The company also secured a KRW 27 billion contract to supply 50 15-ton DEVELON bulldozers to the Polish military. This is the company’s first major military procurement order in Europe.

In addition, HD Construction Equipment signed an MOU with the Mykolaiv regional government in Ukraine to cooperate on reconstruction projects. The scope of cooperation includes not only construction equipment supply, but also training, financing, and energy infrastructure recovery.

Source: HD Construction Equipment / HD Hyundai / HD Construction Equipment

PSR Analysis: These announcements should not be read simply as a series of export wins. The more important point is that HD Construction Equipment is expanding into overseas markets where construction machinery is closely linked to infrastructure, defense, mining, and reconstruction.

The ADT order in Norway is a clear example. Articulated dump trucks are not general-purpose machines. They are used in demanding off-highway applications such as quarries, tunnels, soft ground, and rough terrain. Being selected by a major Northern European rental company suggests that Korean construction equipment is being evaluated not only on price, but also on uptime, durability, service support, residual value, and suitability for professional heavy-duty work. This indicates that Korean machines are moving into markets with higher operating requirements, rather than remaining only a lower-cost alternative.

The bulldozer contract with the Polish military should be viewed in the same context. Since the war in Ukraine, Europe has been strengthening both defense capability and infrastructure resilience. Bulldozers and excavators are not combat equipment, but they are essential for military infrastructure, mobility support, and emergency recovery. Construction machinery is therefore becoming more clearly connected to defense and public procurement.

The Ukraine reconstruction MOU has a longer-term significance. In reconstruction markets, selling machines alone is not enough. Suppliers need to support operator training, maintenance, financing, and local implementation. HD Construction Equipment appears to be positioning itself not just as a machinery supplier, but as a partner in the reconstruction process.

This is a natural direction for Korea’s construction equipment industry. The domestic market alone is too limited to support the next stage of growth, so Korean manufacturers need to target overseas markets where their machines can win in specific applications. Northern European rental fleets, Eastern European military and public procurement, and Ukraine reconstruction are all logical targets.

For powertrain and component suppliers, the implications are also important. In high-load applications such as ADTs, bulldozers, and large excavators, electrification will advance in selected areas, but diesel engines, hydraulic systems, transmissions, durability, and service networks will remain central to competitiveness for some time. Korea’s recent export moves show that demand for heavy-duty off-highway machinery is likely to remain solid, supported by infrastructure, defense, and reconstruction needs. PSR

Akihiro Komuro is Research Analyst, Far East and Southeast Asia, for Power Systems Research

Testifying before a Senate subcommittee on transportation technology recently, American Trucking Associations (ATA) President and CEO Chris Spear lobbed criticism at the California Air Resources Board (CARB), blasting its regulatory framework as economically unworkable and completely detached from operational reality.

“California Air Resources Board does not sit down with our industry,” Spear told lawmakers. “They don’t care what our industry has to say. Their attitude is: ‘You’ll figure it out.'”

The trucking industry narrowly avoided being the epicenter of what Spear characterized as an economic collapse when the Trump administration last year spiked the California Truck Emission Standards (CARB’s Omnibus rule) and California Truck NOx Emission Standards (CARB’s Advanced Clean Trucks regulations), respectively. California withdrew its waiver request in January 2025 to implement its Advanced Clean Fleets rule, which would have effectively mandated electric trucks in the state.

Spear cautioned that California’s push to rapidly electrify heavy-duty commercial fleets ignored massive deficits in power generation, grid capacity, and raw material supply chains.

Electric semis accounted for just 0.2% of total heavy-duty truck sales last year, and Spear noted that zero-emission tractors cost three-and-a-half times more than modern, clean diesel equipment. 

Fleet managers, too, face operational hurdles with current battery-electric setups, which can require six to eight hours of charging to achieve maximum rage (generally just more than 200 miles), compared to a 15-minute diesel fill up that can cover 1,200 miles.

