Siudara served as Vice President of Digital Enterprise Transformation for Johnson Controls Inc., Chief Information Officer and Company Officer for Altair Engineering, Functional Chief Information Officer of the Global Data and Analytics Team at Ford Motor Co., and Chief Information Officer for the Aftermarket Division of Delphi Automotive. She has also held positions with General Motors.

The public company Dana (DAN) faces several significant risks to its business operations and financial health. The most prominent risks include the profound technological shift in the automotive industry, intense market competition and cyclicality, and financial vulnerabilities related to its debt and cash flow.

1. Technological Disruption and the Transition to Electric Vehicles: The automotive industry is undergoing rapid technological change, with a significant shift toward electric, autonomous, and connected vehicles. Dana must adapt its product development and invest heavily in new technologies to remain competitive and avoid losing market opportunities and relevance in this evolving landscape. The company anticipates increased competition and the necessity of substantial research and development investment to maintain its position in the electric vehicle transition.
2. Intense Competition, Market Cyclicality, and Economic Fluctuations: Dana operates in a highly competitive environment with numerous industry participants vying for market share, necessitating continuous innovation and product differentiation. Furthermore, the automotive industry is inherently cyclical, and Dana's growth and profitability are vulnerable to broader market uncertainties, including economic downturns, tariff impacts, and fluctuating economic conditions that can adversely affect vehicle demand.
3. Financial Risks related to Debt and Free Cash Flow: Dana exhibits financial vulnerabilities, with its reported liabilities exceeding the sum of its cash and near-term receivables. As of June 2024, the company had approximately $2.20 billion in net debt. Moreover, Dana has recorded negative free cash flow over the last three years, which can make borrowing more expensive and risky and may negatively impact returns for shareholders.

The rapid and accelerating global transition from internal combustion engine (ICE) vehicles to electric vehicles (EVs) presents a clear emerging threat to Dana. This transition impacts Dana in two primary ways:

1. Declining demand for traditional ICE-specific components: A significant portion of Dana's current revenue is derived from components tailored for ICE powertrains (e.g., specific driveline elements, sealing, and thermal management for combustion engines). As regulations mandate and consumer adoption shifts towards EVs, the demand for these legacy products will diminish, potentially at a faster pace than Dana's EV product portfolio can fully compensate, leading to revenue and market share erosion in their traditional segments.

   • Evidence: Governments globally enacting bans or phase-outs of new ICE vehicle sales (e.g., California by 2035, EU proposals), and major automotive OEMs committing substantial capital and timelines to transition their fleets predominantly or entirely to electric by the next decade.

2. Intensified competition and vertical integration in the EV component market: The nascent but rapidly growing EV component market is attracting new, specialized suppliers, and many automotive OEMs are increasingly investing in developing and manufacturing critical EV components (such as e-axles, electric motors, and advanced battery thermal management systems) in-house. This increased competition and tendency towards vertical integration by OEMs could limit Dana's potential market share and profitability within the EV supply chain, even as they adapt their product offerings.

   • Evidence: Companies like Tesla maintaining high levels of vertical integration for their EV powertrains; established OEMs such as General Motors and Volkswagen heavily investing in proprietary EV platform component development and manufacturing, including electric motors and power electronics, aiming to control key technologies and reduce external dependencies.

Dana Inc. (DAN) operates in several key markets, providing driveline systems, electrification solutions, and power technologies. The addressable markets for these main products and services are sized globally.

Driveline Systems

Dana's driveline systems include axles, driveshafts, transmissions, and related components that enhance vehicle performance and efficiency for light vehicles, commercial vehicles, and off-highway equipment.

• The global automotive drivetrain market size was estimated at USD 234.77 billion in 2024 and is projected to reach USD 339.89 billion by 2030.
• Another estimate places the global automotive drivetrain market size at USD 252.16 billion in 2024, projected to grow to USD 430.37 billion by 2032.
• The global automotive driveline market is also projected to grow significantly from USD 474.82 billion in 2024 to USD 1221.78 billion by 2035.
• The global automotive driveline market was valued at USD 257.4 billion in 2021 and is projected to reach USD 545.8 billion by 2031.
• The Driveline Market Size was valued at USD 307.66 billion in 2023 and is expected to reach USD 575.20 billion by 2032.

Electrification Solutions

Dana's electrification solutions encompass electric motors, inverters, e-propulsion systems, and complete e-axles for electric and hybrid vehicles across all segments.

• The global electric propulsion systems market was valued at USD 8.25 billion in 2024 and is projected to reach USD 18.46 billion by 2033.
• Another report calculates the global electric propulsion systems market size at USD 10.17 billion in 2024, expected to reach USD 20.61 billion by 2034.
• The electric propulsion systems market was valued at USD 5.48 billion in 2024 and is anticipated to reach USD 20.1 billion by 2035.
• The electric propulsion systems market size reached USD 8.74 billion in 2025.
• Dana offers a full portfolio of electrification technologies across light vehicle, commercial vehicle, and off-highway markets globally.

