帕卡 (PCAR) 2025 Q2 法說會逐字稿

Good morning and welcome to PACCAR's second quarter 2025 earnings conference call. (Operator Instructions) Today's call is being recorded, and if anyone has an objection, they should disconnect at this time.

早安，歡迎參加 PACCAR 2025 年第二季財報電話會議。（接線員指示）今天的通話正在錄音，如果有人有異議，請立即掛斷電話。

I would now like to introduce Mr. Ken Hastings, PACCAR's Director of Investor Relations.

現在我想介紹 PACCAR 投資者關係總監 Ken Hastings 先生。

Good morning. We would like to welcome those listening by phone and those on the webcast. My name is Ken Hastings, PACCAR's Director of Investor Relations. And joining me this morning are Preston Feight, Chief Executive Officer; Kevin Baney, Executive Vice President; and Brice Poplawski, Senior Vice President and Chief Financial Officer.

早安.我們歡迎透過電話和網路廣播收聽的聽眾。我叫肯‧哈斯廷斯 (Ken Hastings)，是 PACCAR 的投資人關係總監。今天早上與我一起的還有執行長 Preston Feight、執行副總裁 Kevin Baney 和高級副總裁兼財務長 Brice Poplawski。

As with prior conference calls, we ask that any members of the media on the line participate in a listen-only mode. Certain information presented today will be forward-looking and involve risks and uncertainties that may affect expected results. For additional information, please see our SEC filings at the Investor Relations page at paccar.com.

與先前的電話會議一樣，我們要求所有線上的媒體成員都以只聽模式參與。今天提供的某些資訊將具有前瞻性，並涉及可能影響預期結果的風險和不確定性。欲了解更多信息，請參閱 paccar.com 投資者關係頁面上的 SEC 文件。

I would now like to introduce Preston Feight.

現在我想介紹普雷斯頓費特。

Thanks, Ken. Good morning, everyone. Kevin, Brice, Ken and I will update you on our second quarter financial results and business highlights. In these dynamic times, our PACCAR employees have done a great job providing our customers with the highest quality trucks and transportation solutions in the industry.

謝謝，肯。大家早安。凱文、布萊斯、肯和我將向您通報我們第二季的財務業績和業務亮點。在這些充滿活力的時期，我們的 PACCAR 員工做出了巨大貢獻，為我們的客戶提供了業界最高品質的卡車和運輸解決方案。

PACCAR achieved good revenues and net income in the second quarter, including record revenues at PACCAR Parts, good performance by the truck divisions and strong financial services results.

PACCAR 在第二季度取得了良好的收入和淨收入，其中包括 PACCAR 零件部門創紀錄的收入、卡車部門的良好表現以及強勁的金融服務業績。

PACCAR achieved revenues of $7.5 billion and adjusted net income of $724 million. PACCAR Parts achieved record quarterly revenues of $1.72 billion and excellent quarterly pretax income of $417 million. The team did a great job increasing revenues in an overall flat parts market.

PACCAR 實現營收 75 億美元，調整後淨收入 7.24 億美元。PACCAR Parts 實現了創紀錄的 17.2 億美元季度營收和 4.17 億美元的優異季度稅前收入。該團隊在增加整體平板零件市場收入方面做得非常出色。

PACCAR Financial had a very good quarter, increasing pretax income to $123 million. And we estimate this year's US and Canadian Class 8 market to be in a range of 230,000 to 260,000 trucks. The North American truck market size is a result of general economic conditions, a soft truckload market and tariff and EPA 27 policy uncertainty. Customer demand in the less than truckload and vocational segments is good.

PACCAR Financial 本季表現非常好，稅前收入增至 1.23 億美元。我們估計今年美國和加拿大的 8 級卡車市場銷量將在 23 萬至 26 萬輛之間。北美卡車市場規模是總體經濟狀況、疲軟的卡車市場以及關稅和 EPA 27 政策不確定性的結果。零擔運輸和專業運輸領域的客戶需求良好。

In Europe, DAF's innovative aerodynamic trucks provide customers with best-in-class fuel efficiency and driver comfort. And we were recently in Europe and met with some of those customers who share their appreciation of the performance of these great DAF trucks.

在歐洲，DAF 的創新空氣動力學卡車為客戶提供一流的燃油效率和駕駛舒適度。我們最近在歐洲會見了一些客戶，他們對這些出色的 DAF 卡車的性能表示讚賞。

We project the 2025 European above 16-tonne market to be in a range of 270,000 to 300,000. This year's South American above 16-tonne truck market is expected to be in the range of 90,000 to 100,000 vehicles.

我們預計，2025 年歐洲 16 噸以上卡車市場規模將達到 27 萬至 30 萬輛。今年南美洲16噸以上卡車市場預計銷量在9萬至10萬輛之間。

PACCAR delivered 39,300 trucks during the second quarter and anticipate delivering around 32,000 to 33,000 in the third quarter. Third quarter production reflects the normal summer shutdown in Europe and build rates in North America that are matched to the market. PACCAR's Truck, Parts and other gross margins were 13.9% in the second quarter.

PACCAR 在第二季交付了 39,300 輛卡車，預計第三季交付量約為 32,000 至 33,000 輛。第三季的產量反映了歐洲正常的夏季停產以及北美與市場相符的建設率。PACCAR 第二季度卡車、零件和其他產品的毛利率為 13.9%。

Given the uncertain tariff structure, it's difficult to forecast third quarter margins. Assuming the current tariff structure and market conditions, third quarter margins could be around 13%. I'm proud to share that over 90% of PACCAR's US delivered trucks are produced in our American factories. Clarification of the ongoing IEEPA and Section 232 trade policies could enhance market clarity as well as benefit PACCAR and our customers.

鑑於關稅結構的不確定性，很難預測第三季的利潤率。假設目前的關稅結構和市場條件，第三季的利潤率可能在 13% 左右。我很自豪地告訴大家，PACCAR 在美國交付的卡車中有 90% 以上都是在我們美國的工廠生產的。澄清正在進行的 IEEPA 和第 232 條貿易政策可以提高市場清晰度，並使 PACCAR 和我們的客戶受益。

We anticipate the North American market will strengthen as tariff policies become certain, the truckload market gains momentum, and customers begin to anticipate the 2027 NOx emission standards.

我們預計，隨著關稅政策的確定、卡車市場的發展勢頭增強以及客戶開始預期 2027 年氮氧化物排放標準，北美市場將會走強。

Kevin Baney will now provide an update on PACCAR Parts, PACCAR Financial Services and other business highlights. Kevin?

凱文·巴尼 (Kevin Baney) 現在將提供有關 PACCAR 零件、PACCAR 金融服務和其他業務亮點的最新資訊。凱文？

Thank you, Preston. PACCAR Parts achieved record revenues in the second quarter with excellent gross margins of 30%. We estimate that PACCAR's year over year part sales to grow by 4% to 6% in the third quarter.

謝謝你，普雷斯頓。PACCAR Parts 在第二季度實現了創紀錄的收入，毛利率高達 30%。我們預計，PACCAR 第三季的零件銷售額將年增 4% 至 6%。

PACCAR Parts continues to grow through ongoing investments in capacity and services. PACCAR Parts is focused on delivering the right part to the right place at the right time to provide industry-leading support for our customers.

