Global Truck Market Update: May’26: NA Class 8 Sales +7% MoM/-8% YoY, Europe HDT Sales+8% YoY in Q1’26, Brazil stays softer sales -8% yoy /-4% MoM and China HDT Sales +16% YoY/-12% MoM

Research evidence excerpt

Global Truck Market Update: May’26: NA Class 8 Sales +7% MoM/-8% YoY, Europe HDT Sales+8% YoY in Q1’26, Brazil stays softer sales -8% yoy /-4% MoM and China HDT Sales +16% YoY/-12% MoM

signaling an improving demand environment. Weekly spot rates nick.yc.lai@jpmorgan.com

versus the truck-trailer PPI (a proxy for carrier profitability) also increased in J.P. Morgan Securities Singapore Private Limited/

J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

February and continued its upward trend in May. As truckload spot rates and Morgan Broking (Hong Kong) Limited

revenue per tractor recover from multi-year lows, we expect long-haul trucking Marcelo Motta

overcapacity to ease as supply gradually exits the market. We will closely monitor (55-11) 4950-6712

order intake and retail sales/inventory data for signs of a stronger demand pickup marcelo.g.motta@jpmorgan.com

in the coming months. Banco J.P. Morgan S.A.

Piyush Singla

Truck Cycle Brazil (covered by Marcelo Motta): We are looking overall for the (91-22) 6157-3324

truck market to be down 7% yoy. Brazil truck production was at 10.5k units (-15% piyush.singla@jpmorgan.com

J.P. Morgan India Private Limited

yoy / +8% MoM), and sales were at 8.4k units (-8% yoy / -4% MoM), leading YTD

production to 46k units -17% yoy and sales to 39k units -15% yoy. (Link to the Specialist Sales contact details:

note).

Sam Edmunds - Specialist Sales -

European Industrials

China’s HDT Market Update (covered by Karen Li): China’s HDT market (44-20) 7742-8733

sustained its strong momentum in May 2026, posting total sales of c.103,000 units sam.edmunds@jpmorgan.com

(+16% Y/Y), even as volumes declined 12% M/M from April as the traditional

sales peak tapered off. This sequential moderation is consistent with historical