Construction Machinery & Heavy Transportation Equipment

EquipmentShare.com Inc. announced a multi-year fleet agreement with Cummins Inc. to deploy up to 1 gigawatt of natural gas power generation capacity across major U.S. energy projects, centered on Cummins' C1400N6C lean-burn gas generator sets. The arrangement gives Cummins a rental and distribution partner focused on temporary power, microgrids, and battery storage solutions that can offer contractors energy cost reductions of 50% to 80% versus traditional mobile power. The deal adds another outlet for Cummins' natural gas generation and microgrid solutions, though the company's near-term swing factor remains whether it can avoid repeat EPS and EBITDA misses as incentives, tariffs and Accelera losses weigh on company-wide margins. Cummins' Q2 2026 update paired record Power Systems revenue of US$2.3b with a lower year-on-year EBITDA margin and trimmed Distribution guidance. Cummins' narrative projects $45.3 billion revenue and $5.7 billion earnings by 2029, requiring 9.2% yearly revenue growth and about a $3.0 billion earnings increase from $2.7 billion today, while some optimistic analysts had penciled in around US$50.5b of revenue and US$6.4b of earnings by 2029.

Daimler Truck folded its military work into a single global brand, Daimler Truck Defence, in June and is targeting €1 billion in defense revenue by 2028, backed by a planned investment it describes as a mid-three-digit million-euro sum over the coming years. About 1,000 employees work in the business today, and Daimler expects that number to grow, particularly at its Wörth am Rhein plant in Germany, where military chassis share the same plants and parts bins as its commercial trucks. Two large programs anchor the order book: France's Ministry of the Armed Forces selected Daimler Truck and French partner Arquus in January for its PL6T program, a framework covering up to 7,000 Zetros-based trucks with deliveries running more than 10 years, and in Canada Daimler is supplying more than 1,500 Zetros logistics trucks to the Logistics Vehicle Modernization program, where General Dynamics Land Systems-Canada is prime contractor and Marshall Canada builds mission modules. Germany's Bundeswehr has also ordered military logistics vehicles in the three-digit unit range, and CEO Dennis Kinzelmann said France will most likely become the unit's largest defense customer on the strength of the PL6T award, closely followed by Canada, with Germany still on a very important level. Kinzelmann said shared civil content on a military Arocs could run north of 70 to 80 percent, and that Daimler Truck's aftersales network spans more than 160 countries to support fleets kept in service for 20 to 30 years.

Daimler Truck laid out what it says Europe needs to move battery-electric and hydrogen trucks from early adopters into mainstream fleets, including public megawatt chargers, truck-ready hydrogen stations and road tolls that reward zero-emission vehicles, with CEO Karin Rådström making the case at the company's Media Night in Hanover, Germany, ahead of IAA Transportation 2026. Mercedes-Benz Trucks held about 38% of Europe's market for locally CO2-free medium- and heavy-duty trucks in the first half of 2026, and customers have driven the eActros 600 more than 160 million kilometers since series production began at the end of 2024. Heavy-duty battery-electric trucks took 2% of Europe's market in 2025, and Daimler Truck estimates about 35% of new trucks would need to run on batteries or hydrogen by 2030 to meet EU CO2 targets. Europe has fewer than 2,000 public truck charge points today, most of them standard CCS chargers, and Rådström said it needs 35,000 megawatt charging points by 2030, along with 1,000 hydrogen stations, up from around 187 today, most of which supply only 350 bar. On cost, she pointed to CO2-based road tolls, saying the toll difference between a diesel truck and an electric truck in Germany comes out to about 33 to 35 cents per kilometer, but only 13 of the EU's 27 member states have adopted CO2-based tolls. Dachser chief development officer Stefan Hohm said the German logistics provider has 25 emission-free delivery areas in Europe and more than 200 battery-electric trucks on the road, including more than 160 Mercedes-Benz Actros models, out of a fleet of more than 15,000, and called grid access and capacity the main pain point. The eActros Lowliner opened for orders Sept. 15, with series production at the Mercedes-Benz plant in Wörth, Germany, set for the second quarter of 2027, and a small series of 100 Mercedes-Benz NextGenH2 fuel-cell trucks enters customer operations from the end of 2026 with Dachser as the first customer. Daimler Truck is asking the EU for an early review of its heavy-duty CO2 regulation, whose 2030 target calls for a 43% cut in CO2 emissions from new heavy-duty vehicles compared with 2019, and puts the cost of falling short at about €120 million in penalties for each percentage point Mercedes-Benz Trucks misses.

