Paccar Inc.

Volvo Group wins bid for bankrupt Proterra battery assets

Swedish truck maker Volvo Group will pay $210 million for the battery-making and charging assets of bankrupt Proterra Inc.

Volvo Battery Solutions was selected as the winning bidder for the business and assets of Proterra Powered, one of two auctions for the electric bus, battery and energy company that filed for bankruptcy protection in August. 

“We entered into the Chapter 11 process with a mission to maximize the potential of each of our product lines. Today, we have taken an important step...

https://www.freightwaves.com/news/volvo-group-wins-bid-for-bankrupt-proterra-battery-assets

Is Nikola counting too much on California for salvation?

Nikola Corp.’s ability to escape near-death experiences is being tested by shouldering the $61.8 million cost of repairing its fire-prone battery electric trucks. But California’s generous incentives for electric trucks may be a path to survival as the startup’s latest peril plays out.

“California is a state on the cutting edge of technology and has big tailwinds for the transition to zero-emissions trucking with both carrots and sticks from government incentives and regulations,” Nikola CEO...

https://www.freightwaves.com/news/is-nikola-counting-too-much-on-california-for-salvation

Class 8 catch-up largely over as replacement iron drives orders

Pent-up demand for new Class 8 trucks in a slowing freight market has rebalanced equipment orders to replacement purchases.

This is not an altogether bad thing as manufacturers look to a slower quarter with more holidays.

“The Class 8 backlog should rise by around 3,400 units when full October data are released in mid-November,” Kenny Vieth, ACT Research president and senior analyst, said. “If those numbers hold, Class 8 backlogs will have ended October at around 165,000 units.”

That’s a healthy...

https://www.freightwaves.com/news/class-8-catch-up-largely-over-as-replacement-iron-drives-orders

Traton raises 2023 earnings target after solid Q3

Traton Group, the parent of Navistar International, raised its full-year earnings guidance Wednesday after reporting solid deliveries for the third quarter.

Munich-based Traton reported 15% higher sales in the first nine months at 249,500 vehicles compared to 217,000 in the first nine months of 2022. Improving supply chains helped increase production. Volvo Group and Paccar Inc. both reported solid Q3 results earlier. They are cautioning of a slowdown next year, especially in over-the-road...

https://www.freightwaves.com/news/traton-raises-2023-earnings-target-after-solid-q3

Paccar posts another blowout quarter

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Paccar Inc. reported record third-quarter net income and beat top- and bottom-line earnings...

https://www.freightwaves.com/news/paccar-posts-another-blowout-quarter

Daimler Truck, Cummins and Paccar partner to make battery cells in US

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Daimler Truck, Paccar Inc. and Cummins Inc. are forming a multibillion-dollar joint venture with a...

https://www.freightwaves.com/news/daimler-truck-cummins-and-paccar-partner-to-make-battery-cells-in-us

July Class 8 orders rise but still trail replacement demand

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Class 8 truck orders in July came in ahead of estimates but are still below replacement demand as...

https://www.freightwaves.com/news/july-class-8-orders-rise-but-still-trail-replacement-demand

Paccar reports record Q2 sales and profits

Another quarter, another record performance for Paccar Inc.

The medium- and heavy-duty truck and engine maker reported a 70% increase in second-quarter profits and a 24% increase in sales. It delivered 51,900 trucks across its Kenworth, Peterbilt and DAF Trucks brands.

Here are key numbers from Paccar’s second-quarter results reported Tuesday:

  • Record net sales and revenues of $8.88 billion.
  • Record net income of $1.22 billion.
  • Parts revenues of $1.6 billion and pretax income of $419.3 million.
  • Fina...

https://www.freightwaves.com/news/paccar-reports-record-q2-sales-and-profits

Paccar price hikes propel Q2 profit surge

Paccar charged 15% more for a new truck than a year ago, a driving force behind a surge in second-quarter profits.

But inflation-driven pricing is only part of the story of a record 70% increase in Q2 profitability.

The Bellevue, Washington-based parent of Kenworth, Peterbilt and DAF Trucks charged customers substantially more for new equipment than the roughly 9% increase it paid to build a truck.

“We expect [gross profit] margins of 18-19% in Q3. That’s a testament of how we see the price/cost...

https://www.freightwaves.com/news/truck-and-parts-price-hikes-propel-paccars-q2-profit-surge

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