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DAN customer relationships

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Dana Inc (DAN): customer relationships that drive profitability and strategic refocus

Dana Incorporated designs and supplies drivetrain, sealing and thermal-management systems to global vehicle manufacturers and aftermarket channels, monetizing through production-parts sales, long-term program awards and service parts. Revenue is concentrated with large OEMs, driven by program-based contracts and funded tooling arrangements, while strategic divestitures in 2025–2026 reallocate capital toward on-highway electrification and high-margin components. Learn more about how we source corporate customer intelligence at https://nullexposure.com/.

Customer roll‑call and what Dana sells to whom

Below is a line‑by‑line summary of every customer relationship flagged in the source set, with a plain-English note on the product or transaction and a concise source reference.

  • Terex Corporation — Dana supplies electric motors used in Terex equipment. Source: Dana FY2024 Form 10‑K (FY2024 filing).
  • Manitou Group — Dana provides e‑Hub drive systems to Manitou’s material‑handling platforms. Source: Dana FY2024 Form 10‑K.
  • Daimler Truck AB — Dana supplies e‑axle systems to Daimler Truck AB for electrified commercial vehicles. Source: Dana FY2024 Form 10‑K.
  • Oshkosh Corporation — Dana sells ICE, hybrid and electric transmissions to Oshkosh for defense and specialty vehicles. Source: Dana FY2024 Form 10‑K.
  • AGCO Corporation — Dana supplies e‑axle systems for agricultural equipment marketed by AGCO. Source: Dana FY2024 Form 10‑K.
  • CNH Industrial N.V. — Dana supplies inverters used in CNH’s electrified off‑highway and agricultural machines. Source: Dana FY2024 Form 10‑K.
  • Renault‑Nissan‑Mitsubishi Alliance — Dana provides electronic controllers for the Alliance’s powertrain programs. Source: Dana FY2024 Form 10‑K.
  • Stellantis N.V. — Dana supplies driveshaft components to Stellantis across multiple platforms. Source: Dana FY2024 Form 10‑K.
  • Cummins Inc. — Dana supplies e‑thermal cooling systems for Cummins’ off‑highway electrified applications. Source: Dana FY2024 Form 10‑K.
  • PACCAR Inc (PCAR) — Dana supplies axles to PACCAR for medium and heavy truck lines. Source: Dana FY2024 Form 10‑K.
  • PCAR (duplicate entry) — Reinforces that axles to PACCAR are a documented FY2024 customer relationship. Source: Dana FY2024 Form 10‑K.
  • Tata Motors Ltd (TTM, including JLR) — Dana supplies e‑transmission systems for Tata’s crossover utility and Jaguar Land Rover platforms. Source: Dana FY2024 Form 10‑K.
  • TM / Toyota Motor Corporation (TM) — Dana supplies ICE, hybrid and electric transmissions to Toyota. Source: Dana FY2024 Form 10‑K.
  • Toyota Motor Corporation — Confirms Toyota as an OEM customer for transmissions and related drivetrain components. Source: Dana FY2024 Form 10‑K.
  • Traton SE (TRATF) — Dana supplies driveshafts to Traton SE for commercial vehicles. Source: Dana FY2024 Form 10‑K.
  • Traton SE (duplicate) — Reinforces Traton as a driveshaft customer recorded in FY2024 filings. Source: Dana FY2024 Form 10‑K.
  • VLKAF / Volkswagen AG — Dana supplies electric motors to Volkswagen AG for its electrified vehicle programs. Source: Dana FY2024 Form 10‑K.
  • Volkswagen AG — Confirms supply of electric motors to Volkswagen in FY2024 disclosures. Source: Dana FY2024 Form 10‑K.
  • VOLVY / AB Volvo — Dana supplies hybrid and e‑transmissions for heavy‑duty Volvo trucks. Source: Dana FY2024 Form 10‑K.
  • DMLRY / Mercedes‑Benz Group AG — Dana supplies hydrogen fuel‑cell cooling solutions referenced for Mercedes‑Benz. Source: Dana FY2024 Form 10‑K.
  • DE / Deere & Company — Dana supplies axles, hub drives and driveshafts to Deere for agricultural and construction equipment. Source: Dana FY2024 Form 10‑K.
  • Deere & Company — Confirms Deere as a recorded FY2024 customer for axles and drives. Source: Dana FY2024 Form 10‑K.
  • F / Ford Motor Company — Dana supplies axles to Ford for light‑ and medium‑duty vehicle programs. Source: Dana FY2024 Form 10‑K.
  • Ford Motor Company — Confirms Ford as a major customer in FY2024 disclosures. Source: Dana FY2024 Form 10‑K.
  • General Motors Company (GM) — Dana supplies ICE sealing and thermal components to GM. Source: Dana FY2024 Form 10‑K.
  • GM (duplicate) — Restates GM’s role as an ICE sealing and thermal customer. Source: Dana FY2024 Form 10‑K.
  • Mercedes‑Benz Group AG — Confirms Mercedes‑Benz as a customer for hydrogen fuel‑cell cooling systems in FY2024 filings. Source: Dana FY2024 Form 10‑K.
  • Hendrickson USA L.L.C. — Dana completed the sale of trailer axle manufacturing assets to Hendrickson; transaction reported by Reliable Plant (transaction announced Jan 8, 2026). Source: Reliable Plant (news report; FY2025 reporting).
  • Allison Transmission Holdings, Inc. (ALSN) — Allison acquired Dana’s Off‑Highway Drive & Motion Systems business; regulatory approvals and completion are documented in press releases and market reports in early 2026. Source: Dana/Allison press release and industry coverage (PR Newswire, TradingView, March 2026).
  • Allison Transmission (news coverage) — Industry outlets reported the approximately $2.7 billion acquisition of Dana’s Off‑Highway business by Allison. Source: Automotive Powertrain Technology International (May 2026 coverage).
  • Hyliion (HYLN) — Hyliion’s Hypertruck ERX and earlier hybrid programs use Dana electric motors, inverters and axle tech; Dana supplies manufacturing support for volume production. Source: TruckingInfo and FreightWaves reporting (FY2020–FY2026 mentions).
  • Shyft (SHYF) — Shyft’s Blue Arc electric delivery van integrates Dana E‑Axle components for Class 3–5 chassis. Source: WardsAuto and MotorTrend coverage (FY2022–FY2023 mentions).
  • The Boler Company — Through its Hendrickson subsidiary, The Boler Company acquired Dana’s trailer axle manufacturing assets; transaction reported in industry press (Jan 2026). Source: Reliable Plant (FY2025 report).
  • DM3 Logistics — DM3 specified Dana axles in a recent Kenworth K220 order, evidencing aftermarket and fleet sales wins. Source: PrimeMoverMag (FY2026).
  • Hyzon (HYZN) — Hyzon trucks showcased at ACT Expo utilized Dana components, confirming supplier status in fuel‑cell and hydrogen applications. Source: FleetEquipmentMag (FY2021).
  • Marketscreener coverage — Market commentary noted Dana’s $2.7 billion sale of its Off‑Highway business to Allison, used by analysts in early 2026. Source: Marketscreener (Jan–Mar 2026).
  • Dongfeng Motor Co. Ltd. — Dana is forming a joint venture to produce medium and heavy axles in China, with Dongfeng as local OEM partner. Source: TruckingInfo (news coverage; FY2026).
  • TruckPartsAndService coverage — Industry reporting highlighted Dana’s sale of its Off‑Highway business and strategic repositioning toward core on‑highway markets. Source: TruckPartsAndService (FY2026).
  • TTNews — Trade reporting documented expanding Dana partnerships and hybrid axle demand from earlier Hyliion collaboration. Source: TTNews (FY2020 reporting).
  • Sahm Capital coverage — Analyst notes and industry pieces covered Allison’s acquisition of Dana’s off‑highway business in early 2026. Source: Sahm Capital analysis (FY2026).
  • TradingView summary — Market write‑ups of Dana’s FY2024 10‑K emphasized customer concentration with Ford and Stellantis and Dana’s strategic divestiture to Allison. Source: TradingView (FY2026 news summary).
  • PR Newswire release — Dana and Allison announced receipt of required regulatory approvals for the Off‑Highway transaction in March 2026. Source: PR Newswire (press release; FY2025/2026).
  • AlphaStreet reporting — Finance press reported completion of the Off‑Highway sale to Allison for $2.7 billion in early 2026. Source: AlphaStreet (FY2026).
  • AutomotivePowertrainTechnologyInternational — Coverage of Allison’s acquisition and strategic rationale for expanding off‑highway reach. Source: Automotive Powertrain Technology International (May 2026).
  • FreightWaves & other trade outlets — Coverage of ongoing supplier relationships with Hyliion and shifting exclusivity arrangements while Dana continues to supply components. Source: FreightWaves and other trade press (FY2021–FY2026).