At 9:03 a.m. on September 30, Fuxing train G43, numbered CR400AF-X-2544, departed Beijing South Railway Station for Hangzhou East Railway Station, marking the official entry into service of the upgraded intelligent Fuxing EMUs. According to a source from the passenger car division of CRRC Corporation Limited who spoke to China Business Journal, this upgrade was led and organized by China State Railway Group, with joint participation in research and development by CRRC Changchun Railway Vehicles, CRRC Qingdao Sifang, and CRRC Tangshan. A source from Sifang's overall vehicle design department said the CR400AF-X intelligent upgraded EMU put into service this time is the latest upgraded version of China's intelligent Fuxing trains, with a maximum operating speed of 350 kilometers per hour, an eight-car formation with four motor cars and four trailer cars, and a seating capacity of 619 passengers. It adds an emergency self-propelled function, carries highly safe and reliable power batteries, and can travel more than 40 kilometers on battery power without relying on external overhead line power supply. It is also the first to adopt 10-gigabit Ethernet technology. Dong Xueyan, a senior engineer at CRRC Changchun, said the train optimizes emergency braking logic and adds an extreme braking function, which can shorten braking distance by 23 percent at an operating speed of 350 kilometers per hour, while also carrying an intelligent air pressure adjustment system to ease ear discomfort in tunnels. Research and design of this model began in 2025, and the first prototype completed final assembly and left the factory for testing in early August 2026. At present, a total of six CR400AF-X EMUs have been put into service in the first batch, and the number in operation and the scope of routes will be expanded later according to railway department arrangements. In addition, the CR450 EMU prototypes, the world's fastest high-speed trains, have completed all operational assessment, and both prototypes have returned to CRRC Changchun and CRRC Sifang for final analysis and verification. Two short-formation CR220J power-concentrated EMU prototypes with a speed of 200 kilometers per hour have also completed 400,000 kilometers of operational assessment for new products.

Trinity reported second-quarter revenues of $485.1 million, down 4.2% year on year, exceeding analysts' expectations by 2.2% but missing EPS and EBITDA estimates, with CEO Jean Savage citing a $132 million non-cash pre-tax gain from the completion of the company's railcar partnership transaction with Napier Park. Across the 12 heavy transportation equipment stocks tracked, group revenues beat consensus by 2.2% and next-quarter revenue guidance came in 8.6% above estimates, though share prices are down 13.2% on average since the latest results. Wabash posted the strongest quarter, with revenues of $417.2 million, down 9.1% year on year but 3.6% above expectations, alongside an impressive EBITDA beat and next-quarter revenue guidance exceeding analysts' expectations. Greenbrier delivered the weakest performance, with revenues of $576.5 million, down 31.6% year on year and 5.9% below expectations, plus full-year revenue and EPS guidance missing significantly. Federal Signal reported revenues of $670.2 million, up 18.7% year on year and in line with expectations, while Wabtec reported revenues of $3.18 billion, up 17.5% and 3.3% above expectations, with full-year EPS guidance slightly topping estimates but organic revenue missing significantly.

Daimler Truck is betting on owning the entire autonomous trucking system, with its Torc Robotics subsidiary aiming to run trucks on public roads with no safety driver in the cab before the end of the year. CEO Karin Rådström said at Daimler Truck's Media Night, ahead of IAA Transportation 2026, that the setup differentiates the company from any other player in the industry, spanning the truck platform and vehicle architecture, hardware integration and autonomous driving software. Daimler Truck North America builds the autonomous-ready chassis with redundancy in steering and braking, while Torc develops the AI-driven system covering perception, planning and driving. First commercial freight operations are planned for 2027, with scaling to begin in 2028, starting on long-haul lanes in North America, where Rådström said trucks travel more than twice the daily distance of European trucks and driver shortages are even more difficult. Torc previously completed driver-out validation in November 2024 on a multi-lane closed course in Texas at speeds up to 65 mph. With Freightliner, Rådström said the company is the clear number one in North American heavy-duty trucks; its Freightliner and Western Star brands held 37.8% of the North American Class 8 market through June, according to Daimler Truck's second-quarter investor presentation, and more than 1 million Cascadias have been sold in the U.S. since the model's 2007 introduction.