PACCAR Parts 透過對產能和服務的持續投資而持續成長。PACCAR Parts 致力於在正確的時間將正確的零件運送到正確的地點，為我們的客戶提供領先業界的支援。

PACCAR Financial Services pretax income was a robust $123 million, up from $111 million a year earlier. This reflects strong credit quality and improving used truck results. PACCAR Financial operates 13 used truck centers around the world to support the sale of premium Kenworth, Peterbilt and DAF used trucks. PACCAR is building another used truck center in Warsaw, Poland which will open this year.

PACCAR 金融服務公司的稅前收入達到了 1.23 億美元，高於去年同期的 1.11 億美元。這反映出強勁的信貸品質和二手卡車業績的改善。PACCAR Financial 在全球經營 13 個二手卡車中心，以支援優質 Kenworth、Peterbilt 和 DAF 二手卡車的銷售。PACCAR 正在波蘭華沙建造另一個二手卡車中心，將於今年開幕。

PACCAR used trucks sell at a premium compared to competitors used trucks. Similar to PACCAR Parts, PACCAR Financial provides steady foundational profitability during all phases of the business cycle. This year, PACCAR is planning capital investments in the range of $750 million to $800 million and R&D in the range of $450 million to $480 million as we invest in key technology and innovation projects.

與競爭對手的二手卡車相比，PACCAR 二手卡車的售價更高。與 PACCAR Parts 類似，PACCAR Financial 在商業週期的所有階段提供穩定的基礎獲利能力。今年，PACCAR 計劃在資本方面投資 7.5 億至 8 億美元，在研發方面投資 4.5 億至 4.8 億美元，主要投資於關鍵技術和創新項目。

These include next-generation clean diesel and alternative powertrains, advanced driver assistance systems and integrated connected vehicle services. PACCAR is also investing in its truck and engine factories to support long-term growth as well as our customers and dealer success. PACCAR's industry-leading trucks, expanding parts business, best-in-class financial services and advanced technology strategy, position the company for an excellent future.

其中包括下一代清潔柴油和替代動力系統、先進的駕駛輔助系統和整合連網汽車服務。PACCAR 也投資其卡車和引擎工廠，以支持長期成長以及我們的客戶和經銷商的成功。PACCAR 業界領先的卡車、不斷擴大的零件業務、一流的金融服務和先進的技術策略，為公司創造了美好的未來。

We are pleased to answer your questions.

我們很樂意回答您的問題。

(Operator Instructions)

（操作員指示）

Jerry Revich, Goldman Sachs.

高盛的傑瑞·雷維奇。

Yes, hi, good morning, good afternoon, everyone. I'm wondering if you could just comment on the really strong sequential price improvement performance you saw in the quarter. How much of that was mix versus getting the price increases in for the higher tariff content? And as you think about pricing based on what's in backlog for 3Q, what's that cadence in pricing look like 3Q versus 2Q compared to the roughly 3% sequential increase we just saw this quarter?

是的，大家好，早安，下午好。我想知道您是否可以評論本季看到的強勁的連續價格改善表現。其中有多少是混合價格，有多少是因高關稅內容而漲價？當您根據第三季的積壓訂單量來考慮定價時，與我們本季剛剛看到的約 3% 的連續成長相比，第三季與第二季的定價節奏如何？

Sure, Jerry. Interesting time in the market. And as we look at the effect of tariffs on Q2, they were certainly well present for us. And we think that the amount of tariff impact will -- and the current structure increase in Q3, so it'll have an increased weight of impact on price versus cost for us in Q3, and that's obviously a North American-centric comment.

當然，傑瑞。市場上有趣的時刻。當我們觀察關稅對第二季的影響時，我們發現關稅的影響確實很明顯。我們認為，關稅的影響金額和目前的結構將在第三季增加，因此它將對我們第三季的價格與成本產生更大的影響，這顯然是以北美為中心的評論。

There's some variability sitting in there because it depends on how the tariff structures continue whether that's 232 or court rulings on IEEPA. It could also be affected by the current August 1 statements around what new tariffs might be affected and what rates they'll be at.

這其中存在一些可變性，因為它取決於關稅結構如何延續，無論是 232 條款還是法院對 IEEPA 的裁決。它還可能受到 8 月 1 日發布的有關哪些新關稅可能受到影響以及稅率是多少的聲明的影響。

Okay. Thank you, Preston. And then in terms of your discussions on Section 232 with the government, can you touch on that? We've heard that they might be committing to a 60-day review cycle versus the quoted maximum of 270. Are you hearing that in your conversations as well?

好的。謝謝你，普雷斯頓。那麼，就您與政府就第 232 條進行的討論而言，您能談談這一點嗎？我們聽說他們可能會承諾 60 天的審查週期，而不是所稱的最長 270 天。您在談話中也聽過這種說法嗎？

Well, I think the way we think about it is PACCAR builds, as I said, over 90% of our trucks are the US market in the United States. And that's really, I think, good for the country. If we use a little bit of reference of 232 for the auto and light truck industry, you could say that, that was a review where it was felt that it was strategically important that cars and light trucks being made in America. That's kind of the government indicated, that's what their stated policies have been.

嗯，我認為我們的想法是，正如我所說，PACCAR 生產的卡車 90% 以上都是在美國銷售的。我認為這確實對國家有利。如果我們以 232 來參考汽車和輕型卡車行業，那麼可以說，這是一次審查，審查認為在美國製造汽車和輕型卡車具有戰略重要性。這就是政府所表明的，也是他們所宣稱的政策。

And so the current ongoing investigation in 232 for medium and heavy trucks, they had their open comment period. They completed that. They're now in the investigation phase. And as you noted, Jerry, they don't have to take the full 270 days, be speculating to know what they're actually going to do. But it wouldn't be utterly surprising if it was less than that and the conclusion was made.

因此，目前正在進行的針對 232 中型和重型卡車的調查已經進入了公開評論期。他們完成了那件事。他們現在正處於調查階段。正如你所說，傑瑞，他們不必花整整 270 天的時間去推測他們實際上要做什麼。但如果低於這個數字並且得出結論，那就不足為奇了。

Super. And lastly, in terms of the tariff impact on a per unit basis in the third quarter, can you just comment directionally? Is that in the [$4,000] per unit range the way it looks like from the bill of materials? Or can you just help us understand that so we know the variables if we do see a favorable Section 232 outcome.

極好的。最後，關於第三季關稅對單位產品的影響，您能否給予方向性的評論？從物料清單來看，這是否在每單位 [4,000 美元] 的範圍內？或者您能否幫助我們理解這一點，以便我們了解如果第 232 條結果有利的話有哪些變數。

Yeah. As we look at it, obviously, I mentioned already there's some variability within that tariff structure or whether copper is included, whether it's an August 1 change to things. So I'm giving you a plus or minus number. But in general, what we would say is maybe the quarterly effect is something like $75 million.

是的。當我們審視它時，顯然，我已經提到過，關稅結構存在一些變化，或者是否包括銅，是否是 8 月 1 日的變化。所以我給你一個正數或負數。但總的來說，我們認為季度效應可能在 7,500 萬美元左右。

Thank you. Nice performance given the variability.

謝謝。考慮到可變性，性能表現良好。

Appreciate the comment, Jerry. Thanks for the questions.

感謝您的評論，傑瑞。感謝您的提問。

Jeff Kauffman, Vertical Research Partners.

