Dana announces $200M cost reduction plan

While Dana (DAN) continues to improve its profitability in a challenging operating environment, the company announced further actions to support sustained long-term profitability and enhanced cash flow generation. This includes substantial reductions in selling, general & administrative costs across all the company’s businesses and engineering expenses to match current industry dynamics, including the ongoing delay in the adoption of electric vehicles. The company expects to deliver annualized savings of approximately $200M by 2026. Furthermore, the company plans to reduce capital spending to reflect the revised market demand for electric vehicles.