Cummins/Trucks – Long-awaited final EPA emission ‘27 regs now out (EPA event in

Research evidence excerpt

Cummins/Trucks – Long-awaited final EPA emission ‘27 regs now out (EPA event in

Industrials | Machinery

July 9, 2026

David Raso Cummins/Trucks – Long-awaited final EPA

212-446-5647

david.raso@evercoreisi.com emission ‘27 regs now out (EPA event in

Oliver Liao DC this afternoon); largely as expected; ‘27

212-446-9444

oliver.liao@evercoreisi.com penalties stiff but not that demand

Jeff Morrison destroying & credits can be used; no chg 212-446-5652

jeff.morrison@evercoreisi.com in view

• EPA Administrator Zeldin announced this afternoon in DC at the Great

American State Fair the final rules for EPA 2027 Emissions (EPA doc

also now online).

• EPA Administrator Zeldin also moderated a panel that included CEO of

Cummins, CEO of Paccar, Daimler Truck Head of N. America and the

President of the American Trucking Association.

• Net Takeaway – Final rules largely “as expected” for 2027 EPA

standard; maintained expected reduction in NOx levels, removed

requirement of extended warranty of emission reduction devices (rules

today maintain current warranty requirements) AND the non-

conforming engine penalties appear to be at levels generally as

expected/not that demand-destroying higher levels (and emission credits

can be used to offset them as well). No change in truck cycle view from

this news….we see 2H 2026 with solid demand (some pre-buy &

improving trucker fundamentals) with pricing power swinging back to

truck OEMs but a pre-buy level not strong enough where 2027 can’t

also be a FULL year of truck growth (slower start to ’27 post pre-buy

but full yr up) --- contacts note that current supplier constraints,

particularly axles from Dana and Meritor, owned by Cummins, are

keeping overall NA industry production from ramping TOO