傑夫·考夫曼（Jeff Kauffman），Vertical Research Partners 的合夥人。

Thank you very much and congratulations in an uncertain environment. I was just wondering with the passage of the One Big Beautiful Bill Act and the R&D and CapEx depreciation acceleration at a lot of companies will be getting, have customers reengaged you about the '26 order season.

非常感謝，並在不確定的環境中表示祝賀。我只是想知道，隨著《一項偉大的美麗法案》的通過以及許多公司的研發和資本支出折舊加速，客戶是否會再次與您聯繫，討論 26 年的訂單季節。

Yeah. Appreciate the comments on the quarter and also a really insightful question. And the answer is, yes, they're actually starting to engage us on that as that legislation has passed, and it does have benefits to their cash, their ability to deploy that cash for capital asset purchases like trucks is starting to be part of the conversation and is part of our optimism for the latter part of the year.

是的。感謝您對本季的評論以及一個非常有見地的問題。答案是肯定的，隨著該法案的通過，他們實際上已經開始與我們就此展開接觸，而且這確實給他們的現金帶來了好處，他們利用這些現金購買卡車等資本資產的能力開始成為討論的一部分，也是我們對今年下半年充滿樂觀情緒的一部分。

Yeah. And then I would just add, this is Brice. it will be very positive for us as a company as well because that R&D expensing as well as the immediate R&D expense -- expensing on the fixed assets, we think will provide cash tax benefits in the $300 million to $400 million range. So it's good news for our customers.

是的。然後我想補充一點，那就是布萊斯。這對我們公司來說也非常有利，因為我們認為研發費用以及直接研發費用 - 固定資產費用將提供 3 億至 4 億美元的現金稅收優惠。這對我們的客戶來說是個好消息。

Brice, you beat me to the second half of the question. So that's all I had.

布萊斯，你搶先回答了問題的後半部。這就是我所擁有的一切。

Angel Castillo, Morgan Stanley.

摩根士丹利的安吉爾‧卡斯蒂略 (Angel Castillo)。

Hi, good morning. Thanks for taking my question. Just wanted to maybe follow up on that just in terms of the -- I think the second half delivery is implied by kind of the industry outlook and assuming your market share remains intact, is a little bit more kind of stable in terms of US and Canada for the second half versus first half?

嗨，早安。感謝您回答我的問題。我只是想就此進行跟進——我認為下半年的交付情況是由行業前景決定的，假設您的市場份額保持不變，那麼與上半年相比，美國和加拿大下半年的交付情況是否會更加穩定一些？

And to your point or the comments around seeing good kind of conversations with customers around potential benefits from the One Big Beautiful Bill that maybe drive some incentive to ordering. Curious, could you just provide a little bit more color? I guess we've had three months now of pretty weak orders.

至於您的觀點或評論，我們看到與顧客就「一張大美鈔」帶來的潛在好處進行了良好的對話，這可能會激勵他們訂購。好奇，您能否提供更多一點顏色？我想我們已經有三個月的訂單量相當疲軟了。

So do you expect then the next month, we'll start to see that essentially rebound, and that's what gives you confidence in the second half? Or as we think about order dynamics here that we're seeing, why won't that have a bigger kind of impact on underlying deliveries that you're kind of expecting in the second half?

那麼，您是否預計下個月我們將開始看到反彈，而這正是您對下半年充滿信心的原因？或者當我們思考我們所看到的訂單動態時，為什麼這不會對您預期的下半年基本交付產生更大的影響？

Yeah, really fun question, Angel. Thanks for asking. There's a few factors going into the sequencing of orders. One of the things that's in the truckload sector, which is a pretty significant part of the overall market in the US and Canada, is that there was some overcapacity.

是的，這個問題真的很有趣，安吉爾。謝謝你的詢問。訂單排序需要考慮幾個因素。卡車運輸業是美國和加拿大整體市場中相當重要的一部分，但該行業存在的一個問題是產能過剩。

I think that overcapacity is coming out gradually. And as that gets in balance, it will help with rates, which will help with profitability for the carriers, which will help with the truck orders. So it's one factor in there. Another key factor that gives us confidence that we'll see improvement is the fact that the Big Beautiful Bill that you referenced as an upside potential for us as the year gets through.

我認為產能過剩正在逐漸顯現。當達到平衡時，它將有助於提高費率，有助於提高承運商的獲利能力，有助於增加卡車訂單。這是其中一個因素。另一個讓我們有信心看到改善的關鍵因素是，您提到的「大美麗法案」對我們在今年的到來具有上行潛力。

Another one is regulatory emission standards. So as we all know, there's a greenhouse gas component and a NOx component. The greenhouse gas component for 2027 is likely not to change. So that's what a lot of people can understand now, which means there will be no further GHG requirements.

另一個是監管排放標準。眾所周知，有溫室氣體成分和氮氧化物成分。2027 年的溫室氣體成分可能不會改變。這就是現在很多人能夠理解的，這意味著將不再有溫室氣體要求。

However, the law is in 2027 that the standard of NOx will move from 200 milligrams down to 35 milligrams. And if moves from 200 milligrams to 35 milligrams that will bring on cost to the product which will encourage customers to be buying trucks probably beginning later in this year.

但法律規定2027年氮氧化物的標準將從200毫克降至35毫克。如果從 200 毫克降至 35 毫克，就會增加產品成本，從而鼓勵客戶從今年稍後開始購買卡車。

And then there's the factor around tariffs. I think that with uncertainty, customers kind of pause and with clarity comes confidence. So if we get confidence and certainty around tariff structures in the third quarter, then I think customers' reaction to that will be positive, and we think that, that should be favorable for PACCAR. So there's quite a few reasons to weigh in there for our confidence as the year goes along here.

然後還有關稅因素。我認為，不確定性會讓客戶猶豫不決，而清晰度會讓客戶充滿信心。因此，如果我們對第三季的關稅結構充滿信心和確定性，那麼我認為客戶對此的反應將是正面的，我們認為這對 PACCAR 有利。因此，隨著時間的推移，我們有相當多的理由來增強我們的信心。

Super helpful. Thank you. And then maybe just another one that I thought was really powerful, I guess the guidance for Parts in the third quarter, I thought if I heard you correctly, I think you guided to 4% to 6% top line growth.

超有幫助。謝謝。然後也許還有另一個我認為非常有力的預測，我想第三季的零件指導，如果我沒聽錯的話，我認為你預測的營收成長率是 4% 到 6%。

Can you just help us understand maybe what's kind of driving that reacceleration in the parts business, what you're seeing in kind of demand trends? And if you could also maybe just comment on what gross margin is assumed for 3Q within your guidance for Parts?

您能否幫助我們了解推動零件業務再次加速發展的因素以及您所看到的需求趨勢？您是否可以評論一下，在您對零件的指導中，第三季的毛利率是多少？

I'll just -- I'll start with reiterating that we had record revenue in Q2 and 3.4% sales growth. And so that was done during a flat parts market. So any time we can get revenue growth and sales growth in a flat market is a good thing.

我首先要重申的是，我們第二季的營收創下了歷史新高，銷售額成長了 3.4%。所以這是在零件市場平淡的時候完成的。因此，在平穩的市場中，我們任何時候都能實現收入成長和銷售成長都是一件好事。

So the forecast for 4% to 6% for the third quarter is just a testament to the Parts team doing a really nice job providing parts and programs to deliver excellent customer service. And we see that performance starting to normalize back to stronger sales growth. So I think the Parts outlook is strong.