Zoomlion Heavy Industry Science & Technology signed a US$300 million portfolio credit insurance policy and an initial US$50 million non-recourse factoring agreement at its 2026 Global Financial Partners Summit and Signing Ceremony in Shanghai on September 11. The US$300 million policy was signed with a double-A-rated international insurer and leading institutions, while the initial US$50 million non-recourse factoring agreement was signed with an overseas bank. Developed over six months with international insurers and financial institutions, the arrangement lets overseas installment receivables covered by the policy be factored with an overseas bank on a non-recourse basis, giving Zoomlion a structured way to finance overseas receivables rather than handling them transaction by transaction. The framework is designed to turn those receivables into scalable, standardized and replicable investment-grade assets. The agreements come as Zoomlion's international revenue rose 12.45% year over year to RMB 15.54 billion, or approximately US$2.31 billion, in the first half of 2026, accounting for 57.25% of total revenue. More than 40 financial and insurance partners from Singapore, Indonesia, Thailand, France, Kazakhstan, Hong Kong SAR and other markets attended the summit, where CFO Du Yigang reviewed cooperation with global financial partners and outlined plans for overseas financial and insurance services.

On September 28, three ChiNext companies previously under risk warnings completed the removal procedures one after another, ushering in an intensive period of having their special designations lifted. Yilong Information Technology Co., Ltd. resumed trading on September 28 and removed its other risk warning, with its stock abbreviation changed from ST Yilong to Yilong, its stock code remaining 300096, and its daily price limit remaining 20 percent. An arbitration ruling confirmed that the company bears no joint liability for its irregular guarantee matters, and the non-operating capital occupation by related parties arising from irregular loans has been eliminated. Jiangsu Yitong High-Tech Co., Ltd. will remove its delisting risk warning from the market open on September 29, with its stock abbreviation changed from asterisk ST Yitong to Yitong Technology and its stock code remaining 300211. The company achieved full-year revenue of 191 million yuan in 2025, with revenue after deductions of 168 million yuan, and net assets of 458 million yuan at the end of 2025. China Shipbuilding Industry Group Emergency Warning and Rescue Equipment Co., Ltd. will resume trading and remove its other risk warning from the market open on September 30, with its securities abbreviation changed from ST Emergency to CSSC Emergency and its securities code remaining 300527. Twelve months have passed since the company received its administrative penalty decision on September 16, 2025, meeting the conditions for applying for removal.

AB Volvo has received a record order for 500 gas-powered trucks from a European transport operator, with the vehicles intended to run on alternative fuels such as bio-LNG to cut emissions in heavy road freight. Volvo Trucks also introduced a new long-haul electric truck with extended range aimed at demanding heavy-duty routes. The FH Electric rigid truck is built for gross combination weights up to 80 tonnes, offers up to 450 km of range at 64 tonnes and supports megawatt charging. The 500-truck order, for the Volvo FH Aero, signals that large European fleets are willing to commit capital to LNG and bio-LNG routes at scale, while Cespira's HPDI 3.0 system is due to enter production in Q4 2026 with first vehicles targeted for early 2027, lining up with the 2027 delivery window for the gas trucks. AB Volvo is a SEK661.4b machinery group that builds trucks, buses, construction equipment and engines across multiple regions.

Caterpillar Inc. reported second-quarter sales and revenues of $20.5 billion, up 24% year over year, with adjusted profit per share jumping 73% to $8.17 and an order backlog of approximately $72.1 billion at the end of June, up 15% from the previous quarter. Within that backlog, $29.2 billion is not expected to be filled within the following 12 months, and the increase spanned all three primary segments, with Power & Energy recording the largest gain. Power & Energy revenue rose 33% year over year while power-generation sales climbed 72%, driven partly by demand for generator sets and turbines used in data centers, even as the Construction Industries segment grew sales to users by 22%. The stock trades at almost 25.25x forward earnings, nearly 38% above the sector median of 22.14x and more than 50% above its own five-year average of 20.28x, and Caterpillar expects approximately $600 million of tariff costs in the third quarter. As of Q2 2026, 84 hedge funds in Insider Monkey's database owned Caterpillar stock worth $20.9 billion, down from 87 funds in Q1 though up from $14.07 billion in total value.