Spear stated that if the now-repealed truck rules had remained intact, laws would have forced a mandatory 10% adoption rate by 2030, requiring roughly 3.5 million electric trucks to hit the road over a five year period. 

Spear further noted the irony that California relies on an electrical grid already plagued by seasonal rolling blackouts; that the critical minerals needed for vehicle batteries are currently sourced almost exclusively from international adversaries and volatile regions like China and the Democratic Republic of the Congo; and that domestic environmentalists routinely block mining initiatives stateside that take upwards of a decade to permit.

ATA’s top executive argued that state regulators often ignore the environmental leaps achieved by modern internal combustion technology. 

“Sixty trucks today on the road—brand new diesels—emit what one truck emitted in 1988,” Spear said. “That’s how far we’ve come… If they just focused on getting the 2010 or older trucks off the roads in California, they would’ve exponentially reduced emissions. They could’ve done that right now without turning on electricity, which they don’t have.”

Source: Clean Trucking

PSR Analysis. The ATA Chairman Spear discussed what many in the industry have known years.  The initiative to ultimately transition from the internal combustion engine to zero-emission medium and heavy trucks would not be possible until a number of the barriers have been overcome.  Barriers such as charging and grid infrastructure, total cost of ownership and misaligned duty cycles prohibit mass adoption of battery electric trucks.  Basically, an implementation timeline without a plan to achieve the milestones is impossible.   PSR

Chris Fisher is Senior Commercial Vehicle Analyst at Power Systems Research

Source: European Commission Draft-IAA Analysis & Review (May 2026)

PSR Analysis. The finalized text of the IAA represents the most aggressive, defensive pivot in modern EU trade policy, directly establishing a subsidized “lead market” for domestic. Non-EU OEMs—particularly Chinese and US manufacturers—will find themselves legally locked out of lucrative municipal tenders and state-backed construction projects unless they establish massive, vertically integrated European facilities that fulfill local-content quotas.

However, the strict origin requirements for core materials like aluminum and concrete mean European machinery manufacturers will face a “green premium” spike in raw material costs. Companies must quickly restructure their supply lines to guarantee that components are tracked and verified as “Union-origin,” accelerating the adoption of digital supply-chain tracking across the Continent.   PSR

Emiliano Marzoli is Manager of European Operations at Power Systems Research

Saying it has solved core manufacturing challenges, CATL said it will start mass production of sodium-Ion batteries this year. This marks sodium-ion technology’s shift from a backup option to mainstream use. The company says sodium-ion batteries show strong potential for extreme weather and energy storage.

Volatile lithium carbonate prices have pushed the industry to hunt for alternatives and secure supply chains. Sodium offers clear cost advantages and better cold-weather performance. As CATL, BYD and other leading players now enter with full supply chains, technical hurdles are being cleared, and commercialization is picking up speed. A new “sodium-lithium parallel” energy landscape is taking shape.

This shift from backup option to mainstream strategy reflects CATL’s heavy investment and bullish market outlook. By 2025, the company had poured nearly $1.47 billion US dollars (10 billion yuan) into sodium-ion R&D. Chairman Zeng Yuqun expects the technology to capture 30–40% of the existing battery market. In CATL’s vision, sodium-ion batteries are no longer just a supplement to lithium, but a key force in reshaping the market.

Source: NBD    Read The Article

PSR Analysis: CATL’s mass production of sodium-ion batteries is reshaping the global new energy industry across three dimensions: market structure, application scenarios, and supply chain systems.‌

In terms of market competition, its mass production cost of ‌0.45 yuan/Wh‌ is ‌30%-40% lower‌ than that of lithium iron phosphate (LFP) batteries, driving A0-class electric vehicle prices down to the $7,300 USD – $11,700 USD ‌(50,000–80,000 yuan‌) range and reducing energy storage system costs by ‌15%-25%‌. The global sodium-ion battery market is projected to exceed ‌1,000 GWh by 2030‌, with CATL and BYD forming a duopoly, squeezing the survival space of small and medium-sized lithium battery firms—over ‌50%‌ of which may be eliminated within the next 3–5 years.