因此，對第三季 4% 至 6% 的預測只是證明了零件團隊在提供零件和程序以提供優質客戶服務方面做得非常出色。我們看到業績開始恢復正常，銷售成長也更加強勁。因此我認為零件產業的前景十分光明。

And in the second quarter, we have a few more bank holidays and other holidays in Europe. So we see a higher number of ship days in the third quarter in Europe, and that's our very strong market for Part sales. So that will help us as well.

第二季度，歐洲還有幾個銀行假期和其他假期。因此，我們看到第三季歐洲的船舶運輸天數增加，而歐洲是我們零件銷售非常強勁的市場。這對我們也會有幫助。

Very helpful. Thank you.

非常有幫助。謝謝。

You bet. Have a good day.

當然。祝你有美好的一天。

Chad Dillard, Bernstein.

查德·迪拉德，伯恩斯坦。

Hey, good afternoon, guys. so to what extent is the possibility of a prebuy changing your down cycle playbook? Do you feel the need to hold on to labor longer, just in case if prebuy happens? Just curious on how this influences your view on like what sort of fixed cost absorption is acceptable?

嘿，大家下午好。那麼預購在多大程度上改變你的下行週期劇本的可能性有多大？您是否覺得有必要堅持分娩更長時間，以防預購發生？只是好奇這會如何影響您對哪種固定成本吸收是可以接受的看法？

Yeah. Sure, Chad. As you know, PACCAR focuses on lean, efficient production, always has, always will. And so we continue to do that. What we see is that we've done a great job of controlling costs, both in our fixed operations, if you want to call them that, and also in our factories.

是的。當然，查德。眾所周知，PACCAR 始終致力於精益、高效的生產，並將永遠如此。因此我們將繼續這樣做。我們看到，我們在控製成本方面做得非常出色，無論是在我們的固定營運中（如果你願意這麼稱呼的話），還是在我們的工廠中。

But we're very proud of our wonderful employees And so as we see upside to the market, we obviously are looking for them to keep building great trucks. And as we see the markets likelihood of improving as the year continues, then we'll see that -- that would be good for everybody, good for employees, good for the company. And so we're trying to keep that in the right balance.

但我們為我們出色的員工感到非常自豪，因此，當我們看到市場上漲時，我們顯然希望他們繼續製造出色的卡車。隨著我們看到市場在未來一年內不斷改善的可能性，我們就會看到——這對每個人、對員工、對公司都有好處。因此，我們正努力保持適當的平衡。

That's helpful. And then just secondly, can you just comment on just like the sort of pricing that you're seeing in the back half of the year, are clients -- are the price increases sticking just comment on just what your clients are telling you?

這很有幫助。其次，您能否評論一下您在下半年看到的定價情況，客戶—價格上漲是否會持續，只是評論一下您的客戶告訴您的情況？

Well, I think it goes into the earlier discussion we had around the market in general. I think that as their profitability improves and their need for trucks continues to increase then that's good for the market dynamics. Right now, I think as that capacity has come out, but still coming out, there's this balance is being achieved. And once we get through that balance point, then we'll start to see increasing demand.

嗯，我認為這涉及到我們之前圍繞整個市場的討論。我認為，隨著他們的盈利能力提高以及對卡車的需求不斷增加，這對市場動態有利。現在，我認為隨著產能的釋放，但仍在不斷釋放，這種平衡正在實現。一旦我們達到平衡點，我們就會開始看到需求的成長。

Going back and remember that we're really kind of talking about a replacement market, which should be in the 260s, 270s. And so we're not really chewing into that at all and trucks are running and freight ton miles are not low. So this is all creating some level of pent-up demand for the future.

回過頭來想想，我們實際上談論的是替代市場，規模應該在 260 到 270 之間。因此，我們根本沒有考慮這一點，卡車仍在行駛，貨運噸位里程也不低。所以這一切都為未來創造了某種程度的被壓抑的需求。

Thanks guys.

謝謝大家。

You bet.

當然。

Michael Feniger, Bank of America.

美國銀行的麥可費尼格。

Yes, hi everyone, thanks for taking my question. Just Preston, just on the parts with the 4% to 6% top line. I realize you guys are growing parts in a flat market. With the top line potentially up 4% to 6% in the third quarter, do you think you can grow profit at that same rate? I know it's a little challenging in a flat market. Just kind of curious what's the right environment where we can kind of see the parts revenue growing and see that pretax profit and that margin also may be growing along with that.

是的，大家好，感謝你們回答我的問題。僅普雷斯頓，僅涉及 4% 至 6% 頂線的部分。我意識到你們在平穩的市場中正在不斷發展。第三季營業額可能成長 4% 至 6%，您認為利潤能以相同的速度成長嗎？我知道在平淡的市場中這有點挑戰性。只是有點好奇，什麼樣的環境才合適，我們才能看到零件收入成長，稅前利潤和利潤率也可能隨之成長。

Yeah, Michael, great question. We are proud of the team for being able to deliver the parts growth in a flat market. We definitely see upside. When we look at the overall truck park, it's still at elevated levels. And those customers still need a truck serviced, and that comes with parts.

是的，邁克爾，這個問題問得好。我們為團隊能夠在平淡的市場中實現零件成長而感到自豪。我們確實看到了好處。當我們觀察整個卡車停車場時，它仍然處於高位。而這些客戶仍然需要卡車的維修，以及相關零件的保養。

And so our dealers continue to add capacity and whether it's in updated locations, new locations, the PACCAR continues to add distribution centers. And so all of that points to, as we see the ongoing sales growth, we see upside in the profit as well.

因此，我們的經銷商不斷增加產能，無論是在更新的地點還是新的地點，PACCAR 都在不斷增加配送中心。因此，所有這些都表明，隨著銷售額的持續成長，我們也將看到利潤的上升。

Great. And just my last one is just on the inventory side. I know there's your inventory, then we obviously had the industry. How do you feel your own inventory set up given some of the moving pieces that you're seeing with tariffs, but also potential of a prebuy at some point, maybe next year? Do you carry a little bit more?

偉大的。我的最後一個問題是關於庫存方面的。我知道有你的庫存，那麼我們顯然有這個行業。考慮到您所看到的關稅等一些變動因素，以及某個時候（例如明年）預購的可能性，您認為自己的庫存設定情況如何？你帶的還多一點嗎？

Do you have to kind of work more some of that down as you move through the year? Just kind of curious how you figure your inventory is positioned and how you think your competitors in the industry overall is set up as we're given these dynamics as we move into 2026? Thank you.

隨著時間的流逝，您是否需要做更多這方面的工作？我只是有點好奇，當我們進入 2026 年時，您如何定位您的庫存，以及您認為整個行業中的競爭對手是如何定位的？謝謝。

Sure. You bet. Nice question, Michael. If you look at the industry Class 8 inventory, it's at 4.2 months of retail sales. If you look at in where the Peterbilts inventory is really 2.9 months of retail sales. We feel very good about our inventory position.

當然。當然。好問題，麥可。如果你看一下產業 8 類庫存，它相當於 4.2 個月的零售額。如果你看一下 Peterbilts 的庫存，它實際上是 2.9 個月的零售額。我們對我們的庫存狀況感到非常滿意。

And one of the things that also factors into that is roughly half of our trucks are a body builders, that inventory is at body builders. So that's an overrepresented part because PACCAR is the leader in the locational segment.

