In the first nine months of 2025, the commercial-vehicle holding Traton sold fewer vehicles but received more orders. Above all, demand from Europe stabilized the business, while North America and Brazil continued to weaken. This is shown by the company figures published in Munich on October 29, 2025.
Declining sales, stable order intake
According to Traton's data, sales through September-end fell by nine percent to 224,500 vehicles. Orders, by contrast, rose by seven percent to 202,100 vehicles. Thus, the number of orders again exceeded sales; the ratio of orders to deliveries—the so-called book-to-bill ratio—stood at 0.9. Especially in the EU27+3 region, many customers ordered replacement vehicles.
By contrast, customers in North America held back due to the uncertain U.S. tariff policy. Demand in Brazil also fell due to the weak economic situation. According to the data, orders intake for buses
declined significantly, while the transporter Man TGE, following a model change, rose by almost a quarter.
Revenue decline due to lower utilization
Despite the stable order intake, the group revenue fell by eight percent year-on-year to €32.3 billion. The operating result decreased to €2 billion.
Traton attributed the decline to lower utilization in the production of heavy trucks, as well as currency effects and higher material costs due to tariffs. In addition, costs for building the new plant in Rugao, China. The business of vehicle services remained stable and accounted for 20 percent of total revenue, a slight increase compared with the prior year.
Divergent development among the brands
The individual brands of the group developed differently. Scania achieved a significantly lower operating result in the first nine months than in the previous year. The decline, according to the company,
is due to lower volumes, exchange-rate losses, and investments in China.
Man Truck & Bus kept revenue almost stable, but the operating result was weaker. The causes were a changed product mix and higher manufacturing costs. At International Motors, savings in product and fixed costs could only partially offset the lower revenue. Volkswagen Truck & Bus achieved a somewhat better operating result despite lower sales than in the previous year.
Factory in China to secure growth
Traton sees the new factory in Rugao, China as a strategic step. CEO Christian Levin explained that the production facility was developed according to the principles of the Traton Modular System, which forms the basis for a flexible product portfolio.
“Now we can serve our customers on the world’s largest commercial-vehicle market with noticeably shorter delivery times,” said Levin.
Speed and innovation are essential
to remain successful even without tailwinds from the markets.
CFO Michael Jackstein emphasized the importance of cost discipline. Despite the weak economic situation, the company remains committed to investments in future topics. These include battery-electric and autonomous vehicles.
Outlook remains cautious
For the full year 2025, Traton expects a stable to slightly negative development. Sales and revenue are expected to be between minus ten and zero percent. Net cash flow, according to the company’s assessment, will be closer to the lower end of the expected range.
The forecast is subject to geopolitical and economic risks according to Traton. Above all, future trade policy of the United States remains a source of uncertainty.
For managers in transport and logistics companies, the report shows that Traton, despite difficult markets, is focusing on efficiency, cost discipline, and internationalization—and thereby setting the course for