Power Technologies (Sealing and Thermal Management Products)

Dana provides sealing and thermal-management products that improve efficiency and durability in engines, transmissions, and other vital systems for conventional, hybrid, and electric powertrains.

Thermal Management Products:

• The global automotive thermal system market size was valued at USD 42.5 billion in 2024.
• The global automotive thermal system market was valued at USD 42.8 billion in 2020 and is projected to reach USD 71.9 billion by 2030.
• The global automotive thermal management market was valued at USD 106.3 billion in 2024 and is expected to reach USD 182.81 billion by 2033.
• The global automotive thermal system market size reached USD 38.4 billion in 2024.

Sealing Products:

• The global automotive body sealing system market size was valued at USD 10.2 billion in 2023 and is projected to reach USD 14.7 billion by 2033.
• The global automotive seals and gaskets market was valued at USD 26.2 billion in 2024.
• The global automotive window and exterior sealing system market size was estimated at USD 24.16 billion in 2023 and is projected to reach USD 39.57 billion by 2030.
• The global automotive sealing systems market size was valued at USD 9.8 billion in 2024 and is forecasted to reach USD 15.2 billion by 2033.
• The automotive gaskets and seals market size is estimated at USD 28.60 billion in 2025.

Dana Incorporated (NYSE: DAN) is expected to drive future revenue growth over the next two to three years through several key strategies:

1. Strategic Shift to High-Growth On-Highway and e-Mobility Markets: Dana is undergoing a significant strategic pivot by divesting its Off-Highway division to focus on the higher-margin on-highway markets, including light vehicles, SUVs, and commercial vehicles. This move allows the company to redirect resources toward growth opportunities in these core segments. A crucial component of this strategy is the emphasis on electrification (e-Mobility), where Dana's expertise in electrodynamic systems positions it to capture premium margins as automakers transition to hybrid and electric vehicles. The company is investing in advanced electrification and energy-management solutions.
2. New Product Development and Innovation in Electrification: Dana is continuously launching new products, particularly in the e-Mobility sector, which are integral to future revenue growth. For example, the Dana TM4 SUMO® MD electric drive system is an integrated motor/inverter package supporting architectures up to 800 volts for commercial vehicles, bus platforms, and off-highway applications. This focus on innovation and sustainable solutions across its product lines, including advanced drivetrain components, is central to delivering value.
3. Aftermarket Business Expansion and Digitalization: The company is expanding its aftermarket product range under its Victor Reinz®, Glaser®, and Spicer® brands. A key aspect of this expansion involves leveraging digital channels, such as e-commerce platforms and the new Dana Secure Mobile App, to enhance customer experience, improve operational efficiency, and verify product authenticity. This omnichannel approach aims to improve working capital efficiency and reduce capital spending.
4. Realization of Strong Sales Backlog: As of early 2024, Dana reported a record three-year sales backlog of $950 million, which is anticipated to be a significant driver of sales growth over the coming years. This backlog provides a clear pipeline for future revenue generation.

Share Repurchases

• Dana repurchased approximately $189 million of shares in the third quarter of 2025 and targets total repurchases of $600 million for the full year 2025.
• The company completed a buyback announced on June 11, 2025, repurchasing 24,107,283 shares for $434.71 million.
• Dana authorized a new $1 billion capital return program through 2027, with $550 million expected to be returned to shareholders at or before the closing of the Off-Highway business sale.

Share Issuance

• As of December 31, 2024, Dana had 145,831,417 shares of common stock issued and 144,993,614 shares outstanding.

Inbound Investments

• Hydro-Québec contributed cash to Dana TM4, with $22 million in 2023, $51 million in 2022, and $14 million in 2021.

Outbound Investments

• Dana announced a definitive agreement to sell its Off-Highway business for $2.7 billion, with the transaction expected to close in late fourth quarter of 2025. This divestiture aims to streamline the company's focus on light- and commercial-vehicle customers.
• In the first quarter of 2024, Dana agreed to sell its European Off-Highway non-core hydraulics business for approximately $40 million.
• In 2021, Dana sold a portion of its ownership interest in Tai Ya Investment (HK) Co., Limited to China Motor Corporation, reducing its stake to 50% and resulting in a loss of controlling financial interest.

Capital Expenditures

• Dana reported free cash flow of $70 million for 2024, an increase of $95 million over 2023, which was partly attributed to lower capital spending.
• The company's 2025 outlook anticipates accelerating cost savings and lower capital expenditures.
• Reduced capital expenditures are expected to position Dana for continued profit and cash flow improvements into 2025.