<SEC-DOCUMENT>0000950142-22-003170.txt : 20221222
<SEC-HEADER>0000950142-22-003170.hdr.sgml : 20221222
<ACCEPTANCE-DATETIME>20221114111817
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ACCESSION NUMBER:		0000950142-22-003170
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20221114

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DANA INC
		CENTRAL INDEX KEY:			0000026780
		STANDARD INDUSTRIAL CLASSIFICATION:	MOTOR VEHICLE PARTS & ACCESSORIES [3714]
		IRS NUMBER:				261531856
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		3939 TECHNOLOGY DRIVE
		CITY:			MAUMEE
		STATE:			OH
		ZIP:			43537
		BUSINESS PHONE:		419-887-3000

	MAIL ADDRESS:	
		STREET 1:		PO BOX 1000
		CITY:			MAUMEE
		STATE:			OH
		ZIP:			43537

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DANA HOLDING CORP
		DATE OF NAME CHANGE:	20080129

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DANA CORP
		DATE OF NAME CHANGE:	19920703
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">November 14, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">United States Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Office of Manufacturing</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">100 F Street, N.E.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Washington, D.C. 20549-6010</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Attention: Erin Donahue and Jennifer Angelini</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.25in">Re:</TD>
  <TD>Dana Incorporated</TD></TR>

<TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.25in">&nbsp;</TD>
  <TD>Form 10-K for Fiscal Year Ended December 31, 2021</TD></TR>

<TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.25in">&nbsp;</TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt">Response Dated November 14, 2022</P></TD></TR>

<TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.25in">&nbsp;</TD>
  <TD>File No. 001-01063</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Dear Ms. Donahue and Ms. Angelini:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">On behalf of Dana Incorporated (&ldquo;Dana&rdquo;), I submit our responses
to the comments in your letter October 21, 2022, related to Dana&rsquo;s Form 10-K for the fiscal year ended December 31, 2021, filed
with the United States Securities and Exchange Commission (the &ldquo;SEC&rdquo;) on February 23, 2022, and the company&rsquo;s prior
response letters, dated September 15, 2022 and October 13, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><U>Response Dated November 14, 2022</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><U>Risk Factors, Page 7</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

