帕卡 (PCAR) 2021 Q3 法說會逐字稿

Good morning, and welcome to PACCAR's Third Quarter 2021 Earnings Conference Call. (Operator Instructions) Today's call is being recorded. (Operator Instructions).

早安，歡迎參加帕卡公司2021財年第三季財報電話會議。 （操作說明）本次電話會議正在錄音。 （操作說明）

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

現在我謹介紹帕卡公司投資者關係總監肯‧黑斯廷斯先生。黑斯廷斯先生，請開始。

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; Harrie Schippers, President and Chief Financial Officer; and Michael Barkley, Senior Vice President and Controller. As with prior conference calls, we ask that any members of the media on the line participate in a listen-only mode.

早安.歡迎各位透過電話和網路直播收聽本次會議。我是PACCAR投資者關係總監Ken Hastings；今早與我一同出席的還有執行長Preston Feight、總裁兼財務長Harrie Schippers以及資深副總裁兼財務長Michael Barkley。與以往的電話會議一樣，我們懇請所有媒體朋友以僅收聽模式參與會議。

Certain information presented today will be forward-looking and involve risks and uncertainties, including general economic and competitive conditions that may affect expected results. For additional information, please see our SEC filings and the Investor Relations page of paccar.com.

今天發布的某些資訊屬於前瞻性訊息，涉及風險和不確定性，包括可能影響預期結果的總體經濟和競爭狀況。更多信息，請參閱我們向美國證券交易委員會提交的文件以及paccar.com網站的投資者關係頁面。

I would now like to introduce Preston Feight.

現在我來介紹普雷斯頓費特。

Good morning. Thank you all for joining the call. Harrie Schippers, Michael Barkley and I will update you on our good third quarter results and business highlights. I appreciate our outstanding employees around the world, who are managing through the supply-based constraints to deliver the highest quality trucks, parts and financial services solutions to our customers. And I'd also like to thank PACCAR's dealers and suppliers for their contributions and support during these dynamic times.

早安.感謝各位參加本次電話會議。我和Harrie Schippers、Michael Barkley將向大家報告我們第三季良好的業績和業務亮點。我衷心感謝我們遍布全球的優秀員工，他們克服了供應鏈的挑戰，竭力為客戶提供最優質的卡車、零件和金融服務解決方案。同時，我也要感謝PACCAR的經銷商和供應商在這充滿挑戰的時期所做的貢獻和給予的支持。

PACCAR's good quarterly revenues and net income in the third quarter reflects sales and profit records at PACCAR Parts and PACCAR Financial Services. The economies and freight markets continue to be robust in all of PACCAR's geographic markets. PACCAR is having a tremendous year of new product introductions and demand for the new Kenworth, Peterbilt and DAF trucks is excellent.

PACCAR第三季良好的季度營收和淨利潤反映了PACCAR零件業務和PACCAR金融服務業務的銷售額和利潤均創歷史新高。 PACCAR所有業務所在地區的經濟和貨運市場持續保持強勁勢頭。 PACCAR今年推出的新產品數量驚人，市場對新款Kenworth、Peterbilt和DAF卡車的需求十分旺盛。

PACCAR's third quarter sales and Financial Services revenues were $5.2 billion, and third quarter net income was $378 million. PACCAR Parts achieved record quarterly revenues of $1.26 billion and record pretax profits of $281 million. PACCAR Financial achieved record pretax income of $120 million. The record-setting Parts and Financial Services results illustrate the strength of PACCAR's businesses.

帕卡集團第三季​​銷售額及金融服務收入達52億美元，淨利為3.78億美元。帕卡零件業務季度收入創歷史新高，達12.6億美元，稅前利潤也創歷史新高，達2.81億美元。帕卡金融業務稅前利潤同樣創歷史新高，達1.2億美元。零件和金融服務業務的優異業績充分展現了帕卡集團各項業務的強勁實力。

With the strong order backlogs growth in the truck divisions will accelerate as the supply of semiconductors improves. We estimate Class 8 industry retail sales in the U.S. and Canada to be in a range of 230,000 to 250,000 trucks this year.

由於訂單積壓強勁，隨著半導體供應的改善，卡車部門的成長速度將會加快。我們預計今年美國和加拿大的8級卡車零售銷售將在23萬至25萬輛之間。

Peterbilt and Kenworth have achieved 29.6% market share through September. Although build is still expected to be limited by semiconductor supply in the fourth quarter, the good news is that we're starting to see improvements in the supply chain. We forecast the 2022 U.S. and Canadian Class 8 truck market to be in the range of 250,000 to 290,000 vehicles.

截至9月份，彼得比爾特和肯沃斯的市佔率已達29.6%。儘管預計第四季半導體供應仍將限制卡車產量，但好消息是供應鏈已開始出現改善。我們預測2022年美國和加拿大8級卡車市場規模將在25萬至29萬輛之間。

In Europe, this year's truck industry registrations in the above 16-tonne market are estimated to be in a range of 260,000 to 280,000 vehicles. DAF's year-to-date market share is 15.8%. The 2022 market is expected to be in the range of 260,000 to 300,000 trucks. The South American above 16-tonne market is projected to be in a range of 120,000 to 130,000 trucks this year. DAF Brazil's above 16-tonne market share through September was 5.6%. The South American above 16-tonne truck market is estimated to be in a range of 130,000 to 140,000 trucks next year.

在歐洲，今年16噸以上卡車市場的註冊量預計在26萬至28萬輛之間。 DAF今年迄今的市佔率為15.8%。預計2022年市場規模將達26萬至30萬輛。南美洲16噸以上卡車市場預計今年的銷售量將在12萬至13萬輛之間。截至9月份，DAF巴西在16噸以上卡車市場的市佔率為5.6%。預計明年南美洲16噸以上卡車市場規模將達13萬至14萬輛。

The new Kenworth T680 and Peterbilt 579 trucks that began production in the third quarter are being well received by our customers. These trucks feature new styling, configurable digital instrumentation, advanced aerodynamics, distinctive LED forward lighting and they provide up to 7% greater fuel efficiency.

第三季開始生產的全新肯沃斯T680和彼得比爾特579卡車受到了顧客的熱烈歡迎。這些卡車擁有全新的外觀設計、可配置的數位儀表、先進的空氣動力學設計、獨特的LED頭燈，燃油效率提高了7%。

The new Kenworth and Peterbilt medium-duty trucks that also began production in the third quarter, provide features that customers appreciate, such as a wider cab with 3-person seating, lower cab heights for easier entry and exit, and new digital instrumentation. The exciting new DAF XF, XG and XG+ lineup feature luxurious interiors and beautiful exteriors that provide 10% greater fuel efficiency. The new DAF offers unsurpassed performance and value.

新款肯沃斯和彼得比爾特中型卡車也於第三季投產，它們擁有許多客戶青睞的功能，例如更寬敞的三座駕駛室、更低的駕駛室高度方便上下車，以及全新的數位化儀表。令人振奮的全新DAF XF、XG和XG+系列卡車擁有豪華的內裝和優美的外觀，燃油效率提升10%。新款DAF卡車性能卓越，物超所值。

DAF is the first truck manufacturer in the industry to have taken full advantage of Europe's new regulations governing truck design. And the new DAF trucks began production earlier this month. All of these new trucks position PACCAR very well for the future.

DAF是業界首家充分利用歐洲新卡車設計法規的卡車製造商。新款DAF卡車已於本月初開始投產。所有這些新卡車都為PACCAR的未來發展奠定了堅實的基礎。

PACCAR leads the industry with 7 battery electric vehicle models now available. Kenworth, Peterbilt and DAF have orders for several hundred zero-emissions vehicles and have 90 trucks operating with customers. These include Kenworth T680 fuel cell trucks, Peterbilt battery electric model 579s and DAF medium-duty battery electric trucks.

PACCAR目前擁有7款純電動車車型，在業界處於領先地位。 Kenworth、Peterbilt和DAF已收到數百輛零排放車輛的訂單，並有90輛卡車已交付客戶營運。這些車型包括Kenworth T680燃料電池卡車、Peterbilt 579純電動卡車和DAF中型純電動卡車。

PACCAR has advanced its autonomous truck program by working with his partners, Aurora and FedEx to launch a commercial pilot of autonomous vehicles into line haul operations. If the PACCAR trucks are operating autonomously with a backup driver for safety as they haul freight on 500-mile route between Dallas and Houston.

PACCAR與合作夥伴Aurora和FedEx攜手推進其自動駕駛卡車項目，啟動自動駕駛車輛在幹線運輸業務中的商業試點項目。 PACCAR卡車將在配備安全備用駕駛員的情況下自主運行，行駛在達拉斯和休士頓之間500英里的貨運路線上。

PACCAR has launched an advanced global connected truck platform. Customers will benefit from the systems enhanced truck data security, advanced over-the-air software updates, elimination of the need for third-party hardware modules, and an open platform that supports existing fleet management systems. PACCAR's new proprietary connect system increases customer value, increases PACCAR's recurring revenue and as part of PACCAR's digital transformation.

PACCAR 推出了先進的全球互聯卡車平台。客戶將受益於該系統增強的卡車資料安全性、先進的空中軟體更新、無需第三方硬體模組以及支援現有車隊管理系統的開放平台。 PACCAR 的全新專有互聯繫統提升了客戶價值，增加了 PACCAR 的經常性收入，也是 PACCAR 數位轉型策略的一部分。

We're pleased to share that PACCAR was recently recognized as a 2021 Top Company for Women To Work For In Transportation by the Women in Trucking Association. We were honored for our excellent working environment and company culture that supports gender diversity. PACCAR is committed to hiring and promoting the most talented people in the world, and we know that the best people represent the diversity present in the global community.