On the application front, sodium-ion batteries’ exceptional performance in extreme cold and long cycle life is unlocking new market opportunities. With over ‌90% capacity retention at -40°C‌, their penetration in cold regions like northern China could rise from less than ‌5%‌ today to over ‌30%‌ by 2028. In energy storage, their ‌10,000+ cycle life‌ and high safety make them ideal for AIDC and 5G base stations, where they will rapidly replace lead-acid batteries. The global sodium-based energy storage market is expected to reach ‌580 GWh by 2030‌, growing at a CAGR of over ‌80%‌. Additionally, sodium-ion batteries will drive the technological upgrade of China’s 3-million-unit low-speed EV market, with penetration expected to exceed ‌50%‌ by 2028.

Despite its bright prospects, the sodium-ion battery industry still faces technical, market, and ecosystem challenges. While its current energy density of ‌175 Wh/kg‌ approaches that of LFP batteries, it remains below that of ternary lithium batteries, and issues like fast-charging capability and cycle life degradation need resolution.

Consumer awareness of sodium battery safety is still low, and the lack of a residual value assessment system hinders adoption. Upstream material supply remains unstable, and standards and certification systems are still evolving. Nevertheless, supported by policy, technological advancement, and market demand, a complementary coexistence between sodium and lithium batteries is taking shape—sodium-ion batteries are expected to capture around ‌10%‌ of the global battery market by 2035, becoming an indispensable part of the new energy industry.   PSR

Jack Hao is Senior Research Manager – China for Power Systems Research

On  March 31, EU ministers met to discuss the global shortage of around 11million barrels of oil per day. At the meeting, European Commissioner Dan Jørgensen urged nations to outline measures to reduce the use of oil and gas, particularly in transportation. The effective closure of the Strait of Hormuz has caused panic within Europe. As a result, the EU has been advised to consider biofuels as an alternative to fossil fuels.

Unlike America, Europe is struggling to find sources of oil that are either not in Russia nor the Middle East. As a result the European Union has been advised to look again at Biofuels.

The EU’s Renewable Energy Directive requires member states to achieve a 29% share of renewable energy in transport by 2030, including a sub-target for renewable hydrogen and advanced biofuels of 5.5%.

Source: MSN: Read The Article

PSR Analysis: The real question is can biofuels actually replace fossil fuels? While it is possible to grow high energy crops on some poor-quality land, it is generally viewed that biofuels are a niche option at best.    PSR

Guy Youngs is Forecast & Adoption Lead at Power Systems Research

Parallel to this commercial growth, MAN is finalizing the transition of the Lion’s Coach E into series production. Following its world premiere at Busworld Europe in late 2025 and the successful completion of rigorous winter trials in the Arctic Circle in March 2026, the Lion’s Coach E is the first battery-electric coach from a major European OEM to enter serial production at the Ankara facility, with first customer deliveries slated for later this year.

Source:  Traton Press Release  Read The Article

Industry Implications. The 30% year-on-year order increase (2025 vs. 2024) underscores a “decoupling” of European fleet demand from the broader global freight recession seen in North America and Brazil. For MAN, this growth is a critical endorsement of its “full-liner” strategy, proving that its diversified portfolio—particularly in urban buses and light vans—provides a necessary buffer when the heavy-duty truck market fluctuates.

The launch of the Lion’s Coach E represents a high-stakes strategic play to capture the “last frontier” of transport electrification: long-haul travel. By being the first major European manufacturer to move from prototypes to a dedicated serial production line in 2026, MAN is effectively setting the technical benchmark for the industry. This first-mover advantage is bolstered by the use of shared components from the MAN eTruck program, allowing for rapid scaling and providing a mature solution for tour operators facing imminent “Zero Emission Zone” restrictions across European capitals.   PSR

In March, the government of India released the draft proposal for TREM V emission norms, setting in motion what could become the most significant regulatory transition for the off-highway sector since the adoption of TREM IV.

