USA – Though its results in 2023 were better, Paccar Inc of Bellevue, Washington celebrated its 2024 results, saying that 2024 was its second-best year in its history, with total revenues of USD33,663.8m (2023: USD35,127.4m).

The group earned a net income of USD4,162m (2023: USD4,600.8m), providing an income of $7.92 (2023: $8.78) per share. The return on its revenue after tax was 12.4%, which is slightly lower than the 13.1% return it reported in 2023. The group’s three truck brands delivered a combined total of 185,300 trucks (2023: 204,200), while Paccar’s parts division achieved record sales of USD6.67bn.

In 2024, Paccar made capital investments totalling USD796m. Its research and development expenses amounted to USD453m.

Paccar Inc’s share value was $104.02 on Nasdaq at the end of 2024. 72.99% of its shares were held by institutional investors. According to Yahoo Finance, the following were Paccar’s top institutional shareholders as of 31 December 2024: 

• Vanguard Group Inc: 11.79% 

• BlackRock Inc: 6.98% 

• State Street Corporation: 4.31% 

• Wellington Management Group, LLP: 3.20% 

• Bank of America Corporation: 2.38% 

• Geode Capital Management, LLC: 2.33% 

• Massachusetts Financial Services Co: 2.05% 

• FMR, LLC: 1.67% 

• Morgan Stanley: 1.44% 

• Northern Trust Corporation: 1.37% 

Sales figures

According to Paccar, a total of 268,100 Class 8 trucks were sold in the U.S. and Canadian markets in 2024 (2023: 297,000). In Mexico, the market size was 40,000 units. In the U.S. and Canada, Paccar brands Kenworth and Peterbilt achieved a joint share of 30.7% of the Class 8 market (approx. 82,307 units), split evenly between the two (Kenworth: 15.4%; Peterbilt: 15.3%). This represents a slight growth in market share compared to the year before (29.5%). In Mexico, Kenworth and DAF achieved a joint share of 35.2% of the Class 8 market (14,080 units), of which over 500 were DAF trucks. The group produced 20,500 vehicles in Mexico, of which over 6,400 were exported to the U.S. and Canada.

Paccar states that a total of 110,400 medium-duty trucks were sold in the U.S. and Canadian markets in 2024 (2023: 105,300). Kenworth and Peterbilt’s joint share of the Class 6-7 market was 18.0% (19,872 units), compared to 14.5% the year before. The medium-duty market share was split down the middle between the two brands (9.0% each).

In Europe, DAF achieved a 14.4% share of the 16+ tonne market, which totalled 316,000 units according to Paccar – meaning DAF sold 45,504 units (2023: 15.6%). The 6-16 tonne market was 51,000 units, of which DAF took a 9.5% share (4,845 units; market share in 2023: 9.1%). The brand was the market leader in its home market of the Netherlands as well as in Britain.

In Brazil, DAF produced 10,600 trucks and achieved a 9.9% share of the market. The Kenworth and DAF brands produced 4,500 trucks in Australia and achieved a joint share of 25.5% of the market.

In 2024, Kenworth and Peterbilt delivered 106,400 trucks to America and Canada, compared to 109,100 units the year before. Kenworth alone delivered 54,900 heavy-duty trucks, while Peterbilt delivered over 6,100 of its ‘Model 589’ trucks, i.e., its newest range. In Europe, DAF delivered 45,400 trucks, a significant drop from the year before (63,200). In Mexico, South America, Australia, and elsewhere, the three brands delivered a total of 33,500, a modest improvement on the year before (31,900). DAF sold more than 4,800 trucks outside of the European and Brazilian markets, reportedly doubling its sales in Jordan and the United Arab Emirates and increasing its market share in New Zealand. The Leyland Trucks division based in England delivered 14,000 DAF vehicles across the world. As for Paccar itself, it sold over 3,000 ‘MX’ and ‘PX’ engines to bus, coach, and specialty vehicle manufacturers in 2024.