Zero-Emission Commercial Vehicles in 2026: Why Daimler Truck, Pure One, and Plug Power Are Benefiting from the Logistics Revolution

Daimler Truck: A Turnaround in the Second Quarter

Daimler Truck turned things around in the second quarter. After a mixed start to the year with noticeable losses, sales rose by 8% to 86,707 units from April through June. The North American business, which was still suffering from the effects of US tariffs at the beginning of the year, stabilized, with an 8% increase. The European-Latin American brand Mercedes-Benz Trucks even grew by 10%. The bus segment remains the weakest link, posting a 13% decline. For the first half of the year, the Group is now almost back to the previous year's level. Detailed financial figures are expected on August 7.

The strategic realignment is taking shape. With the new umbrella brand "Daimler Truck Defense," the Group is expanding its military business. The goal is to reach revenue of EUR 1 billion by 2028, supported by partnerships with Roshel and ARQUUS as well as an increase in staff at the Wörth site. At the same time, the hydrogen initiative is being driven forward. In collaboration with KEYOU, trucks with hydrogen combustion engines are set to roll off the assembly line starting in 2027. The technology is intended to complement battery-electric trucks, not replace them. Realistically speaking, while unit sales in the electric segment rose by 21% to 1,405 units, they remain a niche phenomenon. The market continues to demand combustion engines.

Analysts are divided on what lies ahead. Barclays recently upgraded the stock to "Overweight" with a price target of EUR 55 and sees recovery potential through 2028. Goldman Sachs remains skeptical, setting a target of just EUR 46 and pointing to the high hurdles following the strong quarter a year ago. The consensus ranges from EUR 45 to 52. Anyone investing here is betting on a turnaround in Europe and steady US demand. The valuation appears fair, but nothing more. The stock is currently trading at around EUR 41.97.

Pure One: Cleantech candidate with hidden value potential

The transformation of the commercial transportation sector is gaining momentum, and Pure One Corporation is positioning itself as an agile provider of electrification solutions for heavy-duty commercial vehicles. The company has strategically diversified its portfolio, spanning battery-electric solutions, hydrogen fuel cells and hybrid powertrains. Of particular note is the battery-swap technology, which addresses the issue of long charging times for fleet operators. The Alpha Series demonstration vehicles are expected in the September quarter and are set to pass real-world testing under actual operating conditions. The capital-intensive outsourcing model allows management to focus on sales and customer service, while manufacturing partners handle scaling. This approach promises high operational leverage as production volumes increase.

Recent activities indicate that Pure One is transitioning from development to commercialization. The completion of two hydrogen-powered concrete mixers for Heidelberg Materials and the delivery of an EV70 electric bus to South West Community Transport demonstrate that the technology is passing real-world tests. The successful initial public offering of Eastern Gas Corporation in February not only provided strategic clarity but also created additional value for shareholders through the spin-off. The most recent installment payment of AUD 3.5 million from the sale of the Turquoise Group stake significantly strengthens the balance sheet and increases financial flexibility. With a market capitalization of approximately AUD 14 million, the operating business appears significantly undervalued, particularly given its growing sales network across the US, ASEAN, and Latin America.

The independent analysis by TRIM Capital Research sets a price target of AUD 0.557, based on a DCF valuation. The key drivers of a revaluation are planned BEV truck deliveries, initial North American sales, and growing recognition of the strategic investments as a hidden source of value. With its balance sheet strengthened by the Turquoise proceeds and proven momentum in customer orders, Pure One has the key ingredients for a substantial increase in valuation. The ongoing demand for zero-emission commercial vehicle solutions and the scalable business model underpin the potential for a significant revaluation. The share is currently trading at about AUD 0.035.

Plug Power: Fundamentals Strengthened, Outlook Brightened

Recent projects in Denmark and Australia demonstrate that Plug Power is now installing its electrolyzers on a mass-production scale and on schedule. The gross margin improved by 42 percentage points within a year to minus 13%. The trend is clearly upward. Revenue from electrolyzers quadrupled to USD 40.8 million, while the established material-handling business, with over 74,000 fuel cells in North American logistics centers, delivers stable service revenue. Maintenance costs per forklift unit fell by more than 30%, further easing pressure on margins. This mix of growing future-oriented business and a solid foundation is making the company increasingly resilient to crises.

The core business with hydrogen-powered forklifts at Amazon and Walmart is proceeding as planned. The upcoming fleet replacements of around 20,000 units ensure capacity utilization. In addition, Plug Power is driving the development of a public hydrogen infrastructure for heavy-duty trucks to supply logistics fleets along major transportation routes. Since there have been occasional hiccups with individual partnerships, the company plans to focus more on direct collaboration with freight forwarders and fleet operators. Demand for zero-emission powertrains is rising, and the number of refueling station projects is also increasing. Hydrogen thus remains a key topic in the transportation sector.

Management has significantly streamlined the cost structure and is targeting positive EBITDAS for the fourth quarter of 2026—a milestone that many observers consider achievable. The operating cash burn rate is declining steadily, supported by lower capital expenditures and gradual margin improvements. Analysts generally see upside potential for the stock, while the company itself is sticking to its 2028 targets. By then, it aims to be profitable. With a growing installed base and standardized processes, Plug Power is better positioned than ever to benefit from the green transition. The share is currently trading at around USD 2.46.

The logistics revolution has reached a critical phase—the diversification of propulsion technologies will pay off. Daimler Truck is stabilizing operationally, but its stock remains a test of patience. Pure One, as a cleantech candidate, offers the greatest percentage upside potential, provided commercialization is successful. Plug Power, on the other hand, is delivering a slow turnaround with tangible margin improvements. Investors should take the technology mix seriously. The future belongs to companies that master both battery and hydrogen solutions.