另一個因素是，我們的卡車大約有一半是車身製造商生產的，庫存都在車身製造商那裡。因此，這是一個代表性過高的部分，因為 PACCAR 是位置領域的領導者。

And so our inventory feels well positioned. And as you know, we build the order. So we feel like we maintain our disciplines and we're in a very good position from an inventory standpoint.

因此我們的庫存狀況良好。如您所知，我們建立了訂單。因此，我們覺得我們保持了紀律，從庫存的角度來看，我們處於非常有利的地位。

Jaime Cook, Truist Securities.

Jaime Cook，Truist Securities。

Hi, good morning, nice quarter. I guess, first, the deliveries pressed in the deliveries exceeded the high end of your expectations. Margins were at the high end. Was there anything unusual on the margins and why were the deliveries better? Was it just sort of a pre-buy ahead of tariffs?

嗨，早上好，這是一個美好的季度。我想，首先，交付量超出了你的預期。利潤率處於較高水準。邊緣方面是否有異常？為什麼交貨情況會更好？這是否只是關稅前的預購？

And then I guess my second question, just given what you're saying about the back half of the year, to what degree do you have confidence that like the 13% in the third quarter could mark sort of the bottom for margins if things start to normalize?

然後我想我的第二個問題是，根據您所說的關於今年下半年的情況，如果情況開始正常化，您在多大程度上相信第三季度的 13% 可能標誌著利潤率的底部？

And to what degree do you think while you're not guiding for 2026 Act, I think, is assuming production is about flat next year. Any color around how you're thinking about 2026. It sounds like you're more optimistic, but I don't want to put words in your mouth. Thank you.

當您沒有為 2026 年法案提供指導時，您認為在多大程度上假設明年的產量將基本持平。您對 2026 年有什麼看法？聽起來你似乎比較樂觀，但我不想把話塞到你的嘴裡。謝謝。

Jaime, that's a series of questions right there. First, thanks for the comments on the quarter. I feel like a good position that we're in. When I think about deliveries for the third quarter, it kind of has the European normal shutdown period. So that's part of it.

傑米，這是一系列的問題。首先，感謝您對本季的評論。我感覺我們現在處於一個很好的位置。當我想到第三季的交付時，它有點像歐洲正常的停工期。這就是其中的一部分。

And then I think adjustments in the market is part of it as we look at it. And then we feel like it depends on getting some of the stability that we've talked about in terms of other positions for like, are we going to have tariff clarity?

然後我認為，從我們的角度來看，市場調整是其中的一部分。然後我們覺得這取決於我們在其他立場上談到的一些穩定性，例如，我們是否會有明確的關稅？

And will we have regulatory clarity around NOx emissions. So as we think about deliveries and the 13% for the quarter, it feels like that we could be, in your words, thinking about talking about the bottom of a cycle.

我們是否會對氮氧化物排放制定明確的監管規定？因此，當我們考慮交付量和本季的 13% 時，感覺就像我們可能正在考慮談論一個週期的底部。

And then I would kind of -- we've been kind of internally thinking and sharing with you that we feel like we are structurally stronger, and we went back and looked at the last time we had roughly 38,000 deliveries, 36,000 deliveries.

然後我會有點 - 我們一直在內部思考並與你們分享，我們覺得我們的結構更加強大，我們回顧了上次我們大約有 38,000 次交付，36,000 次交付。

And we had like $4.9 billion in revenue and made $386 million in profit. So comparatively, I think this is just demonstrating that cycle-over-cycle strength that our team has delivered. And that's the Parts team, that's the Financial Services team. That's the Truck divisions.

我們的營收約為 49 億美元，利潤為 3.86 億美元。因此，相比較而言，我認為這只是證明了我們團隊所展現的周期性實力。這是零件團隊，這是金融服務團隊。那是卡車部門。

I mean there's been -- that's the new trucks that are in the marketplace. It's a great dealers, the relationships with the suppliers. A lot of good things that are going in the right direction, and that is delivering for our shareholders, our customers and our employees.

我的意思是——市場上出現了新的卡車。這是一個很好的經銷商，與供應商的關係很好。許多好事都朝著正確的方向發展，並為我們的股東、客戶和員工帶來了利益。

Any color on how you're thinking about 2026, better than what the --

關於你對 2026 年的看法，比--

Feel pretty good about 2026. Yeah, I feel pretty good about 2026. I think that there's going to be clarity on these regulatory standards because they're employing in 2027, one way or another. There will be clarity around tariffs one way or another. And as we said, the trucks are getting used. So 2026 should see improvement.

對 2026 年感覺很好。是的，我對 2026 年充滿信心。我認為這些監管標準將會更加明確，因為無論如何它們都會在 2027 年實施。無論如何，關稅問題都會變得明確。正如我們所說，卡車正在被使用。因此 2026 年應該會看到改善。

Thank you.

謝謝。

You bet. Have a good day, Jaime.

當然。祝你有美好的一天，傑米。

Tami Zakaria, JP Morgan.

摩根大通的塔米·扎卡里亞。

Hi, good morning. Thank you -- good afternoon. Thank you so much. I want to ask you about the engine remanufacturing plant. When do you expect that to be fully operational? And when at run rate, how many engines do you expect that facility to be able to remanufacture annually?

嗨，早安。謝謝——下午好。太感謝了。我想向您詢問有關發動機再製造廠的問題。您預計什麼時候可以全面投入營運？當達到運轉速度時，您預計該工廠每年能夠再生產多少引擎？

Good question, Tammy. So it will be operational in the first quarter of next year. And then when it gets up to full run rate, we anticipate about 5,000 reman engine a year going through that facility.

問得好，塔米。因此它將於明年第一季投入營運。當其達到滿載運轉時，我們預計每年將有大約 5,000 台再製造引擎通過該工廠。

Got it. Thank you. And my second question is on the outlook for South America. I'm guessing the reduced outlook is the function of what's happening in Brazil. So just any color you can provide on what drove that revision in the outlook versus the beginning of the year? What changed that's driving this outlook revision.

知道了。謝謝。我的第二個問題是關於南美洲的前景。我猜前景黯淡是巴西當前局勢造成的。那麼，您能否說明一下與年初相比，是什麼原因導致了此次前景的修正？是什麼發生了變化，推動了這次展望的修改。

And Tammy, thanks for the second question. For sure, you're right, it's mostly driven through Brazil and the biggest impact there is interest rates. They have the 400 basis point interest rate increases in the past since the beginning of the year. And so that's certainly affecting consumer confidence and wiliness to invest in trucks right now. And so I think those are the two biggest factors.

塔米，謝謝你的第二個問題。當然，您說得對，這主要是透過巴西推動的，而對巴西影響最大的是利率。自今年年初以來，他們已經將利率提高了 400 個基點。這肯定會影響消費者信心和目前投資卡車的意願。所以我認為這是兩個最重要的因素。

Okay, thank you.

好的，謝謝。

You bet.

當然。

Steven Volkmann, Jefferies.

史蒂文‧福爾克曼，傑富瑞集團。

Great. Hello everybody. Thanks for taking the question. Just a couple of quick follow-ups here. We don't have nearly as much visibility into the European market. I'm just curious if you can comment on sort of directionally, is that market, do you think a growth market going forward? We've talked about some investments I guess, some government investments over there. But I'm curious if you're seeing anything in that regard.

