Truckmaker PACCAR's first-quarter results slump on sluggish demand
The company, grappling with an excess supply of equipment amid slower demand within the machinery market, is now facing fresh challenges from the ongoing trade war, which has thrown the automotive industry and its supply chains into disarray. PACCAR, which makes trucks under the Kenworth, Peterbilt and DAF brands, lowered the industry retail sales forecast for its Class 8 trucks in the U.S. and Canada to between 235,000 and 265,000 in 2025, from its prior expectation of 250,000 to 280,000. "The North American truck market is being affected by uncertain economic conditions and the impact of new tariffs," said Kevin Baney, executive vice president at the company.