我們很高興地宣布，PACCAR 近期榮獲美國卡車運輸女性協會 (Women in Trucking Association) 頒發的「2021 年度女性最佳運輸企業」稱號。我們因卓越的工作環境和支持性別多元化的企業文化而獲此殊榮。 PACCAR 致力於招募和提拔全球最優秀的人才，我們深知，最優秀的人才正是全球社會多元化的體現。

PACCAR continues to be an environmental leader. PACCAR is working with the science-based targets initiative and is committed to 2030 carbon reduction goals. PACCAR earned a CDP climate change score of A-, placing PACCAR in the top 15% over 9,500 companies that publish reports to the CDP. 100% of PACCAR's manufacturing locations globally have environmental management programs certified under ISO 14001.

帕卡集團始終是環保領域的領導者。帕卡集團積極參與科學碳目標倡議，並致力於實現2030年碳減排目標。帕卡集團在CDP氣候變遷評分中獲得A級，在向CDP提交報告的9500家公司中位列前15%。帕卡集團全球所有生產基地均通過ISO 14001環境管理系統認證。

Harrie Schippers will now provide an update on PACCAR Parts, PACCAR Financial Services and other business highlights. Thank you. Harrie, over to you.

接下來，哈利希珀斯將介紹帕卡零件、帕卡金融服務及其他業務亮點。謝謝。哈里，請開始吧。

Thanks, Preston. Kenworth, Peterbilt and DAF delivered 32,800 trucks in the third quarter, with truck, parts and [our] gross margins of 11.8%. Third quarter volumes and margins reflect manufacturing and efficiencies associated with limited microchip supplies. Depending on the supply of materials, fourth quarter PACCAR global truck deliveries should increase into the low 40,000s with gross margins improving to approximately 12.5%.

謝謝，普雷斯頓。肯沃斯、彼得比爾特和達夫第三季共交付了32,800輛卡車，卡車、零件和[我們]的毛利率為11.8%。第三季的銷售量和毛利率反映了微晶片供應有限帶來的生產效率提升。根據原物料供應情況，帕卡集團第四季全球卡車交付量預計將增加至4萬輛左右，毛利率也將提高至約12.5%。

Customer demand is strong, and DAF, Kenworth and Peterbilt are well positioned for sales growth and margin expansion as the new truck models are now in production, and when semiconductor and the supply issues are resolved.

客戶需求強勁，隨著新卡車車型投入生產，以及半導體和供應問題得到解決，DAF、Kenworth 和 Peterbilt 已做好充分準備，實現銷售成長和利潤擴張。

PACCAR Parts had another outstanding quarter, achieving record revenues of $1.26 billion up 24% compared to the third quarter of last year. Parts pretax profits were a record $281 million, up 34% from last year. PACCAR Parts benefited from strong freight demand and truck utilization, world-class supply chain management and logistics, and increased distribution capacity.

PACCAR Parts 第三季業績再創新高，營收 12.6 億美元，較去年同期成長 24%。稅前利潤也創下 2.81 億美元的新高，較去年同期成長 34%。 PACCAR Parts 的業績成長得益於強勁的貨運需求和卡車利用率、世界一流的供應鏈管理和物流，以及不斷提升的配送能力。

In the first 9 months of this year, overall Parts sales increased 28% with e-commerce parts sales increasing 37%. PACCAR continues to invest in its Parts business, and is building a new distribution center in Louisville, Kentucky that will open next year. We currently expect fourth quarter Part sales to be similar to the strong third quarter.

今年前九個月，零件總銷售額成長了28%，其中電商通路銷售額成長了37%。 PACCAR持續投資零件業務，並在肯塔基州路易斯維爾新建一座配送中心，該中心將於明年投入使用。我們目前預計第四季零件銷售額將與強勁的第三季持平。

PACCAR Financial Services earned record pretax income of $120 million, reflecting strong portfolio performance, a robust used truck demand. We expect fourth quarter PACCAR Financial results to be in line with the excellent third quarter. PACCAR Financial is increasing its retail used truck center capacity worldwide, which enhances used truck margins. The latest PACCAR Financial used truck facility is under construction in Madrid, Spain. Kenworth and Peterbilt truck resale values deliver a 10% to 20% premium over competitors trucks.

PACCAR Financial Services 實現稅前利潤 1.2 億美元，創歷史新高，這主要得益於其強勁的投資組合表現和二手卡車市場的旺盛需求。我們預計 PACCAR Financial 第四季的業績將與第三季的出色表現保持一致。 PACCAR Financial 正在全球擴大其二手卡車零售中心的產能，從而提升二手卡車的利潤率。 PACCAR Financial 最新的二手卡車中心正在西班牙馬德里建設中。 Kenworth 和 Peterbilt 卡車的轉售價值比競爭對手的卡車高出 10% 至 20%。

PACCAR has invested $7.3 billion in new vehicle programs, enhanced facilities and new technologies during the past decade. This includes the investment of $1 billion for the new DAF truck range and its expanded factories. Capital expenditures for 2021 are projected to be $525 million to $550 million. Next year, we plan to invest $425 million to $475 million in capital projects as we've just completed the launch of our exciting new truck platforms.

過去十年，PACCAR已投資73億美元用於新車項目、設施升級和新技術研發。其中包括投資10億美元用於開發新的DAF卡車系列及其擴建工廠。預計2021年的資本支出為5.25億至5.5億美元。明年，我們計劃投資4.25億至4.75億美元用於資本項目，因為我們剛剛完成了令人振奮的全新卡車平台的發布。

Research and development expenses are estimated to be $320 million to $330 million this year, an increase to $350 million to $400 million next year. Next year's increased R&D spending will support our clean diesel, zero emissions, autonomous and connected truck programs. These programs, along with the strong performance of Parts and Financial Services will ensure PACCAR's ongoing success.

今年研發支出預估為3.2億至3.3億美元，明年將增加至3.5億至4億美元。明年增加的研發投入將用於支持我們的清潔柴油、零排放、自動駕駛和互聯卡車專案。這些項目，加上零件和金融服務部門的強勁表現，將確保帕卡集團的持續成功。

Thank you. We'd be pleased to answer your questions.

謝謝。我們很樂意回答您的問題。

Your first question will come from Stephen Volkmann with Jefferies.

你的第一個問題將來自傑富瑞集團的史蒂芬‧沃克曼。

I'm hoping to talk a little bit about just the kind of impact of the quarter. I guess the preannouncement that you put out a few weeks ago, you talked about 7,000 trucks that you were unable to ship. I assume that means those trucks are largely completed and awaiting whatever part would allow you to ship them. Is that correct?

我想稍微談談本季的具體影響。我記得幾週前您發布的預告中提到有7000輛卡車無法發貨。我理解這意味著這些卡車大部分已經完工，只是在等待某個必要的零件才能發貨，是這樣嗎？

So that's partially correct is what I'd say, Stephen. The way I'd look at it is through the course of the third quarter, supply-based constraints remained, that caused us to have 7,000 fewer deliveries from us. That was a combination of build rate adjustments as well as trucks that are almost complete, as you referenced them. So that's what put us in that position. So right now, with the 32,800 trucks in the third quarter, there's about 10,000 trucks offline. And that's how you match that up.

所以，史蒂芬，你說的話有一定道理。我的看法是，第三季供應方面的限制依然存在，導致我們的交付量減少了7,000輛。這既包括生產速度的調整，也包括你提到的那些幾乎已經完工的卡車。這就是我們當時處境的原因。所以，目前第三季我們擁有32800輛卡車，其中大約有10,000輛處於停駛狀態。這就是我們目前的狀況。

Okay. And then I assume as we go forward and ultimately, you will ship those trucks when the parts are available in whatever quarter that happens, then you'll have much better absorption, in fact, better-than-normal absorption, I guess, and your margin should be kind of higher than normal. Am I thinking about that right?

好的。然後我假設，隨著項目的推進，最終，當零件到位後（無論哪個季度），你們都會發貨，那麼你們的訂單吸收率會大大提高，實際上，我想會比正常情況更好，利潤率也應該比正常情況更高。我理解的對嗎？

I think about it this way, is that what we think is with the trucks that are offline, those are just missing a component or 2 or 3. And so as those trucks deliver, that's going to be good for us in terms of getting the truck to the customer that's the most important thing. And that's where our focus really was in the third quarter is to get as many trucks prepared as we could. So we'll see that improve market share positions, et cetera, around the world. We also think that as we get additional supply of semiconductors, then that will allow us to go up in build rate. And we think those things will happen concurrent with one another, so.

我是這樣想的：我們認為那些目前處於離線狀態的卡車，只是缺少一兩個或三個零件。所以，一旦這些卡車恢復生產，對我們來說就大有裨益，因為把卡車送到客戶手中才是最重要的。因此，我們在第三季的工作重點就是盡可能地準備好卡車。這樣一來，我們就能提昇在全球的市佔率等等。我們也認為，隨著半導體供應量的增加，這將使我們能夠提高生產速度。我們認為這些事情會同時發生。

But there's not a big absorption impact one way or the other from building but not shipping?

但是，建造但不運輸對吸收量沒有太大影響嗎？

No, as Preston mentioned, Steve, those trucks were largely completed in prior quarters. So that's why we incurred overhead and labor and the absorption as well. So once these trucks get delivered, we'll record the margin on the track, but not the absorption anymore.

不，正如普雷斯頓所提到的，史蒂夫，那些卡車大部分在前幾個季度就已經完成了。所以我們才產生了管理費用、人力成本和吸收成本。一旦這些卡車交付，我們會記錄利潤，但不再記錄吸收成本。

Understood. Okay. And then the final one, I'll pass it on. Just was given all of your product launches here, heavy-duty, medium-duty DAF, does that sort of imply there was more than normal start-up costs associated with these launches in the quarter?

明白了。好的。最後一個問題，我轉達一下。我剛剛看到了你們所有的新產品發布，包括重型和中型DAF卡車，這是否意味著本季度這些產品的發布啟動成本高於正常水平？

It does. Yes. In the course of the third quarter, there was more than normal start-up and that's a percentage of what was going on as well. And I think that what we're seeing now is those new 579, new T680 and medium-duty products, starting to see them on the road. And we're hearing a lot of positive feedback from our customers. So the team did a great job on those. The new DAF just went into production, and it's just fantastic.