偉大的。大家好。感謝您回答這個問題。這裡僅有幾個快速的後續問題。我們對歐洲市場的了解還不夠多。我只是好奇您是否可以從方向上發表評論，您認為這個市場未來會是一個成長型市場嗎？我想我們已經討論了一些投資，一些政府投資。但我很好奇您是否看到了這方面的任何進展。

Yeah, Steven. I'd say given the economic -- overall economic conditions or have some uncertainty in Europe at 270,000 to 300,000 truck market is relatively strong given that the economics. And so for PACCAR and DAF specifically, we've had a strong market share in the last month and year-to-date share is up compared to this time last year. DAF share is traditionally strong in Eastern Europe.

是的，史蒂文。我想說，考慮到經濟——整體經濟狀況或存在一些不確定性，歐洲 270,000 至 300,000 輛卡車市場在經濟狀況下相對強勁。因此，對於 PACCAR 和 DAF 而言，我們在上個月擁有強大的市場份額，今年迄今為止的份額與去年同期相比有所上升。DAF 在東歐的市佔率歷來較高。

And as Preston said in his comments, we were with some customers recently and see some upside. And so if you look at that size market, that's a little above replacement value. So I'd say that that's a strong market given the conditions, and that's likely the short-term ongoing forecast.

正如普雷斯頓在評論中所說，我們最近與一些客戶進行了交流，並看到了一些好處。因此，如果你看一下這個規模的市場，你會發現它略高於重置價值。因此，我認為，考慮到目前的條件，這是一個強勁的市場，而且這可能是短期持續的預測。

And I would add that the thing that's helping us there is we introduced our new product, and it's still the only truck that is designed to meet the masses and dimensions regulations over there. It's providing industry-leading fuel economy. It's the best truck for the driver, it's the coolest truck, to be honest with you. And so there's a lot of things to really like about how things are going.

我想補充一點，對我們有幫助的是，我們推出了新產品，它仍然是唯一一款符合那裡品質和尺寸規定的卡車。它提供業界領先的燃油經濟性。說實話，對於駕駛員來說，這是最好的卡車，這是最酷的卡車。所以，事情的進展確實有很多值得高興的地方。

And then in 2025, we introduced some advanced technologies onto the platform, which also further enhances performance and fuel efficiency. So feeling very good about the DAF team and what they're doing.

然後在 2025 年，我們在該平台上引入了一些先進技術，這也進一步提高了性能和燃油效率。所以我對 DAF 團隊及其所做的事情感到非常滿意。

Super, thank you for that. And then on the vocational side, we hear some channel checks that sort of suggest that there were a lot of orders and obviously, a lot of backlog in the industry. And now we're starting to kind of work through all that and the orders on vocational have also been a little bit weaker recently. So I guess I'm wondering, as you deliver this 50%, Preston, of your inventory that's at body builders. Is there a risk that vocational is sort of the next end market to kind of go down before it goes up?

太棒了，謝謝你。在職業方面，我們聽到一些渠道檢查表明該行業有很多訂單，而且顯然有很多積壓訂單。現在我們開始著手解決所有這些問題，最近職業方面的訂單也有些疲軟。所以我想知道，普雷斯頓，當您將這 50% 的庫存交付給健美運動員時。職業教育是否會成為下一個終端市場，在上升前先下滑？

Well, I think that's kind of -- I would never have used the word weaker to describe the vocational market. I would have said that it was frothy for a while, and now it's just good. So I might say that we're operating in a good vocational market.

嗯，我認為這有點——我永遠不會用「較弱」這個詞來形容職業市場。我本來想說它有一段時間很泡沫，但現在它很好了。所以我可以說我們正處於一個好的職業市場。

I think there's a lot of infrastructure spending that's going into the country under the administration's objectives and infrastructure spending is good for the vocational market. So I think that, that bodes well for a steady, strong vocational sector for a while.

我認為，根據政府的目標，國家將投入大量基礎設施支出，而基礎設施支出對職業市場有利。所以我認為這預示著職業教育領域將在一段時間內保持穩定和強勁。

Okay, great to hear. I'll pass it on. Thanks.

好的，很高興聽到這個消息。我會傳達的。謝謝。

All right. Thanks. Have a good day, Steve.

好的。謝謝。祝你有美好的一天，史蒂夫。

Steven Fisher, UBS.

瑞銀的史蒂文·費雪。

Thanks, good morning. Just on the pricing topic. Just curious how far out you are able to provide firm pricing to your customers? Or do all the units basically come with a caveat that pricing can change as the tariff situation evolves? And how does that affect the order patterns?

謝謝，早安。僅討論定價話題。只是好奇您能提供客戶多遠的固定價格？或者所有單位基本上都附帶一個警告，即定價會隨著關稅情況的發展而改變？這對訂單模式有何影響？

Yeah. We do have a tariff surcharge listed onto our trucks for the US and Canada right now. And so we are pricing that in, which allows us to price out into the future. And then -- these are customers, they're business partners and their friends that we're talking about.

是的。目前，我們的卡車確實對美國和加拿大徵收了關稅附加費。因此，我們將其計入價格，以便我們能夠預測未來的價格。然後──這些是客戶，是商業夥伴，也是我們談論的朋友。

And so each of these discussions and business relationships has that discussion around if tariffs change, then there's a change potentially in what the pricing is. So that's a very active and live dialogue and it allows us with these great relationships to price out into the future.

因此，每一次討論和業務關係中都會涉及到如果關稅發生變化，那麼定價就可能發生變化。因此，這是一次非常積極和生動的對話，它使我們能夠透過這些良好的關係來預測未來的價格。

Okay. And then just looking beyond the cyclical dynamics here, really just thinking about the growth opportunities ahead. It seems like maybe EV and autonomy are perhaps a bit slower to develop. Do you think there's any structural growth opportunities in trucks? Or is that all really in parts and FinCo? And if so, should we expect you to really increase your focus on parts and FinCo even more relative to what you talked about at the investor meeting last year.

好的。然後，只要看一下週期性動態，真正思考的是未來的成長機會。看起來電動車和自動駕駛技術的發展可能有點慢。您認為卡車存在任何結構性成長機會嗎？或者說，這一切真的都由零件和 FinCo 組成嗎？如果是這樣，我們是否應該期望您真正增加對零件和 FinCo 的關注，甚至比您去年在投資者會議上談到的更多。

Sure. Well, I would suggest that, in general, trucks move most of the freight in the country. I don't think that's going to decrease. I think if anything, that's going to increase, you referenced autonomy. I don't think that's tomorrow, but when autonomy happens, then you'll see that increase the number of trucks required in the country because it will become even more efficient at delivering freight. So that will be good for PACCAR's business.

當然。嗯，我認為一般來說，卡車運輸該國大部分的貨物。我不認為這個數字會減少。我認為如果有的話，那將會增加，正如你所提到的自治權。我不認為那會是明天，但是當自動駕駛汽車實現時，你會看到該國所需的卡車數量會增加，因為貨運效率會更高。這對 PACCAR 的業務來說是件好事。

You mentioned EV. So EV adoption curves, we've been wise and prudent through our investment cycles on EV investments over time. We continue to believe that there's a role for them to play as we look forward into the future, but a market-based role is probably what more likely happens for the next several years. So that's great for us. We're well positioned for that.

