PACCAR Inc., a leading truck manufacturer, reported a decline in fourth-quarter 2024 earnings, with net income falling 38.5% year-over-year to $872 million, or $1.66 per diluted share, compared to $1.42 billion, or $2.70 per share, in the same period in 2023. Quarterly revenue also dropped 12.9% to $7.91 billion from $9.08 billion in the prior year. The decline was attributed to weaker truck sales in North America and Europe, with U.S. and Canada Class 8 truck sales falling 9.9% in 2024 and European sales dropping 17.5% in Q4. Kenworth and Peterbilt sold 22,300 trucks in the U.S. and Canada during the quarter, down 20.6% year-over-year. Despite the downturn, PACCAR achieved a 30.7% market share in Class 8 retail sales in the U.S. and Canada, up from 29.5% in 2023. For the full year, PACCAR reported revenue of $33.66 billion, down 4.2% year-over-year, and net income of $4.16 billion, a 9.6% decline. The company highlighted investments in electric truck production and battery manufacturing, including its Amplify Cell Technologies joint venture. PACCAR's 2024 capital expenditure rose to $796 million, with research and development spending between $460 million and $500 million expected in 2025. Looking ahead, PACCAR forecasts 40,000 truck deliveries in Q1 2025, slightly down from 43,900 in Q4 2024, and anticipates flat or slightly improved U.S. Class 8 sales.