確實如此。第三季度，新車投產數量高於往常，這也佔了整體業務量的一部分。我認為我們現在看到的是，新款 579、新款 T680 和中型卡車開始投入使用。我們也收到了很多客戶的正面回饋。所以團隊在這些方面做得非常好。新款 DAF 卡車剛投產，簡直太棒了。

Your next question will come from the line of Ann Duignan with JPMorgan.

你的下一個問題將來自摩根大通的安·杜伊尼安。

Maybe just a few. As we think about gross margins going into 2022 on the back of kind of Steve's question, I totally appreciate that you've built the trucks that are offline. You got the absorption already, so you won't get the margin when you record the sales. But as you roll into 2022, and you look at the potential for gross margins, could you talk about some of the pluses and minuses that we should contemplate when we're looking at our modeling of pricing in the backlog, inefficiencies you incurred this quarter because of start-up and our components. Yes, if you could quantify any of those, that will be helpful, so that we can think more carefully about our gross margin assumptions for 2022?

或許只需要幾個問題。考慮到史蒂夫提出的問題，讓我們來談談2022年的毛利率。我完全理解你們已經生產了那些目前處於離線狀態的卡車。你們已經完成了訂單消化，所以在記錄銷售額時不會獲得相應的利潤。但是，展望2022年，在考慮毛利率潛力時，能否談談我們在建立積壓訂單定價模型時應該考慮哪些有利因素和不利因素？本季因啟動和零件供應等原因造成的效率損失又該如何解釋？是的，如果能量化其中任何一項，都將對我們大有幫助，這樣我們才能更仔細地考慮2022年的毛利率預期。

Absolutely. So as we think about the fourth quarter, what I mentioned in the commentary is that we've started to see some good news, working with the supply base. Our teams here in purchasing materials, operations have done just a fantastic job working with suppliers, suppliers working with us. And through those strategic partnerships, we've now started to come up with either reengineered solutions or alternate chips or brokered chips that allows us to start to recover some of the trucks in the fourth quarter, and we think that will continue, it's likely to continue.

當然。展望第四季度，正如我在評論中提到的，我們已經開始看到一些好消息，這得益於我們與供應鏈的合作。我們採購和營運團隊與供應商的合作非常出色，供應商也與我們密切配合。透過這些策略合作，我們已經開始推出重新設計的解決方案、替代晶片或透過其他管道獲得的晶片，這使我們能夠在第四季度開始恢復部分卡車的供應，我們認為這種情況將會持續下去。

And then as we get into 2022, as we have steady production, which is what we'd anticipate, albeit at probably some still constrained level that will allow our margins to improve kind of to more normal high margins.

然後，隨著我們進入 2022 年，隨著生產穩定（正如我們所預期的那樣），儘管產量可能仍然處於某種受限水平，這將使我們的利潤率提高到更正常的較高水平。

Can you talk about pricing specifically for new models? Can you talk about material inflation versus some of the supply chain constraints you've had? And then, are you anticipating outproducing retail sales next year as you rebuild dealer inventories? Maybe you could just remind us what your dealer inventories were at the end of the quarter.

能否具體談談新車型的定價？能否談談材料通膨與您遇到的一些供應鏈限制之間的關係？此外，隨著經銷商庫存的重建，您是否預計明年的產量將超過零售銷售？或許您可以提醒我們一下上個季度末的經銷商庫存狀況。

Sure, Ann. First of all, we had price realization of 4% in the third quarter. And so that has matched up with the materials. We think into 2022, we should have continued price realization for these great new products. I mean, if you just think about the kind of [prolific] performance they're delivering for our customers, and we're seeing that. So that's good news for us.

當然，安。首先，我們第三季的價格實現了4%的成長。這與原物料價格相符。我們預計到2022年，這些優秀的新產品的價格將持續上漲。我的意思是，想想它們為我們的客戶帶來的卓越性能，而我們也確實看到了這一點。所以這對我們來說是個好消息。

And then as you mentioned, our inventory is about 1.4 months compared to the industry of 1.9- or 2 months, which allows us to also think that we'll build more. And really 2022 as we look at it, will be probably constrained only by supply of components, certainly true for the first half.

正如您所提到的，我們的庫存大約相當於1.4個月的供應量，而行業平均為1.9到2個月，這讓我們有理由相信我們能夠生產更多產品。展望2022年，我們預期產能瓶頸可能僅在於零件供應，至少上半年是如此。

Your next question will come from the line of David Raso with Evercore.

你的下一個問題將來自 Evercore 的 David Raso。

To continue the conversation on pricing, when you just said continued price realization, should we expect that to mean running above the 4% that you got in the third quarter and maybe try to think through how used prices, the strength there is influencing how you're thinking about pricing for '22?

繼續討論定價問題，您剛才提到價格持續上漲，我們是否應該預期價格漲幅會超過第三季度的 4%，並且或許應該考慮一下二手車價格的強勁走勢是如何影響您對 2022 年定價的思考的？

Yes. As Preston mentioned, we've increased prices on average 4% in the third quarter, David. Yes, if we look into the fourth quarter and next year, that is obviously going to continue. We're going to recover material cost increases and price for those and hopefully a little bit more in a strong market that we're in today.

是的。正如普雷斯頓所提到的，大衛，我們在第三季度平均漲價了4%。是的，展望第四季和明年，顯然漲價還會持續。我們將彌補原物料成本的上漲，並據此調整價格，希望在當前強勁的市場環境下，還能稍微提高一些價格。

And then when it comes to the supply chain improvement, is there anything that you're seeing that suggests -- it looks like the fourth quarter, there is some modest improvement. The deliveries step up significantly because the -- you have a lot of trucks that are just waiting for a few parts. But is there anything you're seeing about 1Q or 2Q where you can give us some sense of magnitude of the improvement in the supply chain? I'm not necessarily saying there's a hockey stick out there, but just a better sense if you can expand upon a little bit that comment about seeing an improving supply chain.

那麼，關於供應鏈的改善，您是否觀察到任何跡象表明——看起來第四季度情況略有改善。交付速度顯著提升，因為有很多卡車都在等待一些零件。但是，您能否就第一季或第二季的情況，大致說明一下供應鏈改善的程度？我並不是說改善幅度會呈指數級增長，只是希望您能就供應鏈改善這一點再做更詳細的說明。

Yes. I think as we look at it, it's really been just recently that we've seen a stabilization in the supply base, in the semiconductors from the work the teams are doing. And so that's the good news that we see. And in this work with our second, third, fourth tier suppliers, and we have good supply base, and they're all communicating really well with us right now, that we would expect that there'll be gradual and steady improvement rather than a hockey stick as you mentioned. How far that goes and where that bounds out at? We don't know that. We'll have to see how that looks in the course of the year, which actually could be play into a good market for next year and in a good market in the year after that. So that's the positives there.

是的。我認為，從我們目前的情況來看，半導體供應鏈的穩定性確實是最近才出現的，這要歸功於團隊的努力。這是我們看到的好消息。我們與二、三、四級供應商的合作，以及他們目前與我們良好的溝通，讓我們預計供應將逐步穩步改善，而不是像您提到的那樣爆發式增長。至於這種改善能持續多久，最終會達到什麼程度，我們目前還不得而知。我們需要觀察今年的情況發展，這或許會為明年和後年的市場帶來利多。所以，這就是正面的方面。

And then just to add on to what Harrie was talking about in price realization. One of the things that we do see with the new DAF trucks, we have over 10,000 orders for the new DAFs in Europe. And as we mentioned briefly, it's the only truck in Europe that meets the new regulations for truck design, the only truck and customers are amazingly excited about it, and it's going to make a big difference for us. So that's a positive.

然後，我想補充一下哈利剛才提到的價格實現方面的問題。我們看到，新款DAF卡車在歐洲的訂單量已經超過1萬輛。正如我們之前簡要提到的，它是歐洲唯一一款符合最新卡車設計法規的卡車，客戶對此感到非常興奮，這將對我們產生巨大的影響。所以這是一個正面的訊號。

That's helpful. So just to wrap-up on the sequential. And it feels like these low 40,000 deliveries in 4Q, even though you do have a lot of trucks partially built that enables maybe a quicker delivery than having to build from scratch, can we take the supply chain comments as base case builds increase sequentially from this fourth quarter level just as we think through the beginning of next year?

這很有幫助。那麼，就季度環比而言，我們總結一下。感覺第四季度交付量只有4萬輛左右，儘管你們有很多卡車已經部分組裝完畢，這可能比從零開始組裝更快，但我們能否將供應鏈方面的說法視為基本假設，即隨著明年年初的到來，產能會從第四季度的水平逐季增長？

See, that's our hope right now. So that's what we hope to have happen. Harrie?

你看，這就是我們現在的希望。所以，我們希望這件事能夠發生。哈里？

Yes, a lot of it will depend on the supply base, David. I think our teams have done an amazing job in redesigning modules, components to work with alternative chips and other solutions that although the semiconductor situation is still constrained. And we found some alternative solutions to keep production going with good solutions. And I think that supports our optimism a little bit.

是的，大衛，這很大程度上取決於供應鏈。我認為我們的團隊在重新設計模組和組件方面做得非常出色，使其能夠與替代晶片和其他解決方案相容，儘管半導體市場仍然面臨許多限制。我們找到了一些替代方案，以維持生產的正常運作。我認為這在某種程度上增強了我們的樂觀情緒。

I appreciate that, just because if you do that, and you run the rest of the year out that way, it looks like your deliveries are running ahead of the initial '22 industry guidances. And I guess that goes back to your comment, it looks like you'll build more than the industry sales next year. I'm just kind of trying to square that circle a little bit so. Is that the right way to think about it?

我很感激，因為如果你這樣做，並且今年餘下的時間都保持這種節奏，那麼你的交付量看起來會超過2022年行業預期。我想這又回到了你剛才的評論，看起來你明年的產量會超過行業平均。我只是想稍微理清一下這其中的邏輯。我的理解對嗎？

I think that's probably true. That's really one of the things we focused on in the course of the quarter or 2 is there's a tremendous amount of customer demand for the Kenworth, Peterbilt and DAF trucks out there. And so our focus has been around getting as many prepared for delivery as we can, building and being just shy of component to satisfy that market demand for these great trucks.

