TRUCKS - Now in Midwest for proprietary fieldwork on industry reaction to yester

Research evidence excerpt

TRUCKS - Now in Midwest for proprietary fieldwork on industry reaction to yester

Industrials | Machinery

July 24, 2026

David Raso TRUCKS - Now in Midwest for proprietary

212-446-5647

david.raso@evercoreisi.com fieldwork on industry reaction to

Oliver Liao yesterday's push out/phase-in of new

212-446-9444

oliver.liao@evercoreisi.com emission standard engines/vehicles

Jeff Morrison • Proprietary Truck Fieldwork Today In The

212-446-5652

jeff.morrison@evercoreisi.com Midwest: In light of the news yesterday of Cummins

announcing a phasing in of their new 2027 emission

standard engines rather than a hard launch of January

1, 2027 (the market was already aware of the medium

duty push out, and even some scuttle in recent weeks

in the market about the smaller heavy engine

introduction being pushed out, but the large 15 L heavy

"X15" Cummins engine, which alone represents ~30%

of all N. America industry heavy truck engines, was

the most notable news), I flew out last night to do

some fieldwork today meeting with industry contacts.

You may have also seen my note yesterday morning

with my initial reaction (LINK here).

• Please see below for my findings today touching on,

among other topics, how my contacts (dealers,

OEM sales reps, component suppliers, etc.) see ...

The risk of 2026 N. America truck orders being

canceled given, presumably, now less reason to pre-

buy the 2027 emission standard trucks given a more

phased-in implementation of the higher priced,

partially new technology fully emission compliant

trucks? How should we think about pricing for 2027 in

light of the drivetrain changes/phase-ins? Any re-think

of competitive dynamics given this change from

yesterday as well as incorporating information about

emission credits/levels of penalties if not selling a