Covering construction equipment, agricultural machinery, mining vehicles, and gensets, the proposed norms represent a decisive push towards global alignment, tighter emission control, and advanced digital monitoring.

TREM V aims to sharply reduce particulate matter, nitrogen oxides, and ultrafine particle emissions by mandating technologies such as diesel particulate filters (DPF), selective catalytic reduction (SCR) systems, enhanced engine calibration, and robust onboard diagnostics. While this brings India closer to frameworks like EU Stage V, it also sets the stage for a disruptive cost cycle for OEMs and customers alike. Early estimates indicate that machine prices may rise between US$ 1,600-US$ 3,200  (₹1.5–3 lakh) depending on horsepower and engine configuration, creating immediate uncertainty around demand planning and inventory strategies.

Source: Autocarproessional     Read The Article  

PSR Analysis. For OEMs, the proposed norms trigger a complex balancing act. Global players stand to benefit from platform standardization and shared engine architectures already compliant with Stage V in overseas markets. Domestic manufacturers, however, face a steeper climb, requiring R&D reorientation, supplier upgradation, thermal redesign, and new product validation cycles — all in an environment where margins are historically thin. Suppliers of sensors, ECUs, injectors, after-treatment hardware, and telematics could see significant upside, but Tier-2 and Tier-3 vendors risk being left behind if they cannot meet the precision and consistency these technologies demand.

The customer impact could be equally transformational. TREM V machinery will demand cleaner fuel, systematic DPF maintenance, periodic regeneration cycles, and better-trained operators. In price-sensitive segments such as agriculture, resistance to cost escalation may prompt calls for exemptions or extended timelines. Meanwhile, industries like mining and infrastructure, under pressure to adopt cleaner standards, may adopt TREM V faster than expected.

Yet the proposal has gaps that will require careful policy calibration. It remains unclear how TREM V aligns with India’s emerging push toward alternative fuels such as hydrogen, biodiesel, and CNG/LNG for off-highway applications. Fuel quality readiness also presents a challenge, especially outside urban centers, where high-sulfur diesel could jeopardize DPF systems. Economic support for small OEMs and clarity on digital compliance architecture are still missing.

Despite these uncertainties, one fact stands out: TREM V marks a strategic shift rather than a routine emission upgrade. Its successful rollout will determine India’s competitiveness in global machinery supply chains and shape the technology pathways that define the next decade of the country’s off-highway ecosystem.  PSR

Aditya Kondejkar is Research Analyst – South Asia Operations for Power Systems Research

Jack Prince brings more than 25 years of business development and commercialization experience to the global automotive and mobility industries. He uses research and data to help clients identify market opportunities and improve business efficiency while enhancing product performance.

Jack has advised emerging ventures on market discovery, product strategy, and investor engagement. His experience includes supporting global ventures in electromechanical systems, radar and sensor technologies, structural plastics, SaaS platforms, and vehicle access solutions. Jack holds a Bachelor of Science in Business Administration and is currently completing an Executive MBA at Michigan State University.

Jasmin Reichert is our Junior European Market Research Analyst operating out the Brussels office. She will be responsible for developing European market research and production data analysis for original equipment and engine applications for Power Systems Research’s OE Link and EnginLink databases.

Jasmin specializes in public affairs and digital policy, and she has experience in EU tech regulation and strategic research. Prior to joining Power Systems Research, Jasmin worked in European parliamentary research, and on technology policy and on technology in the economy. She graduated from Passau University in Bavaria, with a degree in European Studies. She also holds a Master’s degree in European and East Asian Governance. Jasmin joined Power Systems Research Feb. 1, 2026. PSR

The update was initially reported by The Los Angeles Times.

Tesla reportedly is positioned to receive roughly $165 million in California clean-truck incentives for its Semi.