我認為這很可能是真的。在過去一兩個季度裡，我們重點關注的問題之一就是肯沃斯、彼得比爾特和達夫卡車市場需求龐大。因此，我們的工作重點是盡可能多地做好交付準備，生產並盡可能多地儲備零件，以滿足市場對這些優質卡車的需求。

Your next question will come from the line of Steven Fisher with UBS.

你的下一個問題將來自瑞銀集團的史蒂文費雪。

It seems like you would be delivering some of your backlog that you have today, you've taken orders on 2021 models, you delivering them into 2022. So I'm just curious when will your delivery switch over from '21 model years to '22 model years? And what impact will that have on pricing and margins?

看起來你們今天似乎在處理一些積壓訂單，你們已經接到了2021款車型的訂單，但要等到2022年才能交貨。所以我很好奇你們的交貨週期何時會從2021年車型過渡到2022款車型？這會對價格和利潤率產生什麼影響？

Well, as you know, every time there's a model year, there's an increase and how that works, and that will happen in the first part of 2022 and just a normal cadence.

你知道，每逢車型年更新，價格都會上漲，這是有規律的，2022 年上半年也會如此，這只是正常的節奏。

The change in model year is less relevant than the change from the old to the new models. So the new DAF, the new T680, the new 579, the new medium-duty those have a much bigger impact than the model year change this year.

車型年份的變更遠不如新舊車型之間的變化重要。因此，新款 DAF、新款 T680、新款 579 以及新款中型卡車等車型的推出，其影響遠大於今年的車型年份變更。

Okay. That's helpful. And then just a bigger picture technology question. You've talked about the ramp on the EV market over the next few years. What's your expectation on industry and PACCAR ramp on autonomous vehicles by 2025 and with this relationship with Aurora?

好的，這很有幫助。接下來我想問一個更宏觀的技術問題。您之前談到了未來幾年電動車市場的快速發展。您對產業以及PACCAR在2025年前自動駕駛汽車領域的發展有何預期？尤其是在與Aurora的合作下？

Well, we're in this test right now with FedEx and Aurora hauling freight. It's the first time we've been participating in an actual freight-hauling exercise. We've got lots of trucks running around, different autonomous start-ups, and that's going well. But it's pretty early days. And I think that making a prediction for how quick that market is going to develop is going to depend on how robust the technology becomes, and that's what we're learning about right now. So I think we should be just patient to see how quickly it develops and when it's really ready to scale.

目前我們正在與聯邦快遞和Aurora公司合作進行貨運測試。這是我們首次參與實際的貨運演練。現在有很多卡車在運行，還有不同的自動駕駛新創公司參與其中，一切進展順利。但這還處於早期階段。我認為，預測這個市場的發展速度取決於技術的成熟度，而這正是我們目前正在了解的。所以，我認為我們應該耐心等待，看看它的發展速度以及何時才能真正實現規模化應用。

Your next question will come from the line of Joel Tiss from BMO.

你的下一個問題將來自 BMO 的 Joel Tiss。

I just wondered, I'm following up on the end of Stephen's question here. What kind of barriers do you think are out there for (technical difficulty) more like the insurance side or is it from the DOT or it just having enough aerodynamic models out there, like just some of the things you guys have launched?

我只是想問一下，我是在接上Stephen的問題。您認為在技術方面有哪些障礙？例如保險方面，還是交通部方面，又或者只是缺乏足夠的空氣動力學模型，就像你們推出的一些產品一樣？

Joel, we had a really hard time hearing you there. You didn't come through very clear. Could you try the question again?

喬爾，我們剛才聽不太清楚你說話。你的聲音不太清楚。你能再問一次嗎？

Yes. Sorry, we just moved to a new office. Anyway, what the -- what you're seeing is sort of like the roadblocks to having at technology adopt by 2025? Is it (technical difficulty) DOT or (technical difficulty)

是的。抱歉，我們剛搬到新辦公室。總之，你看到的這些——你看到的是不是阻礙某項技術在2025年之前普及應用的障礙？是（技術難題）DOT還是（技術難題）？

I think I got the gist of your question is the roadblocks for implementation 2025 on autonomy. And I would say that the technology is incredibly involved. And so if you think about the edge cases that exist, that's what's being sorted out right now. Most of the operation can be done running down the highway. But now it's about the edge cases of those unique boundary conditions. So we're working through those.

我想我理解了你問題的要點，你問的是2025年實現自動駕駛會遇到哪些障礙。我想說的是，這項技術極為複雜。所以，如果你想想那些存在的特殊情況，那就是我們目前正在努力解決的問題。大部分操作都可以在高速公路上完成。但現在的問題是那些特殊邊界條件下的極端情況。所以我們正在努力解決這些問題。

The other part of it is we're developing a proprietary PACCAR autonomous vehicle platform, which has all the redundancies involved in it, which is -- should be ready in the next couple of years here, and that will be a huge advantage for PACCAR in working with companies like Aurora, like our partner, Aurora because it will let us have this really robust platform to build upon.

另一方面，我們正在開發PACCAR專有的自動駕駛汽車平台，該平台具有所有必要的冗餘設計，應該會在未來幾年內準備就緒，這將為PACCAR與Aurora等公司（例如我們的合作夥伴Aurora）合作帶來巨大的優勢，因為它將使我們擁有一個非常強大的平台來建立未來。

And then we think probably the things that cause it to be constrained for '25 or again technology. There'll be a societal element to it as well and then company adoption. So I think it will start with certain lanes and evolve from there.

然後我們認為，可能限制其在2025年發展的因素還有技術。此外，社會因素和企業採納也會影響其發展。所以我認為它會從某些特定領域開始，然後逐步發展。

All right. I'm going to try one more question. I'd like to ask a little bit more instead of about the quarter, I want to ask like on a 3- to 5-year basis, the structure of the margins. Do you think like all these different (technical difficulty) for autonomous and electric vehicles and everything else you're working on and plus new product, is enough to really drive your margins to new record levels. Or do you think that there might be some need to use some of your balance sheet to buy something or to expand into something that could really drive those margins to a new higher level?

好的。我再問一個問題。我想問的不是本季的情況，而是未來3到5年的發展趨勢，也就是利潤率的結構。您認為自動駕駛汽車、電動車以及您正在研發的其他產品所面臨的各種技術挑戰，是否足以將利潤率推向新的歷史新高？或者您認為是否需要動用部分資產負債表資金進行收購或拓展業務，從而真正將利潤率推向更高的水平？

Yes. Joel, I absolutely believe that the new products, the autonomy that connected the electrification, those efforts that we have on will drive our margins to very, very high levels. And I think then there is just other opportunities incremental to that. So the future looks very good.

是的，喬爾，我絕對相信，我們正在研發的新產品，以及將電氣化與自動駕駛技術相結合的種種努力，將會把我們的利潤率推向非常高的水平。而且我認為，除此之外，還有其他一些潛在的成長機會。所以，未來一片光明。

Your next question will come from the line of Rob Wertheimer from Melius Research.

你的下一個問題將來自 Melius Research 的 Rob Wertheimer。

Just a couple of questions on, you mentioned some of the supply chain things getting better. I'm a little bit curious on whether semis are the only real hold up, maybe that's not, maybe that's too optimistic way to phrase it. Whether you're just kind of outhustling, I don't know if you're reprogramming like Tesla did or finding new sources, and how long you sort of have some certainty on that? And then more generally, when do you see the whole situation with semis getting better? Is that visible to you yet from your conversation with suppliers?

關於供應鏈，我還有幾個問題。您提到供應鏈方面的情況有所改善。我有點好奇，半掛卡車是唯一的瓶頸？或許並非如此，也許我的說法過於樂觀了。您是正在加緊努力，還是像特斯拉那樣進行技術革新，或是尋找新的供應商？您覺得這種情況能持續多久？更廣泛地說，您認為半掛卡車的整體狀況何時才能改善？從您與供應商的溝通來看，目前是否已經看到了改善的跡象？

Well, I think it's a matter of degree. I think our teams are doing, as I mentioned before, it's worth mentioning are doing a fantastic job of hustling as you put it. They are reengineering different chips. They're taking places where maybe 2 chips were required and reengineering them into require only one chip. We're working with the semiconductor manufacturers themselves in our second, third, fourth tier to come up with good solutions that are robust and high quality. So the team has done a fantastic job on that.

嗯，我認為這只是程度問題。正如我之前提到的，我們的團隊確實做得非常出色，正如你所說，他們非常努力。他們正在重新設計不同的晶片。他們把原本可能需要兩個晶片的功能，重新設計成只需要一個晶片就能完成。我們正在與二、三、四級半導體製造商合作，共同開發出穩定可靠、高品質的解決方案。所以，團隊在這方面做得非常好。

And I think that's why we're starting to see this improvement. Hats off to all their efforts.

我認為這就是我們開始看到這種改善的原因。向他們所有人的努力致敬。

And I would say that we see, again, a gradual improvement over time as far as the final conclusion of it. I think it's going to take some time. So gains next year are positive for us. And then that again, that might make it for a very strong 2022, and lead to a strong 2023.

我認為，就最終結果而言，我們再次看到情況隨著時間的推移而逐步改善。我認為這需要一些時間。因此，明年的收益對我們來說是正面的。而且，這可能會使2022年非常強勁，並為2023年的強勁成長奠定基礎。

Okay, perfect. And then if I could also do a bigger picture one. I mean just early experience on your -- with your customers on electric and hydrogen. When do you think those orders sort of start to convert to from, what I assume is, testing orders to volume?

好的，太好了。那如果可以的話，我還想問一個更宏觀的問題。我是說，關於您和客戶在電動和氫能源方面的早期經驗。您認為這些訂單什麼時候會從測試訂單（我猜是測試訂單）轉換為大量訂單？

And then, when you talk about the autonomous truck platform that you're developing for, I guess, for redundancy for sensors for everything else to go into. Assumably, that comes at an additional content/price point for you. And I wonder, if you have any thoughts on quantification? It seems like your future revenue curve is a little bit better in the past as you layer in more technology? I will stop there.

