Traton Group: Initiation of Coverage- Can This EUR 2 Billion China Bet Redefine Global Trucking?

TRATON SE’s Q1 2025 results reveal a company navigating a range of challenges amid shifting global market conditions, though not without its own resilient strategies. The results reflect a 10% decline in both delivery figures and sales revenues, largely attributed to challenging truck market environments in Europe and North America, and normalized order books not operating at full capacity. This downtrend was further influenced by foreign currency headwinds and higher R&D expenses, impacting adjusted return on sales, which decreased to 6.1%.