As per the Times, the Tesla Semi’s funding will come from California’s Hybrid and Zero-Emission Truck and Bus Incentive Project (HVIP), which was designed to accelerate the adoption of cleaner medium- and heavy-duty vehicles. Since its launch in 2009, the HVIP has distributed more than $1.6 billion to support zero-emission trucks and buses across the state.

In recent funding rounds, nearly 1,000 HVIP vouchers were provisionally reserved for the Tesla Semi, giving Tesla a far larger share of available funding than any other automaker. An analysis by the Times found that even after revisions to public data, Tesla still accounts for about $165 million in incentives. The next-largest recipient, Canadian bus manufacturer New Flyer, received roughly $68 million.

This is quite unsurprising, however, considering that the Tesla Semi does not have a lot of competition in the zero-emissions trucking segment.

To qualify for HVIP funding, vehicles must be approved by the California Air Resources Board and listed in the program catalog, as noted in an electrive report. When the Tesla Semi voucher applications were submitted, public certification records only showed eligibility for the 2024 model year, with later model years not yet listed.

State officials have stated that certification details often involve confidential business information and that funding will only be paid once vehicles are fully approved and delivered. Still, the first-come, first-served nature of HVIP means large voucher reservations can effectively crowd out competing electric trucks. Incentive amounts for the Semi reportedly ranged from about $84,000 to as much as $351,000 per vehicle after data adjustments.

Unveiled in 2017, the Tesla Semi has seen limited deliveries so far, though CEO Elon Musk has recently reiterated that the Class 8 all-electric truck will enter mass production this year.

Article Source: TESLARATI

The updated article was initially reported by The Los Angeles Times.

PSR Analysis. Will the truck subsidies from CARB along with the other state and federal subsidies be enough to support a scale up of the Tesla semi-truck production during the next few years? 

Ultimately, Tesla along with the other OEMs will need to reduce the up-front cost significantly and overcome various other barriers before mass adoption can occur.  Aside from the high up-front truck cost, charging infrastructure, duty cycles and reduced battery weight to increase payload will need to be overcome to achieve mass production.  At some point, the subsidies will likely end.  Class 8 battery electric truck demand will need to increase significantly in order to reduce the truck cost otherwise demand will likely end when the subsidies end.  PSR

Chris Fisher is Senior Commercial Vehicle Analyst at Power Systems Research

See Complete Show Report Here

Boot Düsseldorf 2026 welcomed more than 200,000 visitors over nine days (Jan. 17-25) and hosted about 1,500 exhibitors from 120 countries. The show was about the same size as that of the 2025 event, but last year’s show drew exhibitors from only about 67 countries.

Boot once again confirmed its position as the world’s leading indoor boat show. The event covered the entire spectrum of the marine industry, including motorboats, yachts and superyachts, catamarans, sailing boats, outboard and electric boats, engines, power generation systems, equipment and components, as well as touristic services, charter companies, and boating clubs.

Market Trends
Clear market trends emerged during the show. There is a strong shift toward outboard-powered boats, driven by increased usable space, lower maintenance requirements, ease of operation, and more competitive pricing. These boats are mainly used for day trips or short one- to two-day cruises, while long-distance boating currently appears less attractive to many buyers.

The luxury yacht sector continues to perform well. Interest in medium-sized boats with inboard engines remains stable, but sales are more challenging, reflecting ongoing economic and political uncertainty. Many manufacturers described 2025 as a difficult year marked by caution and observation.

Boating demand overall remains strong, particularly in the charter sector. Charter companies are performing very well, and catamaran manufacturers focused on charter fleets reported growth in their order books. Traditional sailing yachts, however, are under increasing pressure to evolve and adapt to the expectations of a new generation of boaters. As a result, many brands are revising their designs and introducing electric propulsion, appealing to environmentally conscious and slow-cruising sailors.  PSR

Natasa Mulahalilovic is Marine Pleasure Boat Analyst-Europe for Power Systems Research