然後，您提到您正在開發的自動駕駛卡車平台，我猜是為了給其他所有設備配備冗餘感測器。想必這會增加成本吧？我想知道，您對量化這方面有什麼想法？隨著科技的不斷融合，您未來的收入曲線似乎比以前更好一些？我就說到這裡吧。

All right. Let's try to take the first one, which is on order size of EVs. We have some orders that are not in the ones anymore. We're starting to see that shift into the 10s and even 100s for some of our orders where customers are saying, " I have tried it. I've been around you guys for a little while now. I believe in what you're doing. And I think I can put 10 in operation or more."

好的。我們先來看第一個問題，關於電動車的訂單規模。我們有些訂單的規模已經超過了單輛。我們開始看到一些訂單的規模達到幾十輛甚至上百輛，客戶表示：“我試過了。我和你們合作也有一段時間了。我相信你們的理念。我覺得我可以投入10輛或更多。”

So that's kind of the transitional phase that we're in right now. Realize it's still limited by the infrastructure requirements that are around out there, so numbers of chargers and putting that together. So it's really still a return to base kind of model adoption, and it probably will be for a few years. So that's a positive thing.

所以，這就是我們目前所處的過渡階段。要知道，它仍然受到現有基礎設施的限制，例如充電樁的數量等等。因此，這實際上仍然是一種回歸基礎模式的推廣，而且這種情況可能會持續幾年。所以，這是一件好事。

We're selling our chargers. PACCAR Parts is doing a good job of that. Our teams are doing a good job working together with customers to make sure they have the balance of truck and infrastructure. So it will just continue to progress over the coming years.

我們的充電器銷售情況良好。 PACCAR Parts在這方面做得很好。我們的團隊與客戶密切合作，確保他們擁有合適的卡車和基礎設施。因此，未來幾年這一趨勢將會持續發展。

From an autonomous standpoint, yes, you're right, that autonomous vehicle platform that you mentioned will have additional componentry on it. It's a very tech solution. And PACCAR will be the leader in that area. So that will be helpful to margin. We'd expect that services will grow on autonomous vehicles, because now our dealers and their involvement will be significant as well, and it should be good for the total business.

從自動駕駛的角度來看，是的，您說得對，您提到的自動駕駛汽車平台確實會配備額外的組件。這是一個技術含量很高的解決方案。 PACCAR 將成為該領域的領導者。因此，這將有助於提高利潤率。我們預計與自動駕駛汽車相關的服務業務將會成長，因為我們的經銷商及其參與度也將顯著提高，這對整體業務發展應該會有好處。

Your next question will come from the line of Chad Dillard from Bernstein.

你的下一個問題將來自伯恩斯坦的查德·迪拉德。

So to what extent are you seeing share gains related to your new product introductions for '22 in your backlog? Maybe you could talk about, what your backlog and market share today is versus a year ago or even your current backlog market share versus shipment market share? Just trying to get a sense for to what extent you can outperform the broader industry going into '22?

那麼，您在多大程度上看到了2022年新產品上市帶來的市佔率成長？能否談談您目前的訂單積壓情況和市場份額與去年同期相比如何，或者您目前的訂單積壓市場份額與出貨市場份額相比如何？我只是想了解一下，在2022年，您能多大程度超越整個產業？

Yes. I would say that when I look at share, it's a really interesting time with the -- with build really industry build being constrained by the number of components that are out there. And what I would say is that we feel like we're in a good position right now with the share we have in Europe and North America, Brazil, Australia. And I would expect that we'll see growth in share because of the trucks that we've built and we'll be delivering. So it feels pretty positive looking forward, which would be great for the Parts business and the finance company business as we look forward.

是的。就市場佔有率而言，我認為現在正處於一個非常有趣的時期——因為整個產業的生產都受到零件供應數量的限制。我認為，目前我們在歐洲、北美、巴西和澳洲的市佔率都處於有利地位。而且，隨著我們已經生產和交付的卡車數量增加，我預計我們的市場份額將會成長。因此，展望未來，我們感到非常樂觀，這對我們的零件業務和金融公司業務來說都是利好消息。

And the new truck models on top of that will support market share growth as well.

此外，新卡車車型的推出也將有助於市場份額的成長。

Great point, Harrie.

說得對，哈里。

Great. And then just on my calculations, it looks like you have about 140 basis point gap between actual gross margin this quarter. And I was just hoping maybe you could kind of breakdown that shortfall, so we can just model it as we go into '22. How much comes from just like absorption versus price cost versus logistics? That would be great.

好的。根據我的計算，本季實際毛利率與預期毛利率之間大約有140個基點的差距。我希望您能詳細分析這個差距，以便我們在2022年進行建模分析。其中有多少是吸收成本造成的，有多少是價格成本造成的，還有多少是物流成本造成的？如果能提供這些資訊就太好了。

I'm sorry, Chad, I don't recognize the numbers that you just quoted.

抱歉，查德，我不認識你剛才提到的那些數字。

Okay. So I'm just looking at -- yes, I'm just looking at the margins that you did -- the gross margins that you did, compared to that to what you would do if you got your typical 20% incrementals and I got kind of like 140 basis points gap. So that's what I'm trying to bridge between?

好的。所以我現在在看——是的，我剛才在看你們的毛利率——也就是你們的毛利率，然後跟你們通常20%的增幅對應的毛利率做個比較，結果發現我們之間有大約140個基點的差距。這就是我想弄清楚的差距嗎？

Yes. Our incremental margins typically have been in that 15% to 20% range, and nothing has changed about the company-wide that wouldn't continue to occur going forward. And like we said, we expect margins to improve in the fourth quarter to 12.5%. And as we work through the semiconductor issues and with the new truck models in place, margins should improve significantly going into next year.

是的。我們的增量利潤率通常在15%到20%之間，公司整體情況沒有任何變化，未來也會持續維持這種水準。正如我們所說，我們預計第四季利潤率將提升至12.5%。隨著半導體問題的解決以及新卡車的投入使用，明年利潤率應該會顯著提高。

Yes. I'd just add to what Harrie says, probably more factors affecting margin than just typical. So it makes it more complicated, right? We mentioned the new product introductions, the supply issues and the dynamics of that factoring into it and obviously, pricing factoring in. So it's -- but it does look really good with the new trucks. And as we get stability, we feel like the gains will be significant, the incrementals will be significant.

是的。我只想補充一下哈里說的，影響利潤率的因素可能比一般情況要多。所以情況就更複雜了，對吧？我們提到了新產品的推出、供應問題以及這些因素帶來的動態變化，當然還有價格因素。所以——但新卡車的前景確實非常樂觀。隨著業務的穩定，我們相信利潤成長將會非常顯著，增量收益也會非常可觀。

Your next question will come from the line of Jerry Revich from Goldman Sachs.

你的下一個問題將出自高盛的傑瑞·雷維奇之口。

I'm wondering if you could just talk about the zero-emissions vehicles. So last quarter, I think you had mentioned to date orders of 450. Can you just give us an update on where that stands now? And if you could just give us a flavor for what the regional mix looks like, what the mix versus medium and heavy-duty looks like, if you don't mind.

我想請您談談零排放車輛的情況。上個季度，您提到迄今為止訂單量為450輛。能否更新一下目前的訂單狀況？另外，如果您不介意的話，能否簡單介紹一下各地區的訂單組成，以及中型和重型車輛的訂單比例？

Sure. The orders continue to grow, and I would suggest that as I mentioned a little bit earlier, they're coming in now, I'd say, initially, it came in, in the 1s. Now they're coming in more like in the 10s and even in the 100s, we've had some orders for. From a standpoint of where they are geographically, it's mixed. I mean Europe is seeing order intake for the trucks and build for the trucks and delivery to the customer, same in North America. It's medium-duty and heavy-duty split. The key probably point to all of it is that it's return to base applications.

當然。訂單持續增長，正如我之前提到的，訂單量正在迅速增加。最初，訂單量只有幾輛，現在已經達到幾十輛，甚至數百輛。從地域分佈來看，情況比較複雜。歐洲和北美都在接收卡車訂單，包括生產和交付給客戶。訂單類型分為中型和重型。所有這些訂單的關鍵可能在於，它們都是回歸基礎應用領域。

So whether heavy-duty or medium duty, the adoption is going to be urban areas where people are coming back and can plug into a charger at night. That's what we see the initial start to that. And I think as we've articulated before, we expect that orders and build will be in the 100s in the coming year or 2, and then transition to the thousands pretty quickly in the 2- to 3 years, let's say.

所以無論是重型還是中型充電器，其普及都將首先體現在城市地區，因為人們晚上會回到家，方便充電。這就是我們最初看到的趨勢。正如我們之前所說，我們預計未來一兩年訂單量和產量將達到數百台，然後在未來兩到三年內迅速增長到數千台。

Terrific. And then on the new product lineup across the board, can you just talk about what proportion. Can you talk about what proportion of your production you expect to come from the new models in the fourth quarter? And what's that mix ramp-up looks like as we head into 2022? And if you are willing to quantify, you deliver labor hours reductions on new models typically. I'm wondering if you're willing to quantify what that looks like here?

太好了。接下來，關於新產品線，您能否談談整體情況？您預計第四季新車型的產量佔比是多少？到2022年，產品組合的增產計畫又是怎樣的？如果您願意的話，我想了解一下，通常情況下，新車型的研發會減少工時。請問能否具體說明一下？

So I would say that in North America for the new trucks, that they will become a majority of the trucks in the fourth quarter. And in Europe, we just launched this month for the new DAF and so it will be a minority of the trucks. And as we head into the next year, then it will grow into being roughly half of the trucks. And Harrie, you got detail on the DAF builds for next year?

