Paccar has run up its 86th straight year of profitability adding to the US based global truck makers impressive run of positive financial results, which has seen it in the black every year since 1939.
The extraordinary record comes as the company celebrates the 120th anniversary of its founding in 1905, when William Piggot started the operation.
As well as earning its 86th consecutive year of net income, Paccar delivered 185,300 trucks globally achieving strong revenues of $US33.66 billion in 2024, down 4.2 per cent compared with its $US 35.13 billion in 2023. Overall the company’s profits fell 9.6 per cent year on year, to $US4.16 billion, from $US4.6 billion in 2023. However it was still enough for the profit result to be the second best results for the operation in its 120 year history.
Paccar points to a slump in North American truck sales for the drag on its profits, but despite this Paccar executives are positive about the prospects for 
2025 prospects.
Preston Feight, chief executive officer of Paccar said the company reported strong annual revenues and net income in 2024 and that the results reflect the enhanced profitability of the latest generation of DAF, Peterbilt and Kenworth trucks, as well as record PACCAR Parts revenue and profit, and good financial services performance.
“I am very proud of our employees and dealers who delivered outstanding trucks and transportation solutions to our customers,” said Feight.
The company reported that its Kenworth and Peterbilt achieved a strong U.S. and Canada heavy duty retail sales market share of 30.7 per cent last year, selling 106,400 trucks overall for the year in North America market, down 2.5 per cent compared with the 109,100 trucks it sold there in 2023.
As well as a strong performance in its home markets, Paccar’s European subsidiary DAF also performed well, capturing 14 .6 per cent of the European over 16 tonne heavy duty market, selling 44,200 trucks across the continent and was artist leader in the UK where it sold 5924 trucks last year.
DAF’s performance in South America also proved strong with DAF Brasil producing a record 10,700 trucks in 2024 and achieved a record 9.9 per cent market share in the 16 tonne plus segment. while DAF sold more than 4,800 trucks outside the European Union and Brasil.
“Kenworth and DAF premium heavy-duty trucks deliver the durability and reliability required for the challenging operating environments of South America,” said Mike Dozier, Paccar’s executive vice president.
Paccar increased its capital expenditure by $US98 million to $US796 million in 2024, while research and development spending climbed by $US42 million to $US453 million during the calendar year while it plans to invest up to $US800 million on capital projects and up to $US500 million on research and development in the year ahead.
“Paccar is investing in its truck factories, including expansions at Kenworth in Ohio, with Paccar Mexico, and the DAF electric truck assembly plant at Eindhoven, in the Netherlands, while nvestments in Paccar’s global engine business include additional manufacturing and remanufacturing capacity,” said its chief technology officer John Rich.
“In addition to the capital and R&D investments, the company expects to invest a total project amount of up to-$900 million on its battery joint venture, Amplify Cell Technologies,” Rich added.
CEO Feight said that the Trump administration’s antipathy toward battery-electric vehicles would not change Paccar’s enthusiasm for the joint venture, and the management team would make the same commitments should they be doing so in 2025 with hindsight.
Construction of Paccar’s Amplify’s battery cell manufacturing plant in Mississippi began in June and is scheduled to be finished by 2027, when production will also commence.