Caterpillar closed at $821.58, up 2.03% and outpacing the S&P 500's 0.51% gain, the Dow's 0.93% rise and the Nasdaq's 0.48% advance. Ahead of its upcoming earnings disclosure, Caterpillar is projected to report earnings of $6.95 per share, representing year-over-year growth of 40.4%, on revenue of $20.19 billion, a 14.47% increase. For the full fiscal year, the Zacks Consensus Estimates predict earnings of $27.37 per share and revenue of $79.37 billion, changes of +43.6% and +17.43% respectively. Over the past month the Zacks Consensus EPS estimate has shifted 0.86% upward, and Caterpillar currently carries a Zacks Rank of #2 (Buy). The stock trades at a Forward P/E ratio of 29.42, a premium to its industry's average of 17.24, and has a PEG ratio of 1.4 versus an industry average of 1.25.

Zoomlion Heavy Industry Science & Technology Co., Ltd. has completed the first delivery of its DX7004 hybrid tractor, the world's most powerful hybrid wheeled tractor, at the 2026 Heilongjiang International Agricultural Machinery Exhibition in Heilongjiang, northeast China. The handover marks the 700-horsepower DX7004's entry into customer deployment and represents an important step in the commercial rollout of Zoomlion's ultra-high-horsepower hybrid agricultural machinery. The tractor's dual motors deliver a rated output of 700 horsepower and a peak output of up to 1,200 horsepower, built on Zoomlion's self-developed hybrid power architecture with in-house core components and control systems, and it integrates a digital chassis, the EPiot smart driving system and the AOS intelligent operations platform for autonomous driving and centimeter-level precision. Compared with leading international tractors in the same horsepower class, the DX7004 can reduce fuel consumption by 10% to 40% and improve operating efficiency by 15%. The first unit was delivered to a large-scale grower from Harbin, Heilongjiang, following the model's official launch at Zoomlion Smart Industry City in Changsha on Sept. 28, 2025.

Westinghouse Air Brake Technologies Corporation announced on September 21 a services agreement worth more than $700 million with La Compagnie du TransGuinéen. Combined with locomotive orders placed in 2024, announced agreements for the Simandou project now exceed $1.2 billion, with the new services deal extending the relationship beyond locomotive delivery into ongoing fleet support. The railway stretches more than 600 kilometers between the Simandou mine and Guinea's Port of Morebaya, and Westinghouse Air Brake will provide scheduled and unscheduled maintenance, parts, component overhauls, logistics support, remote diagnostics, and training. The company did not specify the contract's exact duration, revenue commencement date, annual revenue schedule, or expected service margin, and the announced value represents a multiyear contract total rather than annual revenue or immediate cash receipts. Second-quarter freight revenue increased 16.9% to $2.24 billion, while its GAAP operating margin rose to 22.5% from 21.6%, though second-quarter freight-services sales declined 4.2%.

Wabtec signed a more than $700M long-term services agreement with La Compagnie du TransGuinéen for its new Evolution Series locomotive fleet. Combined with Wabtec's 2024 locomotive orders, the deal brings the company's total Simandou project value to more than $1.2B. The agreement will support CTG's 600-plus kilometer TransGuinean Railway, which links the Simandou mine with the Port of Morebaya. Services covered include maintenance, parts overhauls, logistics, training, remote diagnostics and parts management, along with workforce development and local partnerships. The contract covers CTG's ES43AC locomotives, which are powered by 4,500-horsepower Evolution Series engines.

Wabtec Corporation announced a more than $700 million long-term services agreement with La Compagnie du TransGuinéen to support its fleet of new Evolution Series locomotives. The agreement is Wabtec's largest services contract in Africa and, combined with the 2024 locomotive orders, brings its total value to more than $1.2 billion for the Simandou project. CTG's over 600-kilometer railway connects the Simandou mine to the Port of Morebaya, forming a critical transportation corridor for one of the world's largest untapped reserves of high-grade iron ore, as well as passengers and non-mining goods. The multi-year customized services agreement covers scheduled and unscheduled maintenance, parts and components overhauls, parts management, logistics support, training, advanced remote diagnostics, and a strong localization component, supporting CTG's fleet of Wabtec ES43AC locomotives powered by 4,500-horsepower Evolution Series engines. Sameer Gaur, President of Global Freight Services for Wabtec, said the agreement is designed to help maximize locomotive availability, efficiency, and reliability while supporting local capabilities through workforce development, skills training, and partnerships with Guinean businesses.