所以我認為，在北美，新卡車將在第四季度佔據卡車市場的大多數。而在歐洲，我們本月剛推出新款DAF卡車，因此它目前只佔卡車市場的一小部分。但隨著我們進入明年，它將增長到大約一半的市場份額。哈里，你了解明年DAF卡車的產量嗎？

No. Well in this year, approximately 30% of our heavy trucks being to new model, and January will be similar. And then, I would say, as of March, it should be 50% and continue to grow from there.

不。今年，我們重型卡車的新車型比例約為30%，1月的情況也差不多。然後，我估計到3月份，這個比例應該會達到50%，而且之後還會繼續成長。

And then to the second part of your question, where you're thinking about the benefits of the truck? The trucks are amazing as far as how they build. We got to get you guys over to the factories in Belgium and the Netherlands because it's just a beautiful factory and the trucks are performing in terms of their fuel economy and their driver comforts and conveniences and how they work and safety features and their level 2 autonomous capability. So all of that together is a great benefit to the customers, and that's why it will be impactful to our margins.

接下來回答您問題的第二部分，也就是您認為卡車有哪些優勢？這些卡車的製造工藝非常出色。我們一定要帶你們去比利時和荷蘭的工廠參觀，因為那裡的工廠環境優美，而且這些卡車在燃油經濟性、駕駛員舒適性和便利性、性能、安全特性以及L2級自動駕駛能力等方面都表現優異。所有這些優勢加起來對客戶來說都是巨大的好處，因此也會對我們的利潤產生正面影響。

Invitation accepted. And on the autonomous trials, not just FedEx, but what you've done across the board, can you just talk about the benefits that you're finding in terms of fuel economy improvements, accident avoidance, outside of the potential elimination of labor longer term. Can you just talk about the -- and quantify the other benefits that you're seeing in the trials?

邀請已接受。關於自動駕駛試驗，不僅是聯邦快遞，而是你們在所有領域所做的試驗，能否談談你們在燃油經濟性提升、避免事故等方面發現的益處，以及從長遠來看可能減少的勞動力成本？能否談談－並量化你們在試驗中觀察到的其他益處？

Yes, I think that's the real, part of the real opportunity of this is as these trucks become mature, then they will be very safe, and it will bring an efficiency to freight that's a huge impact to the country and world. And so we're looking forward to being leaders with that effort, and are in that position right now.

是的，我認為這才是真正的機會。隨著這些卡車技術的成熟，它們將非常安全，並能顯著提高貨運效率，這對國家乃至世界都將產生巨大的影響。因此，我們期待在這方面發揮領導作用，而我們目前也正處於這一地位。

So we'll continue to progress that. I think it's hard to quantify those values, but you can intuitively understand how it can be safer and more efficient and good for the operating environment.

所以我們會繼續推進這項工作。我認為這些價值很難量化，但你可以憑直覺理解它如何能更安全、更有效率，並且有利於營運環境。

Your next question will come from the line of Ross Gilardi from Bank of America.

你的下一個問題將來自美國銀行的羅斯·吉拉迪。

I was just wondering if you could comment on the capital spending outlook for next year. I mean, it's down by almost to $100 million. And I'm just a little surprised by that given the trend of the outlook and all the production constraints and so forth. And just what are your latest thoughts on incremental vertical integration it might pursue given the supply chain situation?

我想請您談談明年的資本支出前景。我的意思是，它下降了近1億美元。考慮到目前的趨勢以及生產方面的種種限制等等，我對此感到有些意外。另外，鑑於目前的供應鏈狀況，您對公司可能採取的漸進式垂直整合有何最新看法？

No big changes in vertical integration, Ross. But we did just complete the launch of the biggest product renewal programs in the history of the company with the new DAF, the new medium duties, the new T680 and the new 579. So we're now in that phase, that you see R&D go up a little bit more as we focus our efforts to autonomous, electrification, connectivity, those kind of technologies. And in that phase, there's just more R&D going on and capital spending will come later.

羅斯，垂直整合方面沒有太大變化。但我們剛完成了公司史上規模最大的產品更新計劃，包括推出新款DAF卡車、新款中型卡車、新款T680卡車和新款579卡車。所以，我們現在正處於研發投入略有增加的階段，因為我們將重點放在自動駕駛、電氣化、互聯互通等技術領域。在這個階段，研發投入會更多，資本支出則會在稍後進行。

Okay. Got it. And then could you talk a little bit more about Europe? I mean, I'm surprised your demand outlook for next year is barely up. And it just seems like a lot of backlog just globally is getting pushed out further and further. So why is the demand outlook not up that much next year? Are you seeing any areas of softness? Or are you just taking a conservative approach out of the gate?

好的，明白了。那您能再多談談歐洲的情況嗎？我的意思是，我對你們明年的需求預期幾乎沒有成長感到驚訝。而且看起來全球積壓的訂單越來越多，交貨期也一再被延後。那麼，為什麼明年的需求預期成長幅度不大呢？你們是否看到了某些疲軟的領域？還是說你們一開始就採取了比較保守的策略？

Ross, let me take a swing at that, and maybe Harrie will add something into it is, I'd say that it's not a demand feature. I'd say demand is extremely strong right now. Our order backlog is very good, and it's really a supply issue still that has us throttling the market. So our market size assumptions are based upon assumptions of what we can get supplied.

羅斯，讓我試著說說我的看法，哈利或許會補充一些內容。我認為這並非需求上的問題。我認為目前的需求非常強勁。我們的訂單儲備充足，真正的問題仍然是供應不足，導致我們不得不限制市場供應。因此，我們對市場規模的預估是基於我們所能獲得的供應量。

And a range of 260,000 to 300,000 at the high end of that range. A 300,000 truck market for Europe, that's a pretty good market, Ross. So let's not forget that.

高端市場需求量在26萬到30萬輛之間。羅斯，歐洲30萬輛的卡車市場規模相當可觀，我們不能忽略這一點。

Oh, for sure. I'm not debating that Harrie, it's just, it's a -- you're coming off a year with pretty significant constraints where you're still playing a lot of catch-up. Maybe that's more of a production comment than it is retail sales comment. But that's why I was asking.

哦，當然。我不是質疑哈里，只是──你剛經歷了一年的種種限制，現在還在努力追趕。也許這更多的是在評論生產情況，而不是零售情況。所以我才問這個問題。

And then just lastly, can you just talk about unions at all? I mean, what percentage of your production workforce globally is unionized these days? And do you have any union contract negotiations coming up. Obviously, that's topical these days around the industry. So I haven't asked that in a while.

最後，您能談談工會嗎？我的意思是，目前貴公司全球生產員工中工會成員的比例是多少？貴公司近期是否有與工會的合約談判？顯然，這在業界是目前的熱門話題。我已經有一段時間沒問這個問題了。

Sure. Very small percentage of our team in North America is unionized and we have great relationship with them, and those are actually quite positive ways of working with each other. In Europe, it's a union environment.

當然。我們在北美團隊中只有極少數人加入了工會，我們和他們關係很好，這種合作方式非常正面。在歐洲，工會氛圍很濃厚。

Yes. But same thing, excellent relationships with the unions.

是的。但同樣，我們與工會保持著良好的關係。

It's Yes, it's a green. One of the things as we travel around in this dynamic environment and go out and meeting the floor with people. It's a great place to work. And we have some fantastic people, and I couldn't be more proud and humbled to get to work with all of them.

是的，這裡是綠色環保的。在這個充滿活力的環境中，我們四處走訪，與各部門人員交流，其中一件重要的事情就是：這裡是一個很棒的工作場所。我們擁有一些非常優秀的人才，能夠與他們共事，我感到無比自豪和榮幸。

Your next question will come from the line of Jamie Cook from Credit Suisse.

你的下一個問題將來自瑞士信貸的傑米庫克。

I guess 2 questions. One, obviously, the Parts performance this quarter was very strong. I guess it will be throughout the whole year. Do you think there's an opportunity for you guys to outgrow the market on the Parts side? And then I'm just wondering on the margin front, what you're seeing on pricing for Parts? And is there an opportunity for gross margins in Parts to move structurally higher with share, with scale and as some of these investments sort of wear off? And then just my follow-up question is just, can you just remind me what you said about production in the fourth in North America versus Europe?

我想問兩個問題。第一，很明顯，本季零件業務表現非常強勁，我估計全年都會保持這種勢頭。您認為你們在零件業務方面有機會超越市場平均嗎？第二，我想了解利潤率方面的情況，您對零件的定價有何看法？隨著市場佔有率和規模的成長，以及部分投資逐漸退出市場，零件業務的毛利率是否有可能出現結構性提升？最後，我還有一個後續問題，您能否再跟我說一下您之前提到的北美和歐洲第四季的生產情況？

So on the Parts business, Jamie, I would suggest that our teams are doing a fantastic job applying technology. Again, part of our digital transformation is the team at Parts is really leading it and getting data from trucks, from customers, from the dealers and synthesizing that into value-added services. So just talk to our performance there. I think that leads to growth in the business by all of them. And I think that does present margin opportunities for us in the future as we look out. So great job for all of them in that area.

傑米，關於零件業務，我認為我們的團隊在技術應用方面做得非常出色。再次強調，我們數位轉型的一部分，正是由零件團隊引領的，他們從卡車、客戶和經銷商收集數據，並將這些數據整合為增值服務。所以，請談談我們在這領域的表現。我認為這促進了所有業務的成長。而且我認為，展望未來，這確實為我們帶來了利潤成長的機會。所以，他們在這領域做得非常棒。

And then as far as the split of Europe and North America, your second part of your question, I'd say that we'd expect growth in both markets. And you just have to remember that in the fourth quarter, we'll see more build days in Europe than we had in the third quarter, right, just by holiday schedules and shutdowns. So you'll probably see increases at a higher degree in Europe.

至於您問題的第二部分，即歐洲和北美市場的比例，我認為這兩個市場都會成長。您需要記住的是，由於假日和停工的影響，第四季度歐洲的施工天數將比第三季度更多。因此，歐洲的成長幅度可能會更大。

Okay. And sorry, just on Parts, can you talk about what you're seeing from the pricing front? I know you talked about 4% price. I think that was specific to truck.