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<TD STYLE="width: 0.5in"><B>1.</B></TD><TD><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"><B>We note your response to
                                           prior comment one and reissue it as your response does not appear to have addressed transition
                                           risks related to climate change. Please tell us how you considered providing disclosure addressing
                                           the transition risks related to climate change identified in our previously issued comments,
                                           including with regard to your assessment of their effect on your business, financial condition,
                                           and results of operations.</B></P></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> Response:</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">We have assessed the materiality of the transition risks related to climate
change, including market trends that may alter business opportunities, credit risks, and technological changes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">The current transition of the mobility industry as it shifts from petroleum
fuel vehicles (&ldquo;ICE vehicles&rdquo;) to alternate fuel vehicles (as a group &ldquo;EV-based vehicles&rdquo;) represents a significant
opportunity for the Company. Over the last several years, the Company has made strategic decisions to accelerate the electrification
of its product portfolio and to position the Company to be a leader in the e-propulsion systems that will be at the center of the transition
from ICE vehicles to EV-based vehicles. As the market transitions from ICE vehicles to EV-based vehicles, the Company anticipates its
content per vehicle opportunity will increase up to three-fold on a dollar basis. The Company&rsquo;s primary driveline content on ICE
vehicles includes axles and driveshafts. As the market transitions to EV-based vehicles we anticipate losing driveshaft content but adding
additional driveline content in the form of gearboxes, e-motors, e-axles, power electronics, and software controls. We anticipate a similar
three-fold opportunity in thermal and sealing products, as current ICE vehicle content is replaced with EV-based vehicle content including
metallic bipolar plates, battery cold plates and power electronic cooling modules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">With the increased content opportunity on EV-based vehicles, we are beginning
to see increased competition when it comes to bidding on new customer programs. The number of competitors bidding on EV-based vehicle
programs is higher than what we historically experienced on ICE vehicle programs. In addition, the OEMs continue to assess which EV-based
components they will vertically integrate and for which programs. We believe our current risk factors (e.g., &ldquo;[w]e could be adversely
impacted by the loss of any of our significant customers, changes in their requirements for our products or changes in their financial
condition&rdquo;) identify these risks; however, we will more clearly articulate the risk of increased competition for EV-based vehicle
programs, including the potential expansion of vertical integration by our customers in future filings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The Company&rsquo;s acceleration of the electrification of its
product portfolio was based on assessments of the markets in which we participate and on-going discussions with our customers. The
Company and our customers have made significant investments in the form of research and development and capital deployed to
transition to the production of battery electric, hybrid electric and hydrogen vehicles. Based on current trends in the markets in
which we participate, and the significant investments made by our customers to migrate to battery electric, hybrid electric and
hydrogen vehicles, the Company does not believe it is currently exposed to a material risk of technological change related to
transition risks related to climate change that would cause a shift away from EV-based vehicles. The Company believes the general
risk that a disruptive technology could be introduced that would impact our markets is addressed in our current &ldquo;An inability
to provide products with the technology required to satisfy customer requirements would adversely impact our ability to successfully
compete in our markets&rdquo; risk factor. The Company will continue to monitor the impact climate change transition risk could have
on technological changes and update our risk factors in future filings as appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Our ability to gain access to capital at competitive prices has historically
been predicated on maintaining adequate financial performance and appropriate credit metrics, as well as macro-economic factors that are
outside our control. Transition risk related to climate change could impact our access to capital if certain stakeholders were to pressure
the financial markets to withhold credit from participants in certain industries due to their perceived negative impact on the environment.
The Company does not currently consider transition risk related to climate change to be a material credit risk based on the three successful
senior notes sales the Company completed in 2021, including a $400 million green bond offering, as well as the increase and extension
of our revolving credit facility in 2021. See Note 14 &ndash; Financing Agreements to our consolidated financial statement in Item 8 of
our 2021 Form 10-K for additional information regarding these transactions. The Company will continue to monitor the impact climate change
transition risk could have on our access to credit markets and update our current &ldquo;Developments in the financial markets or downgrades
to Dana&rsquo;s credit rating could restrict our access to capital and increase financing costs&rdquo; risk factor as appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Management&rsquo;s Discussion and Analysis of Financial Condition
and Results of Operations, page 15</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><B>2.</B></TD><TD><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"><B>We note your response to
                                           prior comment two quantifies expenditures for climate-related projects for 2021. Please provide
                                           quantification for each of the other periods covered by your Form 10-K, or affirmatively state
                                           if there were no such expenditures. Additionally tell us if amounts are expected to increase
                                           in future periods.</B></P></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Response:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">In response to the Staff&rsquo;s request to quantify capital expenditures
for the Company&rsquo;s climate-related projects, in 2021, the previously referenced solar array project in Sanand, India required a capital
investment of approximately $0.082 million. There were no capital investments for climate-related projects in 2020 or 2019. There are
no specific plans for these expenditures to increase in future periods.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TD STYLE="width: 0.5in"><B>3.</B></TD><TD><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"><B>We note your response, yet
                                           reissue prior comment three as it does not appear that each of the items identified in our
                                           original comment (i.e., comment five of our letter dated August 26, 2022) is addressed in
                                           your response. Please provide us with your analysis of the indirect consequences of climate-related
                                           regulations or business trends for each of the items noted in our prior comment. Include information
                                           explaining how the disclosed risks related to such consequences specifically address developments
                                           regarding climate change or tell us how you concluded on the materiality of the items for
                                           which disclosure was not deemed necessary.</B></P></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Response:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">We have analyzed the indirect consequences of climate-related regulations
and business trends, including each of the items identified in the Staff&rsquo;s original comment letter, and do not expect these indirect
consequences to materially affect our business, financial condition, and results of operations. In our analysis, we considered that unlike
other automotive component part suppliers (e.g., suppliers of fuel tanks, exhaust systems, etc.) all our existing content on ICE vehicles
will be required for alternative fuel vehicles. Indeed, the current transition of the mobility industry as it shifts from ICE vehicles
to alternative fuel vehicles (battery electric vehicles, hybrid electric vehicles, hydrogen vehicles, etc.) presents an opportunity for
the Company to increase content per vehicle. As the market transitions from ICE vehicles to EV-based vehicles, the Company anticipates
its content per vehicle opportunity will increase up to three-fold on a dollar basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">For these reasons, the Company does not expect the indirect consequences
of climate-related regulations or business trends to materially affect our business, financial condition, and results of operations beyond
those risks previously discussed above. In future filings, we will provide further detail on the indirect consequences of the climate-related
regulations or business trends in the Management&rsquo;s Discussion and Analysis section, including specifically with respect to the potential
impact of increased competition on the Company&rsquo;s business and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 35%">Very truly yours,</TD>
  <TD STYLE="width: 15%">&nbsp;</TD>
  <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="border-bottom: Black 1pt solid">/s/ Timothy R. Kraus</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Timothy R. Kraus</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Senior Vice President and Chief Financial Officer</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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