Coiled Therapeutics has enrolled its first patients into two new dose groups for a reformulated cancer drug, with the company aiming to dose up to 30 patients by the end of the year. Eco Buildings Group PLC has signed a deal to build at least 10,000 homes in The Gambia, which it calls the most significant international development in its history. Anglo Asian Mining Plc has retained its copper guidance after a record first half, with revenue more than tripling thanks to full production from its Gilar and Demirli mines. Iofina PLC is on track for record iodine volumes this year, with new plants driving expansion and adjusted core earnings more than doubling in the first half. Powerhouse Energy Group PLC expects the second half of 2026 to be its most eventful yet, as two flagship projects edge closer to key investment decisions, while Tertiary Minerals PLC plans to raise fresh equity to accelerate work at its Mushima North project in Zambia following encouraging results from its recent Phase 4 drilling programme, with trading temporarily halted while the fundraising is completed.

Luck Stone announced in mid-September 2026 that it had expanded its collaboration with Caterpillar to roll out autonomous hauling technology to two additional Virginia quarries, building on a site where autonomous Cat trucks have already moved more than 3.50 billion tons without reported injuries. The expansion includes the first-ever deployment of Caterpillar's autonomous haulage on Cat 775 trucks, and the company is pairing the automation with workforce skill development to address quarry safety and productivity challenges. The move reinforces Caterpillar's broader push into autonomy and AI, which analysts tie to higher quality recurring revenue, and follows the company's August update highlighting record backlog and heavy investment in digital and automation. Caterpillar's narrative projects $94.5 billion revenue and $17.4 billion earnings by 2029, with a $970.37 fair value implying 20% upside, while some of the most optimistic analysts already assumed revenues above US$112,200,000,000 and earnings near US$20,700,000,000 by 2029. Investors are still weighing rising tariffs and pricing pressure against the pace at which digital and service income can scale.

Wabtec reported second-quarter revenues of $3.18 billion, up 17.5% year on year and 3.3% above analysts' expectations, as the 12 heavy transportation equipment stocks tracked posted a satisfactory quarter with group revenues beating consensus by 2.2% and next-quarter revenue guidance 8.6% above estimates. Chairman and CEO Rafael Santana said Wabtec delivered a strong first half with solid second-quarter execution driving robust sales growth, margin expansion and a 22% increase in adjusted EPS growth, though the quarter was mixed as full-year EPS guidance only slightly topped expectations while organic revenue estimates missed significantly. Wabash posted the group's best quarter, with revenues of $417.2 million, down 9.1% year on year but 3.6% above expectations, alongside a solid EBITDA beat and next-quarter revenue guidance exceeding analysts' expectations. Greenbrier delivered the weakest performance of the group, with revenues of $576.5 million, down 31.6% year on year and 5.9% short of expectations, plus full-year revenue and EPS guidance missing significantly. PACCAR reported revenues of $7.55 billion, flat year on year and in line with expectations, while Commercial Vehicle Group reported revenues of $195.2 million, up 13.5% year on year and 13.8% above expectations, delivering the group's biggest estimate beat and highest full-year guidance raise. On average, shares of the tracked companies are down 11.3% since the latest earnings results.

Caterpillar announced on September 15 that its self-driving haul trucks at a Luck Stone quarry are moving large tonnage, with expansion to two more Virginia quarries, Boscobel and Bealeton, including the first autonomous deployment of Cat 775 trucks. The company disclosed no order value, truck count, or profit contribution from the autonomy milestone, and autonomy was named on the earnings call only as a source of higher SG&A and R&D expenses inside Resource Industries. In the second quarter of 2026, revenue reached $20.5 billion, up 24% year over year, with adjusted EPS of $8.17, up 73%, while backlog climbed to $72 billion, up roughly $35 billion versus a year earlier. Power & Energy is the engine, with segment sales up 17% to $8.2 billion and power generation sales up 72% on large gensets and turbines for data centers, and gas prime orders extend toward the back half of 2028 and into 2029. Caterpillar trades at $798.51 against a consensus analyst target of $975.61, a trailing PE of 34x, and full-year tariff costs of around $2.2 billion for 2026, with expected IEEPA tariff recoveries of approximately $400 million.

