European Trucks "Truck Trends: 2027 NA truck debates en route" Bhundia

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European Trucks "Truck Trends: 2027 NA truck debates en route" Bhundia

Global Research

3 July 2026ab

European Trucks Equities

Europe including UKTruck Trends: 2027 NA truck debates en route

Industrial Equipment

Hemal Bhundia, CFA

This week: 2027 NA truck outlook, Price cost dynamics & time for Trucks? Analyst

What's next for NA truck deliveries in 2027? We see this as the true demand hemal.bhundia@ubs.com

barometer as we believe 2026 order activity has been driven by EPA27 prebuy, +44-20-7901 6515

high truck rates boosted by capacity exits and near term demand boosts from Steven Fisher, CFA

stocking up amidst potential supply chain disruptions. We see the lack of a Analyst

capacity ramp up by OEMs suggesting a more careful and cautious approach by steven.fisher@ubs.com

OEMs to 1H27 production, especially with market expectations of a slimmer +1-212-713 8634

EPA27 (vs the originally planned regulation) that could lead to 1) new engine Sven Weier

technology that will be gradually adopted and 2) HDT price increases of at least > Analyst

$8k per truck. OEMs typically open order books in Sept-Oct for the following year, sven.weier@ubs.com

but could open sooner upon confirmation on the pending outcome of EPA27. +49-69-1369 8278

Patrick Hummel, CFA

How are price cost dynamics shaping up for 2026? Lower fuel prices should

Analyst

ease freight costs headwinds for the OEMs over 2H26, but we expect raw patrick.hummel@ubs.com

materials to be a greater headwind in 2H26. This is due to longer term supplier +41-44-239 52 54

agreements that Truck OEMs have whereas we see freight costs as more

Andre Kukhnin

immediate in our view. We expect the OEMs will largely pass on higher raw

material & freight costs via pricing, as we see higher truck rates from lower andre.kukhnin@ubs.com