What the customer footprint signals for investors

  • Concentration and materiality are primary considerations. Dana disclosed that its 10 largest customers accounted for approximately 58% of sales in 2024, establishing material customer concentration that amplifies program risk and negotiating leverage. (Company disclosure in FY2024 10‑K.)
  • Contracting posture is mixed: short payment terms with long program life. Payment terms generally do not exceed 180 days, yet Dana routinely wins long‑term OEM program awards with pre‑production tooling capitalized and depreciated over program life — a model that creates upfront capital intensity and durable revenue streams. (Company disclosure excerpts on payment terms and tooling.)
  • Counterparty profile is blue‑chip and global. Dana supplies nearly every major vehicle manufacturer globally — a large‑enterprise counterparty base that supports scale, but ties performance to OEM production cycles and EV/ICE transition timing. (Company disclosure on customer base.)
  • Strategic repositioning reduces business scope and redeploys capital. The sale of the Off‑Highway business to Allison and the sale of trailer axle assets to Hendrickson refocus Dana on on‑highway electrification and higher‑margin components, improving balance‑sheet optionality while reducing exposure to off‑highway cyclicality. (Transaction announcements and press coverage, early 2026.)
  • Geography and market exposure are global with North America sizable. Dana reports significant North American revenue and a global OEM footprint, meaning macro cycles in both regions materially affect revenue. (FY2024 geographic disclosures.)

Investment implications and next steps

Dana is a supplier to the largest OEMs with material customer concentration, capital‑intensive program structures, and a deliberate tilt toward on‑highway electrification following strategic divestitures. Investors should weigh the benefits of long-term program awards and tooling economics against concentration risk and exposure to OEM production cycles.

For a more complete view of Dana’s customer contracts, program timelines, and transaction disclosures, visit https://nullexposure.com/ for structured sourcing and document‑level intelligence.

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