您提到了 EV。因此，從電動車的採用曲線來看，我們在電動車投資週期中一直保持著明智和謹慎的態度。我們仍然相信，展望未來，它們將發揮重要作用，但未來幾年，它們更有可能發揮基於市場的作用。這對我們來說非常好。我們已做好充分準備來應對這一情況。

And we think that EV vehicles tend to be more expensive. So that's obviously good for PACCAR's overall business model. Regulations are going to happen, regulations drive complexity, complexity ends up being more components on a truck, which is more proprietary parts share.

我們認為電動車往往更貴。這對 PACCAR 的整體商業模式來說顯然是有利的。法規將會出台，法規將帶來複雜性，複雜性最終會導致卡車上的零件增多，也就是專有零件的份額增多。

And then I think -- so all those things are foundationally good PACCAR continues to deliver the trucks that our customers want, that the drivers desire in all sectors of the market. So that's good for our business growth.

然後我認為——所有這些事情從根本上來說都是好的，PACCAR 繼續提供我們的客戶想要的卡車，以及市場各個領域的司機所期望的卡車。這對我們的業務成長有利。

And then I would say from a parts and FinCo standpoint, our parts business is just part of our overall strategy of delivering connected and vehicle performance for our customers. So the more we're able to deliver uptime for our customers the better it is for them and the better it is for PACCAR. It's a win-win situation. So Parts, FinCo and connected services for us are great growth opportunities for the future.

然後我想說，從零件和金融公司的角度來看，我們的零件業務只是我們為客戶提供互聯和車輛性能的整體策略的一部分。因此，我們為客戶提供的正常運作時間越長，對他們就越有利，對 PACCAR 也越有利。這是一個雙贏的局面。因此，對我們來說，零件、金融公司和互聯服務是未來巨大的成長機會。

Thanks for the insights.

感謝您的見解。

Kyle Menges, Citigroup.

花旗集團的凱爾孟格斯 (Kyle Menges)。

Thanks for taking the question. I was hoping if you could just comment a little bit on the medium-duty truck market, just how are inventories. And then you mentioned you feel good about '26. I'd assume that was more of a Class 8 comment, but I mean does that apply to medium duty as well? And just how do you think about changes to emission standards in '27, catalyst for some prebuy and medium-duty next year?

感謝您回答這個問題。我希望您能對中型卡車市場發表一點評論，看看庫存如何。然後你提到你對 26 年感覺很好。我認為這更像是第 8 類評論，但我的意思是這也適用於中型任務嗎？您如何看待 27 年排放標準的變化，以及明年預購和中型車的催化劑？

Yeah. Great question, Kyle. Thanks a lot. If you look at industry inventory, for medium duty, it's around 6 months and for Kenworth and Peterbilt, it's more like 4.5 months. And then again, you have the same ratio of body builders and that high percentage of vocational mix for Peterbilt and Kenworth.

是的。好問題，凱爾。多謝。如果你看一下產業庫存，對於中型卡車來說，庫存大約為 6 個月，而對於 Kenworth 和 Peterbilt 來說，庫存則更像是 4.5 個月。再說了，Peterbilt 和 Kenworth 的健美運動員比例和職業組合比例都相同。

So we're in a very good position from a medium-duty inventory standpoint. I think that there is the same factors that are playing into the medium-duty market for 2027, which could create stimulation for a medium-duty market improvement in '26. A good question.

因此，從中型庫存的角度來看，我們處於非常有利的地位。我認為，2027 年的中型車市場也存在著同樣的因素，這可能會刺激 2026 年中型車市場的改善。好問題。

Got it. That's all from me. Thank you.

知道了。我要說的就這些。謝謝。

Have a good day.

祝你有美好的一天。

Scott Group, Wolfe Research.

斯科特集團、沃爾夫研究公司。

Hey, thanks for the time. The $75 million of estimated tariff costs in 3Q. Just any -- can you just maybe try and quantify what the impact was in Q2? And if we -- if things stay stable, where do you think that net $75 million impact falls to in Q4?

嘿，謝謝你抽出時間。第三季預計關稅成本為 7,500 萬美元。只是任何東西——您能否嘗試量化第二季度的影響？如果情況保持穩定，您認為第四季 7500 萬美元的淨影響會下降到什麼程度？

Well, help me a little bit, Scott, with your question around stable, what a stable mean in your vernacular --

好吧，史考特，請幫幫我，關於你關於穩定的問題，穩定在你的白話裡是什麼意思--

Sorry, maybe I didn't answer right, meaning there's no incremental change in tariffs, so you just have an opportunity to sort of catch up on price.

抱歉，也許我回答得不正確，這意味著關稅沒有增量變化，所以你只是有機會趕上價格。

Yeah. I think they were less in the second quarter for sure because there's a timing effect of when they came in, there was the effect of what material was in country, so it's a gradual increase through the second quarter into the third quarter.

是的。我認為第二季的數量肯定會減少，因為它們進入的時間有影響，也受到國內材料的影響，所以從第二季到第三季數量會逐漸增加。

And it was something significantly less than the $75 million. Now as we get to the fourth quarter, to your question, I think the most important factor is 232 clarification and whether or not there's a change as a result of 232 and how that could affect the fourth quarter tariff structures we have.

而且這比 7500 萬美元少得多。現在我們進入第四季度，對於您的問題，我認為最重要的因素是 232 澄清，以及 232 是否會帶來變化，以及這將如何影響我們現有的第四季度關稅結構。

Without that, even our teams are doing a great job of working with suppliers and looking for how you think about USMCA content of parts coming into the country and ensuring that the maximum number of parts are USMCA certified under the current rules, which then reduces tariffs risk to us over time. But that's how I generally think about the 2Q, 3Q and 4Q tariff picture.

即使沒有這些，我們的團隊也在與供應商進行出色的合作，了解您對進入美國的零件的 USMCA 內容的看法，並確保最大數量的零件根據現行規則獲得 USMCA 認證，從而降低我們長期面臨的關稅風險。但我總體上對第二季、第三季和第四季的關稅情況是這麼認為的。

Okay. That's helpful. And then just in terms of sort of the order book and activity, maybe just are we -- where are we on the order book for '25? When do you think you -- when do you open up '26? And then within that recent uptick and maybe some conversations any notable difference in is that more vocational, private fleet for hire, just sort of where you're seeing that? Thank you.

好的。這很有幫助。那麼就訂單簿和活動而言，也許我們 - 我們在 25 年的訂單簿上處於什麼位置？您認為您何時開啟'26？那麼，在最近的成長趨勢中，也許在一些對話中，任何顯著的差異是更多的職業化、私人租賃車隊，您是如何看到的？謝謝。

Sure. I mean the market's filling or the order book is filling into third quarter. North America is roughly 50%. Europe is mostly full. And I think that what we see is still, as we said, vocational markets remain good, and the LTL market, maybe especially remains good.

當然。我的意思是市場正在填充或訂單簿正在進入第三季。北美約佔50%。歐洲大部分地區都已滿。我認為，正如我們所說，我們看到的仍然是職業市場仍然良好，而零擔市場可能特別保持良好。

We mentioned already in the discussion that termed a Big Beautiful Bill is probably helpful to our customers' cash position and could create some incentive orders further out in the year. So I don't think it's just one area. I think it's just getting certainty because as we get clarity, that will create confidence for our customers and as they have confidence then that will increase their ability to order trucks.