Cummins executives said North American truck demand is recovering and data-center power demand remains exceptionally strong, with orders for its QSK95 generator now stretching into the second half of 2028. Speaking at Morgan Stanley's Laguna Conference, James Hopkins, Cummins' vice president of financial planning, capital management and investor relations, said the truck market has improved over the last six months on stronger fleet profitability and greater clarity around 2027 emissions rules, and that the higher 2027 cost structure supports continued demand into the second half of 2026. Hopkins said the Environmental Protection Agency's semi-final rule gives the industry flexibility in 2027, letting manufacturers sell historical powertrains with a non-conforming penalty or offer new powertrains meeting the 35 mg/bhp-hr NOx requirement, though end-user costs are expected to rise either way. Nick Arens, Cummins' executive director of investor relations, said supply constraints on the larger engine are pushing customers to smaller 78-liter, 60-liter and 50-liter options, and he reaffirmed confidence in the company's target of more than $9 billion of data-center-related exposure by 2030, largely supported by diesel standby demand. Cummins expects 55 gigawatts of high-horsepower engine capacity by 2030, plans limited prototype production of its 130-liter natural-gas prime-power product in the second half of 2028 ahead of a ramp in 2029 and 2030, and said a battery energy storage system application for data centers should contribute revenue in the low hundreds of millions of dollars over the next several years while diluting overall margins.

Caterpillar expanded its autonomous hauling partnership with Luck Stone to additional quarry sites in the United States, marking the first use of autonomous haulage on Cat 775 trucks specifically configured for quarry operations. The partners are targeting gains in safety, production consistency and workforce development through wider use of automation across these quarries. Caterpillar, a machinery heavyweight with a reported market value of about $360.2 billion, builds large-scale construction and mining equipment that can directly use autonomous hauling systems in quarries. The company's Narrative holds that heavy equipment is shifting from pure iron to technology plus services, with autonomy and electrification supporting multi-year demand and profitability, and deploying autonomy on Cat 775 fleets can deepen Caterpillar's services and software footprint rather than just sell more trucks. Rivals including Komatsu and Volvo are also targeting that services and software territory, while analysts flag tariff pressure, pricing competition and high capital intensity as weak points that could amplify earnings swings if customers hesitate on autonomy rollouts.

AB Volvo's fair value estimate has been lifted to SEK 356.12 from SEK 347.55, with published analyst price targets now spanning a wide SEK 290 to SEK 376 range. Citi raised its target twice, from SEK 354 to SEK 358 and then to SEK 376, while keeping a Buy rating, and Erste Group initiated coverage with a Buy rating, citing a massive surge in new truck orders, particularly in North America, plus higher internal forecasts for truck sales in Europe and China. Morgan Stanley lifted its target to SEK 355 from SEK 342 while maintaining an Equal Weight stance, and Barclays nudged its target up to SEK 290 from SEK 280 while keeping an Underweight rating at the bottom of the range. Alongside the fair value change, the revenue growth assumption moved from 6.71% to 6.90%, the net profit margin from 10.36% to 9.87%, the future P/E from 14.74x to 15.78x, and the discount rate from 7.37% to 7.42%.

After market close on September 17, Fulongma announced plans to sign a contract related to autonomous sanitation driving technology development and to cooperate with Huawei Cloud Computing Technologies on developing autonomous sanitation driving technology. The cooperation is an exclusive strategic partnership between the two sides in the field of intelligent sanitation, with a total contract value of 200 million yuan including tax. According to the announcement, the two sides have planned agreed three-ton and six-ton vehicle platforms, sweeping and washing business scenarios, and other elements. Huawei Cloud will conduct technical research on vehicle intelligent upgrades, drive-by-wire optimization, and cloud adaptation, and will exclusively develop and deploy the Fulongma Sanitation Autonomous Driving System for Fulongma, including cloud-based, vehicle-side software, and vehicle-side intelligent hardware solutions. Huawei Cloud will lead the adaptation and verification of autonomous driving algorithm software for three vehicle platforms in sweeping and washing scenarios. This is not the first time the two sides have joined forces. On December 11, 2025, Fulongma and Huawei signed a framework cooperation agreement, and on September 12 the two sides further signed a strategic cooperation agreement on embodied intelligence in the sanitation robot field. In the first half of 2026, Fulongma achieved revenue of 2.608 billion yuan, up 7.63 percent year on year, and net profit attributable to the parent company of 101 million yuan, up 7.27 percent year on year. Sanitation equipment business revenue was 808 million yuan, up 61.15 percent year on year, and sales of new energy sanitation equipment reached 938 units, up 81.43 percent year on year, accounting for 38.70 percent of total sales.

