GS sees weak orders in U.S. persisting for European truck makers

Traton SE

08/09/2025 13:59

** Goldman Sachs is cautious on European truck makers' deliveries into early 2026, citing weak orders in the U.S. potentially sustaining for longer, and further risks if section 232 tariffs are implemented in 2026

** On the other hand, it notes European order momentum has begun to stabilise, but it sees the impact of German infrastructure stimulus could take longer to show

** GS expects it to be tough for OEMs to outperform the broker's broader capital goods coverage until a more meaningful uptick in orders in both the U.S. and Europe can be seen

** It sees delivery growth down 18% and 10% in the U.S. and Europe respectively for 2025, weaker than truck OEM guidance, while for 2026 it sees -10%/+15%, respectively

** The brokerage downgrades Volvo VOLVb.ST to "neutral" from "buy" as it sees near-term tariff headwinds weighing on margins, especially for the construction equipment division which mostly imports into the U.S.

** For Daimler DTGGe.DE, GS still sees weak orders in the U.S. and inventories of finished trucks near historical peak leading to weak deliveries until H1 2026, keeps "neutral"

** The broker also maintains "neutral" on Traton 8TRA.DE, citing recent weaker-than-expected order intake in Europe and Brazil

COMPANY
NEW RATING
OLD RATING
Volvo
neutral
buy
Daimler
neutral
neutral
Traton
neutral
neutral

 (Reporting by Marta Frąckowiak)

 ((marta.frackowiak@thomsonreuters.com))