Truck manufacturing giant Paccar says turnover hit $3.94bn during the first quarter, with more than 60% coming from outside its US operations. The company, which owns Daf, Kenworth, Leyland Trucks and Peterbilt, also revealed a financial services income before income tax of $67.3m.
According to Paccar vice-president and Daf president Aad Goudriaan, further growth is forecast in Western and Central Europe at a time when high fuel prices and lower housing starts and auto production have affected US and Canadian Class 8 truck retail sales.
Goudriaan adds: "Daf is the commercial vehicle product-quality and resale-value leader in Europe and recently increased its production rates. Daf's long-term goal is to achieve over 20% market share."
The group will expand its presence in the growing market for environmentally friendly, liquefied natural gas trucks when it begins production of Kenworth Class 8 LNG vehicles in 2009 under an agreement with Westport Innovations Inc.
Paccar chairman Mark Pigott adds: "Robust demand for Paccar products in Europe and international markets continues to generate excellent earnings and provide opportunities for growth, tempered by the continued softness in the US and Canada truck markets."