好的。不好意思，就零件方面，您能談談價格方面的狀況嗎？我知道您提到4%的價格漲幅。我想那應該是針對卡車的。

Yes. Parts has been a little bit higher even than 4%. I would think it's 6%...

是的。零件價格甚至略高於4%。我估計是6%…

It's about 5%.

大約是5%。

5% in the third quarter, Jamie.

傑米，第三季成長了5%。

Your next question will come from the line of Nicole DeBlase from Deutsche Bank.

你的下一個問題將來自德意志銀行的妮可·德布萊斯。

We've been through a lot here, but I guess we haven't really talked a whole lot about South America. And I noticed that you guys did take up your full year '21 guidance for the market there. So I would love to hear what's going on in South America?

我們這裡討論了很多，但我想我們似乎還沒有真正深入探討過南美市場。我注意到你們已經發布了2021年全年南美市場的業績指引。所以我很想了解一下南美洲市場目前的狀況。

You bet. We did take the market up a little bit there. What we've seen in South America is our dealers are doing a fantastic job down there. We have the new DAF that we introduced last year. Customers are in love with that truck. It's performing at the top of the mark. So our premium reputation is established in South America and Brazil. We've grown in the Andean region as well. And so South America is a strong point for PACCAR, and we've had the strategy to grow there and it's been successful.

當然。我們的確在南美洲市場取得了一些進展。我們在南美洲看到的是，我們的經銷商在那裡做得非常出色。我們去年推出了新款DAF卡車，顧客對這款卡車讚不絕口，它的性能也達到了頂尖水準。因此，我們在南美和巴西的高端品牌聲譽已經確立。我們在安第斯地區的業務也取得了成長。所以，南美洲是PACCAR的優勢市場，我們制定了在南美洲發展壯大的策略，並且取得了成功。

Got it. And when we think about like how you guys are booking orders into 2022, I guess, how far out are you booking orders at this point? And I know that that's probably like a bit of a flux with what's going on with the supply chain? And how does that compare to what's normal at this point in the year?

明白了。說到你們2022年的訂單安排，我想問的是，你們目前的訂單安排是提前多久？我知道考慮到供應鏈的現狀，這可能有點波動。那麼，與往年同期相比，現在的安排如何呢？

Well, I don't -- normal is a funny word, but I would say that in a strong market, which is what I would treat this as a very strong market, we're likely to have significant order backlog, a few months of order backlog. We have every bit of that and more.

嗯，我不這麼認為——「正常」這個詞有點奇怪，但我想說的是，在強勁的市場中（我認為現在的市場非常強勁），我們很可能會出現大量的訂單積壓，積壓時間可能長達幾個月。而我們現在的情況完全符合這個標準，甚至更糟。

And so we're working with the customers now as we fill in the 2022 market. But obviously, it's going to be, as we said before, constrained by the number of parts we get. So we'll see improvement, and we're trying to make sure we get all the customers, the trucks that they want.

所以，我們現在正與客戶合作，努力填補2022年的市場空缺。但顯然，正如我們之前所說，這將受到零件供應數量的限制。因此，我們會看到情況有所改善，我們正在努力確保所有客戶都能買到他們想要的卡車。

Your next question will come from the line of Tim Thein from Citigroup.

你的下一個問題將來自花旗集團的提姆泰恩。

The first question was just on the Parts business. And just thinking from a high level as to the growth potential in '22. You talked earlier about the potential for truck sales potentially to run ahead of retail, just as you potentially see some dealer stocking. Is there a -- do you think there's a similar potential on the Parts side? And I just say that we're just seeing and hearing more about certain parts being tight from dealers. So is there a potential for sort of a restock in '22, do you think?

第一個問題是關於零件業務的。我想從宏觀角度談談2022年的成長潛力。您之前提到卡車銷量可能會超過零售銷量，就像一些經銷商可能會囤貨一樣。您認為零件方面是否存在類似的潛力？我看到和聽到越來越多的經銷商反映某些零件供應緊張。您認為2022年是否會出現補貨的情況？

I think the way I think about that is that there's tons of freight volume out there, and people are running their trucks fully right now. And so because there's a constraint on new trucks industry-wide, it's meaning that the repairs are going up on the trucks are existing. And so that's also creating great opportunity for the Parts market, and that seems likely to continue into next year.

我認為，目前貨運量龐大，卡車幾乎都在滿載運轉。由於整個產業新卡車供應受限，現有卡車的維修需求也隨之增加。這為零部件市場創造了巨大的機遇，而且這種情況很可能會持續到明年。

Okay. So I actually could potentially go the other way. If you do start to see new truck supply ease up, maybe that tempers the growth in Parts a bit?

好的。其實我的看法可能恰恰相反。如果新卡車的供應開始放緩，也許會稍微抑制零件價格的成長？

Yes, but I wouldn't look like (inaudible).

是的，但我看起來不會像（聽不清楚）。

Yes. Okay. All right. And then just on the Financial Services. I mean, just such a big quarter from a -- on a margin percentage basis. Is there anything, Harrie, that we should think about a lot that runs through that and that we can't necessarily see on the face of the release in terms of gains on used sales or changes from the operating lease assumptions or anything more or I guess, onetime in nature that just as we think about a similar profitability in the fourth quarter, is that fair all else equal, if we had a similar strong truck market with strong residuals? Can we kind of run rate that into '22? Or is there, again, just something we should think about that potentially impacts the back half of this year that may not recur next year?

是的。好的。好的。然後我們來談談金融服務。我的意思是，就利潤率而言，這是一個非常大的季度。哈里，有沒有什麼貫穿其中、我們無法從財報中直接看出的因素，例如二手車銷售的成長、經營租賃假設的變化，或是其他一些一次性因素？就像我們假設第四季度獲利能力與此類似一樣，在其他條件相同的情況下，如果卡車市場同樣強勁，殘值也很高，那麼我們能否將這種獲利能力推算到2022年？或者，還有什麼其他因素可能會影響今年下半年，但明年可能不會再出現？

Yes. Tim, the finance company has had a stellar quarter. The portfolio is of excellent quality. Customers continue to pay on time. Past dues were less than 0.5%. And on top of that, we see strong demand for used trucks. We -- all the investments we've made in the used truck centers over the years. We get the dividends out of that now. And you see that back in that strong profitability, $120 million, a record for the finance company.

是的，提姆，金融公司本季業績非常出色。投資組合品質極佳，客戶持續按時付款，逾期率低於0.5%。此外，我們看到二手卡車需求強勁。多年來，我們對二手卡車中心的所有投資現在都開始產生回報。您可以看到，這些投資都體現在我們強勁的獲利能力上，高達1.2億美元，創下了金融公司的歷史新高。

And yes we expect that performance to continue, let's say, into next year. It's difficult to say what's going to happen in the second half of next year. But for the foreseeable future, in the finance company, the future is bright.

是的，我們預計這種業績表現將持續到明年。雖然很難預測明年下半年會發生什麼，但就可預見的未來而言，這家金融公司的前景一片光明。

Your next question will come from the line of Courtney Yakavonis from Morgan Stanley.

你的下一個問題將來自摩根士丹利的 Courtney Yakavonis。

If we could just talk a little bit about R&D. I know you mentioned the step-up that's going to support clean diesel and some of the autonomous programs as well as the connected truck platform. Historically, you've talked about obviously investing mostly in the diesel. You've done your new truck launches. Just curious if the buckets for R&D have changed over time. And also, as we think about the investments that you're making in autonomous versus clean diesel, anything that you can just help guide us as to where the increase is primarily coming from and how it compares to the breakdown in prior years?

我們能否稍微談談研發方面的問題？我知道您曾提到將加大對清潔柴油、部分自動駕駛項目以及連網卡車平台的投入。過去，您也提到主要投資於柴油領域。您也推出了新款卡車。我只是好奇研發投入的分配是否會隨著時間而有所改變。另外，考慮到您在自動駕駛和清潔柴油方面的投資，您能否解釋一下，這些增長主要來自哪些方面，以及與往年相比有何不同？

Sure. Let me take a swing at that for you, and then Harrie, maybe has something to add. I would say that there is a shift going on. We have a lot of great diesel programs coming along. When you think about 2024 emissions, 2027 emissions, our team did a great job of meeting that with clean diesel. So that's continuing as that will likely the dominant powertrain offering for the next 5 to 10 years, at least.

當然。我先試著說說我的看法，然後哈利或許會補充一些內容。我認為目前情況正在轉變。我們有很多優秀的柴油專案正在推進中。考慮到2024年和2027年的排放標準，我們的團隊在清潔柴油方面做得非常出色，成功達到了目標。因此，清潔柴油很可能在未來至少5到10年內繼續成為主流動力系統。

And then I would suggest that beyond that, we have put more money into the electric vehicle programs as we develop our own capabilities there and develop our own software solutions and control algorithms, and same with autonomous with the autonomous vehicle platform and then the investments we're making in connected services and this digital transformation so that we're providing value to customers in those areas. All of those are the -- are the shifts that are ongoing right now. As Harrie said, we've just completed the best launch of new trucks we've had in our history. And so that foundation is built, and we're moving to other areas.

此外，我想指出的是，我們已加大對電動車專案的投入，以提升自身在該領域的技術能力，開發自主軟體解決方案和控制演算法。自動駕駛領域也是如此，我們致力於打造自動駕駛汽車平台，並增加對連網服務和數位轉型的投資，進而為客戶創造價值。所有這些都是目前正在進行的轉變。正如哈利所說，我們剛剛完成了該公司歷史上最成功的新卡車發布。基礎已經打好，我們正在朝著其他領域邁進。

Great. That's helpful. And then just a little bit more on the 4Q margin comments. Can you just help us understand, I know you made the comments about absorption. But just in terms of the additional availability via reengineered chips and some of the brokered chips, any guidelines you can give us and just how much more expensive those are versus procuring them through normal channels just when we're thinking about the margin impact that would have to 4Q versus thinking about 2022 when things normalize a little more?