Caterpillar Inc. is accelerating autonomous technology adoption in the quarry industry with the first deployment of its autonomous haulage solution on a Cat 775 truck, as Luck Stone moves forward with deploying the technology at two additional Virginia quarries. The expansion follows the pilot run at Luck Stone's Bull Run Quarry, where autonomous trucks have hauled more than 3.5 million tons since going live in November 2024. Caterpillar will now integrate autonomous hauling technology across two fleets of Cat 775 trucks at Luck Stone's Boscobel and Bealeton operations, and will provide complementary technologies supporting loaders and other site equipment. Caterpillar's autonomous trucks collectively have hauled more than 13 billion tons and traveled more than 455 million kilometers without reported injuries. The development underscores Caterpillar's efforts to move beyond traditional equipment sales by integrating automation, digital technologies and services into customer operations.

Karin Rådström is steering Daimler Truck, the world's largest commercial-vehicle manufacturer, through a cultural and strategic overhaul as Chinese competition looms over the European truck market. Since becoming CEO in 2024, Daimler Truck's share price has risen almost 40%, from €33.15 to €46.24, and zero-emissions vehicle sales climbed 67% in 2025, though group net profits fell 48% year-on-year in the second quarter despite a 5% revenue uplift, hit primarily by tariffs. Chinese companies currently hold just 1.36% of the European commercial-vehicle market, according to Dataforce, but SuperPanther and Sinotruk have begun production in Austria and Windrose has set up a European headquarters in Antwerp, while Windrose's Global E700 offers a 700 km fully loaded range against 500 km for Daimler Truck's flagship model. Defense is a key growth pillar: Daimler Truck aims to double defense-related revenues to €1 billion, or $1.17 billion, by 2028, a figure that would still represent only 2% of overall annual revenue, and it plans to invest mid-three-digit-million euros in its new Daimler Truck Defence brand while targeting Level 4 autonomous trucks for the U.S. market by 2027. Rådström, only the second woman to lead a DAX 40 company, has pushed a "simpler, faster, and stronger" operating mantra to cut bureaucracy, a shift Citi analyst Klas Bergelind says has decentralized the organization even as cultural change takes time.

Luck Stone and Caterpillar are expanding their autonomous hauling program to two additional Virginia quarries after an 18-month pilot at the Bull Run Quarry hauled more than 3.5 million tons. The expansion will integrate Caterpillar's autonomous hauling technology across two fleets of Cat 775 trucks at Boscobel and Bealeton, supported by local Cat dealer Carter Machinery. This marks the first-ever deployment of Caterpillar's autonomous haulage solution on the Cat 775, a key haul truck model in the quarry industry. The Bull Run autonomous trucks have hauled more than 3.5 million tons since going live in November 2024. Collectively, Caterpillar autonomous trucks have hauled more than 13 billion tonnes and safely traveled more than 455 million kilometers with no reported injuries while operating.

Caterpillar has drawn heavy investor search interest on Zacks.com, with the construction equipment maker now carrying a Zacks Rank #2 (Buy) on upward earnings estimate revisions. Caterpillar is expected to post earnings of $6.95 per share for the current quarter, a year-over-year change of +40.4%, and the Zacks Consensus Estimate has moved +0.3% over the last 30 days. The consensus earnings estimate of $27.37 for the current fiscal year indicates a year-over-year change of +43.6% and has changed +1.5% over the last 30 days, while the next fiscal year's consensus estimate of $32.99 indicates a change of +20.5% and has changed +1.1% over the past month. On the revenue side, the consensus sales estimate for the current quarter of $20.19 billion indicates a year-over-year change of +14.5%, with current and next fiscal year estimates of $79.37 billion and $87.98 billion indicating +17.4% and +10.9% changes, respectively. In the last reported quarter, Caterpillar posted revenues of $20.54 billion, up 24% year over year, and EPS of $8.17 versus $4.72 a year ago, beating the Zacks Consensus Estimate of $19.31 billion by +6.37% on revenue and surprising by +30.72% on EPS, with the company topping consensus EPS and revenue estimates in each of the trailing four quarters. Caterpillar is graded D on the Zacks Value Style Score, indicating it trades at a premium to its peers.

