Truck Manufacturers Optimistic for 2025
What do PACCAR Inc. and Volvo Group have in common? Besides making trucks, they both have a bright outlook for the trucking industry.
Details
In separate third-quarter earnings calls, both PACCAR and Volvo have said that the demand in the trucking industry for 2024 was dominated by vocational trucks, but that 2025 will be a boon for highway vehicles, of which make up 80% of Class 8 sales.
“Because of the place [truckload players are] in, there is some price-cost tension, but I think there will be some relief in 2025,” Paccar CEO Preston Feight said regarding the financial health of the company. “We’ll see an increase in truckload purchases throughout the year.”
Volvo Group, which also owns Mack Trucks, shared a similar sentiment.
“We are guiding for … 290,000 this year and 300,000 next year,” Volvo Group CEO Martin Lundstedt said in his company’s call. “That is primarily driven, as we see it now, by a back-loaded ’25; not heavily back-loaded, 290 to 300, but still a little bit back-loaded.”
He continued. “This is super important for Mack, given the fact that we have more customers, we have more volumes out there than we — for quite some time now — have been able to execute for Mack. Mack has such a strong position. And is deserving more when it comes to the market sales.”
Conclusion
All of this is to say that leading industry stakeholders, the folks who make the trucks and spend a decent amount of money in producing each one, believe that the future is bright for the industry and will ramp up production. If that is not a solid indicator of future success for the trucking industry, we do not know what is!
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