Tariffs vs. Autos and IT Hardware

With tariffs reshaping global supply chains, US Auto Companies and IT Hardware companies are facing new pressures. Investors and analysts need a clear view of which companies are most exposed—and which might benefit from these disruptions. 

This report breaks down the geographical revenue exposure of some large cap companies with the most exposure to tariff impact, and with the least near-term ability to mitigate these tariffs.

AUTOs (Ford, GM, Tesla)

FORD

For the year 2024, Ford’s total company revenues were $185b, with the United States contributing $125b, Canada $13.4b, the United Kingdom $10b, Mexico $2.6b, and all other countries $34b. Additionally, the total long-lived assets for the company were $64.875 billion, with the United States having $45.392 billion, Canada $6.548 billion, the United Kingdom $2.174 billion, Mexico $4.352 billion, and all other countries $6.409 billion. These numbers can be found in this table.

Moreover, Ford’s total wholesales in 2024 were 4.4m units, with the United States accounting for 2.2m units, China 0.4m units, Canada 0.27m units, the United Kingdom 0.24m units, and other markets 0.76 thousand units.  These figures are detailed in this table.

TESLA

Tesla has seen explosive growth in their China sales, growing from 4.6B in 2022 Q1 to 9.8B last quarter, essentially doubling the revenue in 2 years. 

In fact, the current “install base” of cars in Shanghai is well ahead of that in California (sourced from IR deck).

GM

GM discloses data for that North America segment (GMNA), and international segment (GMI). 18% of auto sales come internationally but 30% of long-lived assets for GM auto sits outside of NA. See source table here. Of that, 12% of long-lived assets come from Mexico.

IT Hardware (CSCO, JNPR, NXPI, ANET, QCOM)

CSCO

In the fourth quarter of 2022, Cisco Systems reported total revenue of $13.6b, with the Americas contributing $7.8b (57.6% of revenue), EMEA contributing $3.7b (27.4% of revenue), and APJC contributing $2.0b (15.0% of revenue). 

Cisco discloses product revenue by regions, while they do not disclose the relative scale of Mexico and Canada, there is some data in the footnotes that can help with estimates.

JNPR

JNPR provides clear breakdown of the revenue from Mexico and Canada of 228.3m in 2024, making up 4.5% of revenue.

ANET

The concentration of Canada and Mexico based revenue in North America revenue is significantly lower here, captured in the footnote below. ANET does specially call out tariffs as a risk, and provides history of the risk in their 10-Q.

NXPI

NXPI provides clear disclosures of where their revenue comes from (here). Where non-US North America is relatively small, but China is the 2^nd largest segment (1^st being US).

QCOM

Qualcomm’s major revenue country is China, at 46% of total (up from 37%). Note that in the footnotes, QCOM calls out an increased exposure to China when measuring revenue based on the location where the end product is being sold (66% instead of 46%).