After market close on September 15, Hangcha Group announced plans to issue convertible corporate bonds to unspecified investors, raising no more than 2.259 billion yuan with a term of six years. After deducting issuance expenses, the proceeds will be directed to a forklift robot smart factory project, a new energy forklift expansion project, a forklift robot and logistics robot research and development project, and replenishing working capital, with planned allocations of 759 million yuan, 705 million yuan, 225 million yuan, and 570 million yuan respectively. The total investment in the forklift robot smart factory project is 872 million yuan. The matter has been approved by the company's board of directors and still requires submission to the shareholders' meeting for review. This marks another major commitment by Hangcha Group to intelligent development following its 2025 acquisition of Zhejiang Guozi Robotics Technology Company. In the first half of 2026, the company's revenue from intelligent logistics integration and robotics-related business reached 796 million yuan, up 30.81 percent year on year, while cumulative new orders for Hangcha Guozi Intelligent reached 892 million yuan, up 29.26 percent year on year.

Deere reported revenues of $12.61 billion, up 4.9% year on year, exceeding analysts' expectations by 1.4% on a strong quarter that included a beat of analysts' EPS estimates. Among the 6 agricultural machinery stocks tracked, group revenues came in line with analysts' consensus estimates while next quarter's revenue guidance was 6.3% below, and share prices have held steady, up 1.3% on average since the latest earnings results. Alamo reported revenues of $450.7 million, up 7.6% year on year, outperforming analysts' expectations by 3% and delivering the biggest analyst estimate beat of the whole group. AGCO reported revenues of $2.61 billion, flat year on year, falling short of analysts' expectations by 4.9% and posting the weakest full-year guidance update among its peers. The Toro Company reported revenues of $1.23 billion, up 8.4% year on year, beating analysts' expectations by 3% and scoring the fastest revenue growth in the group, while Titan International reported revenues of $484.8 million, up 5.2% year on year, surpassing analysts' expectations by 1% and delivering the highest full-year guidance raise among its peers.

Yutong Bus announced that its wholly owned subsidiary Hong Kong Shengyu plans to invest $100 million, approximately 677 million yuan, as a limited partner to subscribe to units of Lochpine Green Fund I, LP. The fund primarily invests in upstream and downstream sectors related to carbon neutrality and cutting-edge technologies, covering areas such as new lithium battery materials, green transportation, and electrification upgrades. This investment does not constitute a related-party transaction or a major asset restructuring, and does not require submission to the board of directors or shareholders' meeting for approval.

Yutong Bus announced on September 14 that its wholly owned subsidiary Hong Kong Shengyu plans to subscribe to fund interests in Lochpine Green Fund I, LP with a capital contribution of $100 million. The fund has a target size of $1.5 billion and a term of 10 years, primarily investing in upstream and downstream carbon-neutral sectors and frontier technologies, including new lithium battery materials, green transportation, and electrification upgrades. In the first half of 2026, Yutong Bus achieved revenue of 16.719 billion yuan and net profit attributable to the parent of 1.867 billion yuan.

Cummins' Power Systems segment posted a record $2.3 billion in second-quarter 2026 revenue, up 19% year over year, as AI-driven data center backup power demand became a genuine tailwind for the engine maker. The company also extended its dividend growth streak to 17 straight years, with the quarterly payout climbing from $0.175 through the 2008 and 2009 financial crisis to $2.20 by August 2026, and total dividends paid growing from $66 million in 2006 to $1.055 billion in 2025. Over the past decade a $1,000 investment in Cummins grew to roughly $6,120, a total return of 511.96%, excluding dividends. Risks include a $69 million quarterly EBITDA loss in the Accelera segment, $458 million in hydrogen-related charges, and a trailing price-to-earnings ratio of 28 against a forward ratio of 16. Management is guiding 15% to 25% global power generation revenue growth in 2026, with diesel genset orders selling into the second half of 2028.

Sany Heavy Industry completed its first share buyback of 623,900 shares through centralized bidding on September 11, with a total transaction amount of 12.31 million yuan. This marks the first implementation of the company's previously announced buyback plan of 400 million to 800 million yuan. Tianan New Material and Yongmaotai also disclosed buyback progress over the weekend. The two companies announced their buyback plans in late July and early August respectively. Tianan New Material has cumulatively repurchased 19.35 million yuan, while Yongmaotai has cumulatively repurchased 47.57 million yuan. As of September 11, Yongmaotai had repurchased a total of 3.3018 million shares, accounting for 1.001% of the company's total share capital, an increase of 0.58% from the previous disclosure. Jonjee Hi-Tech plans to buy back shares worth 300 million to 600 million yuan, and as of September 11 it had cumulatively repurchased 380 million yuan. According to disclosures, more than 10 companies released buyback or shareholding increase announcements over the weekend.