太好了，這很有幫助。關於第四季利潤率的評論，您能否再補充一點？我知道您提到了吸收率的問題，但就透過重新設計的晶片和一些經紀晶片增加的供應量而言，您能否提供一些指導，例如這些晶片的成本比透過正常管道採購高出多少？我們考慮的是，這會對第四季的利潤率產生怎樣的影響，以及2022年市場更加正常化之後，這些影響又會如何？

Yes. Courtney, of course, those alternative chips can be more expensive and often are more expensive but it doesn't have a material impact on our gross margin percentages for now.

是的。考特尼，當然，那些替代晶片可能更貴，而且通常也更貴，但目前來說，這對我們的毛利率沒有實質影響。

Your next question will come from the line of Matt Elkott from Cowen.

你的下一個問題將來自 Cowen 公司的 Matt Elkott。

So you guys are doing a good deal on the autonomy front and a good deal on electrification. Can you talk about, if you see an overlap of the 2 technologies as a growth area, electric autonomous trucks? And if there are any manufacturing processes advantages to try and to merge the 2 technologies or limitations?

你們在自動駕駛和電氣化方面都取得了顯著進展。能否談談你們是否認為這兩種技術存在交叉融合的成長點，例如電動自動駕駛卡車？將這兩種技術融合在製造流程方面是否有優勢或限制？

I wouldn't think of them quite as linked like that. I think that initially, autonomy is going to have a great role to play when it becomes commercialized in the long haul market principally to begin with. And that isn't something that lends up well to battery electric vehicles. It might with hydrogen fuel cell, which is one of the other technologies we're leading in. So I think that we look at them as developing in parallel. They will merge at some point, but I don't think that they have to be linked like that.

我不認為它們之間有如此緊密的聯繫。我認為，最初，自動駕駛技術將在長途運輸市場商業化後發揮重要作用。而電池電動車在這方面並不佔優勢。氫燃料電池或許可以，這是我們領先的另一項技術。所以我認為，我們應該將它們視為並行發展。它們最終會融合，但我認為它們不必像現在這樣緊密相連。

Got it. And then my second question is on the cycle. I know the base case scenario here, our assumption is that supply chain disruptions will ease slowly and gradually. But if they ease more quickly, somewhat abruptly, are you guys able to ramp up production on a sequential basis next year? Maybe like a step function material increase if the chip shortages are out of the way?

明白了。我的第二個問題是關於生產週期的。我知道基本情況是，我們假設供應鏈中斷會緩慢且逐步地緩解。但如果緩解得更快，甚至有些突然，你們明年能否逐步提高產量？如果晶片短缺問題解決了，你們能否像階梯式成長那樣提高原料產量？

Matt, indeed, we could. We prepared ourselves for it. We have great operations teams, and we would be prepared for that step up.

馬特，沒錯，我們完全可以。我們已經為此做好了準備。我們擁有優秀的營運團隊，我們完全有能力應對這項挑戰。

Next question will come from the line of Jeff Kauffman from Vertical Research.

下一個問題將來自 Vertical Research 的 Jeff Kauffman。

Congratulations in a tough environment. I almost feel bad coming back to autonomous, but I think it's just such an interesting opportunity. So I'd love to ask you 2 questions on this. Number one, is there going to be any ability for you to utilize the platform across markets, so let's say, Europe, where is the thermometer on autonomy out there and what's going on?

在如此艱難的環境下，恭喜你取得這樣的成績。說實話，我有點不好意思重返自動駕駛領域，但我覺得這確實是一個非常棒的機會。所以我想就此問你兩個問題。第一，你們的平台是否有可能跨市場應用？比如說，在歐洲，自動駕駛技術的發展現況如何？

And then the second question, you kind of answered a little bit, but you're building a platform for it. So it's not something you're dabbling in. I mean this is something you believe in and you're going to commit to. What have you learned so far, whether it's the way the trucks were, or whether what things maybe are you learning that you didn't expect in terms of fuel economy? I know it's early stage in this early innings, but I'm just kind of curious because you're one of the few companies that's really being proactive in terms of building a platform and testing vehicles.

至於第二個問題，您已經略有提及，但您正在為此建立一個平台。所以這不是您淺嚐輒止的事情，而是您真心相信並會全力投入的事業。到目前為止，您有哪些心得體會？無論是卡車本身的特性，還是在燃油經濟性方面，您是否發現了一些意想不到的方面？我知道現在還處於早期階段，但我還是很好奇，因為貴公司是少數幾家真正積極主動地搭建平台並測試車輛的公司之一。

You bet. Let me try to take both those questions for you. As far as platform, this autonomous vehicle platform, we're building indeed, it does have application across markets, across brands. So we are investing in the knowledge centers and software capabilities that develop a vehicle as well as the hardware systems on board of the trucks. So that those integrate well with the autonomous driver with companies like Aurora that are creating the driver itself integrates well to our platform and then our platform could be used with another autonomous driver as well.

當然。讓我來回答這兩個問題。關於平台，我們正在建構的這個自動駕駛汽車平台確實可以跨市場、跨品牌應用。因此，我們正在投資知識中心和軟體開發能力，用於開發車輛以及卡車上的硬體系統。這樣，這些系統就能與自動駕駛系統完美整合。像Aurora這樣的公司開發的自動駕駛系統本身也能很好地整合到我們的平台中，而且我們的平台還可以與其他自動駕駛系統配合使用。

So that's why we're making those big investments. I would also kind of continue to say that the lessons learned are that the drivers are going to be around for a long time, but this is not something that will step in, in 3 years and displace drivers. This is a gradual introduction, it will be certain routes. It will take weather conditions, and those will slowly get sorted out.

所以這就是我們進行這些巨額投資的原因。我也想繼續強調，我們從中學到的經驗是，駕駛者會長期從事這項工作，但這並非三年內就能取代駕駛人的方案。這是一個循序漸進的過程，會先在特定路線上實施。這需要考慮天氣狀況，而這些問題會逐步解決。

So I would say that the other key learning is that the support required for an autonomous vehicle is pretty high and having a strong global presence like PACCAR does help success occur for autonomous vehicle operations because you need a good dealer network. You need to be able to understand what's happening onboard the vehicle through connected services and you be able to reach out and get to that truck and work with our customers to make sure that they're operating well and then repair the truck when something happens. So it really is, autonomy is a great opportunity for PACCAR to grow in the world.

所以我認為另一個關鍵的經驗是，自動駕駛汽車所需的支援力度相當大，而像PACCAR這樣擁有強大的全球影響力的公司確實有助於自動駕駛汽車營運的成功，因為你需要一個完善的經銷商網路。你需要能夠透過互聯服務了解車輛的運作狀況，並且能夠聯繫到車輛，與客戶合作，確保車輛運作良好，並在出現問題時進行維修。因此，自動駕駛確實為PACCAR在全球範圍內的發展提供了絕佳的機會。

Your next question will come from the line of Felix Boeschen from Raymond James.

你的下一個問題將來自 Raymond James 的 Felix Boeschen。

I just wanted to follow-up on the comments on the Parts business. Clearly, the backdrop just from an industry-wide truck utilization standpoint is obviously very favorable today and probably for the foreseeable future. But I'm just curious if you could talk through some of the company-specific drivers in that business and really the sustainability of those through cycles even if, say, the truck market were to loosen. I'm trying to think through MX engine parts, the e-commerce business, TRP and the new distribution center? And any sort of quantification on those would be helpful.

我想就零件業務的評論做個後續說明。顯然，從整個產業的卡車利用率來看，目前的情況非常有利，而且在可預見的未來可能也會如此。但我很好奇，您能否談談該業務中一些公司特有的驅動因素，以及這些因素在周期性波動中的可持續性，即使例如卡車市場出現疲軟。我正在思考MX引擎零件、電子商務業務、TRP以及新的配送中心等問題。任何相關的量化分析都將不勝感激。

Yes. You made great comments. To answer your question, those are all exactly right. I mean the TRP growth is strong. We are seeing continued strong growth, 37% in the e-commerce business. So that's fantastic. The engine business parts are growing as well. And then I really think we need to make sure we emphasize the fact that through the digital transformation that the Parts team has embarked on in knowing how to connect with the customer, with the dealer, and then meet those needs. Our Parts team is doing a fantastic job of doing that, and that's what kind of grows the business in the longer term. So really positive things to look forward to.

是的，您的評論非常精彩。回答您的問題，您說的完全正確。我的意思是，TRP的成長非常強勁。我們看到電子商務業務持續強勁成長，增幅高達37%。這真是太棒了。引擎零件業務也在成長。而且，我認為我們真的需要強調一點，那就是零件團隊透過數位轉型，更好地與客戶和經銷商建立聯繫，並滿足他們的需求。我們的零件團隊在這方面做得非常出色，而這正是推動業務長期成長的關鍵所在。所以，未來一片光明。

Got it. And then just quickly on the margins, they've obviously been strong. I'm curious if there's anything in those numbers from a supply chain headwind perspective? Or have you been sort of isolated or covering your costs with that? Just to penetrate, I think to the puts and takes as we head into 2022?

明白了。然後簡單來說，利潤率顯然很高。我很好奇，從供應鏈逆風的角度來看，這些數據裡面有沒有任何跡象？或者你們比較獨立，還是只是用這些利潤來彌補成本？我只是想看看，在進入2022年之前，市場行情如何？

For Parts, Felix, it's very easy to -- whenever there are cost increases to have price increases at the same time, there is no backlog for Parts. So the Parts orders that come in today, they're going to be shipped to their same day or tomorrow. So that's very easy to get pricing there in line or better than the cost increases.

菲利克斯，對於零件來說，很容易做到——只要成本上漲，價格也會隨之上漲，而且零件不會出現積壓。所以今天收到的零件訂單，當天或隔天就能出貨。因此，很容易就能把價格調整到與成本上漲幅度一致甚至更低的水平。

At this time, there are no further questions in queue. Are there any additional remarks from the company?

目前隊列中沒有其他問題。公司方面還有其他說明嗎？

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

感謝各位參與通話，也謝謝接線生。

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

女士們、先生們，PACCAR的財報電話會議到此結束。感謝各位的參與。您可以斷開連線了。