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Cummins (CMI), Daimler Truck Tie Up for Hydrogen Fuel Cell Trucks
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Cummins Inc. (CMI - Free Report) recently announced that it is partnering with Daimler Truck North America, the largest heavy-duty truck producer in North America, to add to and validate Freightliner Cascadia trucks with an indigenous hydrogen fuel cell powertrain of Cummins for use in the region. Freightliner will use Cummins’ fourth-generation fuel cell powertrain, which offers premium features like improved power density, efficiency and durability.
The collaboration will support the joint goals of the companies aiming to reduce emissions across product offerings and operations. Subject to successful validation, the companies plan to launch initial units in 2024 for selected customers.
Hydrogen fuel cells are gaining steam to meet the demanding requirements of heavy-duty trucking. The partnership thus marks an important milestone for both companies in their efforts to shift to a carbon-free economy. Both companies have a futuristic vision to make carbon-neutral commercial transportation economically feasible for customers.
In April, Cummins, through its affiliate Hydrogenics Europe N.V., inked a deal to supply a 2.5-megawatt electrolyzer to Hysetco, a hydrogen mobility company owned by Total Energies, Air Liquide, Toyota, Kouros and others. The Hysetco project aims to create the largest hydrogen taxi fleet worldwide, fueled by 12 large hydrogen refueling stations, by 2024. Cummins broke ground with the deal as it looks to power the world’s largest hydrogen taxi fleet.
BRP Group has an expected earnings growth rate of 9.2% for fiscal 2023. The Zacks Consensus Estimate for current-year earnings has been revised around 7.3% upward in the past 60 days.
BRP Group’s earnings beat the Zacks Consensus Estimate in all of the trailing four quarters. DOOO pulled off a trailing four-quarter earnings surprise of 68%, on average. The stock has declined 11.2% over the past year.
Dorman Products has an expected earnings growth rate of 18.8% for the current year. The Zacks Consensus Estimate for current-year earnings has been marginally revised 0.7% upwards in the past 60 days.
Dorman Products’ earnings beat the Zacks Consensus Estimate in three of the trailing four quarters and missed in one. DORM pulled off a trailing four-quarter earnings surprise of 3.1%, on average. The stock has lost 2.7% over the past year.
Standard Motor has an expected earnings growth rate of 1.4% for the current year. The Zacks Consensus Estimate for current-year earnings has been revised around 2% upward in the past 60 days.
Standard Motor’s earnings beat the Zacks Consensus Estimate in all of the trailing four quarters. SMP pulled off a trailing four-quarter earnings surprise of 40.34%, on average. The stock has lost 15.3% over the past year.
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Cummins (CMI), Daimler Truck Tie Up for Hydrogen Fuel Cell Trucks
Cummins Inc. (CMI - Free Report) recently announced that it is partnering with Daimler Truck North America, the largest heavy-duty truck producer in North America, to add to and validate Freightliner Cascadia trucks with an indigenous hydrogen fuel cell powertrain of Cummins for use in the region. Freightliner will use Cummins’ fourth-generation fuel cell powertrain, which offers premium features like improved power density, efficiency and durability.
The collaboration will support the joint goals of the companies aiming to reduce emissions across product offerings and operations. Subject to successful validation, the companies plan to launch initial units in 2024 for selected customers.
Hydrogen fuel cells are gaining steam to meet the demanding requirements of heavy-duty trucking. The partnership thus marks an important milestone for both companies in their efforts to shift to a carbon-free economy. Both companies have a futuristic vision to make carbon-neutral commercial transportation economically feasible for customers.
In April, Cummins, through its affiliate Hydrogenics Europe N.V., inked a deal to supply a 2.5-megawatt electrolyzer to Hysetco, a hydrogen mobility company owned by Total Energies, Air Liquide, Toyota, Kouros and others. The Hysetco project aims to create the largest hydrogen taxi fleet worldwide, fueled by 12 large hydrogen refueling stations, by 2024. Cummins broke ground with the deal as it looks to power the world’s largest hydrogen taxi fleet.
Zacks Rank & Key Picks
CMI currently carries a Zacks Rank #3 (Hold).
Better-ranked players in the auto space include BRP Group, Inc. (DOOO - Free Report) , sporting a Zacks Rank #1 (Strong Buy) and Dorman Products (DORM - Free Report) and Standard Motor Products (SMP - Free Report) , each carrying a Zacks Rank #2 (Buy), currently. You can see the complete list of today’s Zacks #1 Rank stocks here.
BRP Group has an expected earnings growth rate of 9.2% for fiscal 2023. The Zacks Consensus Estimate for current-year earnings has been revised around 7.3% upward in the past 60 days.
BRP Group’s earnings beat the Zacks Consensus Estimate in all of the trailing four quarters. DOOO pulled off a trailing four-quarter earnings surprise of 68%, on average. The stock has declined 11.2% over the past year.
Dorman Products has an expected earnings growth rate of 18.8% for the current year. The Zacks Consensus Estimate for current-year earnings has been marginally revised 0.7% upwards in the past 60 days.
Dorman Products’ earnings beat the Zacks Consensus Estimate in three of the trailing four quarters and missed in one. DORM pulled off a trailing four-quarter earnings surprise of 3.1%, on average. The stock has lost 2.7% over the past year.
Standard Motor has an expected earnings growth rate of 1.4% for the current year. The Zacks Consensus Estimate for current-year earnings has been revised around 2% upward in the past 60 days.
Standard Motor’s earnings beat the Zacks Consensus Estimate in all of the trailing four quarters. SMP pulled off a trailing four-quarter earnings surprise of 40.34%, on average. The stock has lost 15.3% over the past year.