我們在討論中已經提到，所謂的「大美麗法案」可能對我們客戶的現金狀況有幫助，並可能在今年稍後產生一些激勵訂單。所以我不認為這只是一個領域。我認為這只是獲得確定性，因為當我們獲得清晰度時，這將為我們的客戶創造信心，而當他們有信心時，這將增加他們訂購卡車的能力。

Okay, thank you. Appreciate the time guys.

好的，謝謝。感謝大家的時間。

You bet.

當然。

Nick Housden, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Nick Housden。

Yes, hi, thank you for taking my questions. So in terms of the Q3 deliveries, I think you said 32,000 to 33,000. Can you provide any comments around the regional breakdown of that, please?

是的，你好，謝謝你回答我的問題。因此就第三季的交付量而言，我認為您說的是 32,000 到 33,000 輛。您能否針對該地區的細分情況提供一些評論？

I would think of it in terms of plus or minus normal splits is kind of where I would go with it. I wouldn't really shift around very much in it. So you're going to have Q3 has the impact of the three-week time off in Europe, which is very, very normal. So that's going to sit in there. And then I would think that there's probably the drops in North America to match to the market.

我會以加或減正常分割的方式來考慮這個問題，這就是我要採取的方式。我不會在裡面移動太多。因此，第三季將受到歐洲三週休假的影響，這是非常非常正常的。所以它就會放在那裡。然後我認為北美可能會出現與市場相符的下降。

So that ratio stays maybe more affected in the third quarter than it might normally be. And then I would say Mexico continues to be experiencing the same kind of tariff discussions. So that's a space in the market that's a bit softer.

因此，該比率在第三季受到的影響可能比正常情況下更大。然後我想說墨西哥繼續經歷同樣的關稅討論。因此，這個市場空間稍微弱一些。

Got it. And then your comment about 90% of trucks for the US are currently being built in the US Can you provide any comments just around what the breakdown for the supply chain is and how those percentages might move around.

知道了。然後，您提到目前美國 90% 的卡車都在美國製造，您能否就供應鏈的細分情況以及這些百分比可能如何變動提供一些評論。

Well, the supply chain has varied, obviously, right? And so we would have to spend a lot more time than we probably have to think about how supply chain works because there's Tier 1, 2 and 3 and they'll factor in from different places. But suffice it to say that there are components that come from Mexico or from Canada or from the ASEAN region or South America or Europe that go into the trucks. But PACCAR, as we said, has the production facilities in North America, which is critically important.

嗯，供應鏈顯然已經發生了變化，對吧？因此，我們可能需要花費比思考供應鏈如何運作更多的時間，因為有第 1、2 和 3 層，它們會從不同的地方發揮作用。但可以說，卡車所使用的零件來自墨西哥、加拿大、東協地區、南美洲或歐洲。但正如我們所說，佩卡在北美擁有生產設施，這一點至關重要。

And I think that's what the administration feels so as well. And so we think that as we look forward from a tariff standpoint, they'll encourage the truck production, hope they'll encourage the truck production in America and that components that are critical for manufacturing in America will also be included in that, which we'll be able to support and our suppliers will support.

我認為政府也是這麼認為的。因此，我們認為，從關稅的角度來看，他們會鼓勵卡車生產，希望他們會鼓勵美國的卡車生產，並且對美國製造業至關重要的零件也將包括在內，我們將能夠支持這些零件，我們的供應商也會支持這些零件。

Great. Thank you very much.

偉大的。非常感謝。

Walter Piecyk, LightShed.

Walter Piecyk，LightShed。

Thanks. Hey, Preston, your partner, Aurora is very well respected, obviously, within the technology industry and used your truck to go driver out this past quarter. And then, I guess, you guys had some interest in having them put a driver back in the driver seat there.

謝謝。嘿，普雷斯頓，你的合夥人奧羅拉顯然在科技業很受尊重，上個季度他用你的卡車出去開車。然後，我想，你們對讓司機重新回到駕駛座上有些興趣。

Just curious kind of what your thoughts are there. Like what was the reasoning for that? How does that differ from other PACCAR trucks that are also using autonomous technology with your truck. Like why in a worse case, do they have to have a driver back in?

只是好奇你的想法是什麼。那樣做的理由是什麼？這與其他同樣使用自動駕駛技術的 PACCAR 卡車有何不同？例如，為什麼在更糟糕的情況下，他們必須讓司機回來？

And maybe when do you anticipate being okay with them, taking that driver out and then seeing that market start to expand a bit more because obviously, that certainly could be a demand opportunity for you. Thanks.

也許您預計什麼時候可以接受他們，把那個司機淘汰掉，然後看到市場開始進一步擴大，因為顯然，這對您來說肯定是一個需求機會。謝謝。

Good question. Thanks for asking. We think there's great progress being made in the field of autonomy. PACCAR continues the development of this autonomous vehicle platform. So that's encouraging for us.

好問題。謝謝你的詢問。我們認為自主領域正在取得巨大進展。PACCAR 繼續開發此自動駕駛汽車平台。這對我們來說是令人鼓舞的。

And we think that Aurora is making good progress as well in the development of the autonomous driver that can go into that as are others, like Kodiak and others like [STACK]. So we see others making progress as well. We always operate at PACCAR with the safety being our most fundamental foundational principle.

我們認為 Aurora 在自動駕駛汽車的開發方面也取得了良好的進展，其他公司，例如 Kodiak 和其他公司，也都能夠做到這一點。[堆]。因此，我們也看到其他人也取得了進步。在 PACCAR，我們始終將安全視為最根本的基本原則。

And so for us, we want that to remain as the true north for us. It will remain as a true north for us. And so that having a driver in seems like the smartest idea and that's what we've -- that's how we're operating the trucks.

因此對我們來說，我們希望這仍然是我們的正確方向。它將永遠是我們真正的北方。因此，配備一名司機似乎是最明智的想法，這就是我們操作卡車的方式。

Is there a certain milestone you're hoping that they achieve? Because obviously, that company won't exist in the future if they always have a driver and the whole point of it is to have a driver out. So what do you think you need to see to permit at least your trucks to have driver out?

您希望他們實現某個特定的里程碑嗎？因為很明顯，如果該公司一直需要一名司機，那麼該公司將來將不復存在，而該公司的全部目的就是讓一名司機出行。那麼，您認為需要看到什麼才能至少允許您的卡車有司機出來？

No. We don't ever discuss when we're going to go to production with things, but always what we do is this thing should be fully production. And when things are fully production, validated, completed production, then that's when we have that conversation.

不。我們從來沒有討論過什麼時候要投入生產，但我們所做的就是讓這個產品完全投入生產。當產品完全投入生產、經過驗證、生產完成後，我們才會進行這樣的對話。

Great. Thank you very much.

偉大的。非常感謝。

You bet. Thanks for the question.

當然。謝謝你的提問。

Thank you. There are no further questions in the queue at this time. Are there any additional remarks from the company?

謝謝。目前隊列中沒有其他問題。公司還有什麼補充說明嗎？

We'd like to thank everyone for joining the call, and thank you, operator.

我們感謝大家參加電話會議，也感謝您，接線生。

Ladies and gentlemen, this concludes PACCAR's earnings call. Thank you for participating. You may now disconnect.

女士們、先生們，PACCAR 的收益電話會議到此結束。感謝您的參與。您現在可以斷開連線。