PACCAR Inc. designs, manufactures and supports light-, medium- and heavy-duty trucks under the Kenworth, Peterbilt and DAF nameplates. Company news commonly covers truck demand, production backlog, financial results, dividends, supplier performance, and the roles of PACCAR Parts and PACCAR Financial Services in aftermarket support and customer and dealer financing.
Updates also describe advanced powertrains, transportation technology, parts distribution centers, TRP all-makes parts and stores, dealer support, and regulatory developments affecting commercial trucks. Recurring announcements connect the truck brands with parts logistics, financial services and customer uptime across the company’s principal transportation business.
PACCAR has entered a five-year supply agreement with Romeo Power for battery systems to enhance its zero emissions vehicle lineup. The agreement allows PACCAR to purchase Romeo Power's battery packs and management software for Peterbilt 579EV and 520EV trucks in North America. As part of this strategic alliance, PACCAR has also become a minority shareholder in Romeo Power. Production of the zero emissions trucks featuring these battery packs is anticipated to commence in the second half of 2021, strengthening PACCAR's commitment to operational efficiency and environmental sustainability.
PACCAR is currently facing a semiconductor shortage impacting truck deliveries, which fell by approximately 3,000 vehicles in Q1 2021. Estimated truck deliveries reached about 42,000 vehicles, up from 40,800 in Q4 2020. The shortage is expected to persist into Q2, although truck industry orders in North America and Europe remain strong. PACCAR’s outlook for 2021 truck industry retail sales is unchanged. The company continues to operate as a global technology leader in high-quality truck manufacturing and related services.
PACCAR (Nasdaq: PCAR) announced its annual Supplier Performance Management (SPM) program results, recognizing top suppliers for their performance in product development and operations. In 2020, MSSL Wiring System, PKC Group North America, Rago and Son, and Superior Trim achieved SPM Master status. Bendix and Cummins were among the SPM Leaders, while Accuride and Bridgestone garnered Achiever status. This program fosters collaboration and continuous improvement, essential for PACCAR's success amid pandemic challenges, as emphasized by company executives.
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PACCAR (Nasdaq: PCAR) reported annual revenues of $18.73 billion and net income of $1.30 billion for 2020, down from $25.60 billion and $2.39 billion in 2019, respectively. In Q4 2020, revenues were $5.57 billion, with a net income of $405.8 million compared to $531.3 million in Q4 2019. The company declared dividends of $1.98 per share and achieved record quarterly PACCAR Parts revenue of $1.07 billion. PACCAR is investing in technologies for autonomous and electric trucks and reported increased market shares in North America and Europe, reflecting strong operational efficiency and quality products.
PACCAR (Nasdaq: PCAR) has partnered with Aurora to develop, test, and commercialize autonomous trucks under the Peterbilt and Kenworth brands. This strategic agreement aims to integrate PACCAR’s autonomous vehicle platform with Aurora's self-driving technology, enhancing safety and operational efficiency for customers. The initiative includes vehicle validation at PACCAR’s Technical Center and deployment in North America over the coming years. PACCAR CEO Preston Feight noted Aurora's industry-leading technology, while Aurora's Chris Urmson praised PACCAR’s engineering and manufacturing capabilities.
PACCAR Financial Corp. is shifting its 1.650% Senior Notes due August 11, 2021 from the New York Stock Exchange to the Nasdaq Bond Exchange. This transition will take effect on December 21, 2020, after market close, with trading on Nasdaq commencing December 22, 2020. The move aims to consolidate PACCAR's debt listings under a single exchange, aligning it with PACCAR Inc.'s equity listings. The relevant details including CUSIP 69371RN44 and trading symbol PCAR21 are officially recognized.
PACCAR (Nasdaq: PCAR) announced a quarterly cash dividend of $0.32 per share, payable on March 2, 2021, to stockholders of record by February 9, 2021. Additionally, an extra cash dividend of $0.70 per share will be paid on January 6, 2021, for stockholders of record by December 18, 2020. PACCAR continues to provide substantial returns to shareholders, with dividends totaling about 50% of net income over the years. The company forecasts strong market recovery in truck demand across North and South America and Europe for 2021.
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PACCAR (Nasdaq: PCAR) announced that its Kenworth T680 fuel cell electric vehicle and Peterbilt Model 579EV have successfully reached the summit of Pikes Peak, marking a milestone for Class 8 zero-emissions vehicles. With a stunning 470 hp and 350-mile range, the Kenworth T680 completed the climb with a 15-minute refill time. The Peterbilt Model 579EV, featuring 670 hp and a range of up to 150 miles, demonstrated outstanding performance during extensive validation, highlighting PACCAR's commitment to fuel cell and electric vehicle technology.