帕卡 (PCAR) 2021 Q2 法說會逐字稿

Good morning, and welcome to PACCAR's Second 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財年第二季財報電話會議。 （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 at paccar.com. I would now like to introduce Preston Feight.

今天公佈的部分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。現在，我謹向大家介紹普雷斯頓·費特。

Hello, everyone. It's good to be on the call with all of you. Harrie Schippers, Michael Barkley and I will update you on our second quarter results and business highlights. First and foremost, I appreciate our outstanding employees around the world who are providing excellent trucks and transportation solutions to our customers. I'd also like to thank PACCAR's fantastic dealers and suppliers for their support.

大家好。很高興能和大家一起參加這次電話會議。我和哈里·希珀斯、麥可·巴克利將向大家報告我們第二季的業績和業務亮點。首先，我要感謝我們遍布全球的優秀員工，他們為我們的客戶提供了卓越的卡車和運輸解決方案。同時，我也要感謝PACCAR的經銷商和供應商給予我們的大力支持。

PACCAR achieved very good quarterly revenues and net income in the second quarter of 2021. PACCAR's results reflect quarterly 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. Demand for PACCAR's premium trucks is strong. PACCAR's second quarter sales and Financial Services revenues were $5.8 billion, and second quarter net income was $493 million. PACCAR Parts achieved record quarterly revenues of $1.2 billion and record pretax profits of $266 million. PACCAR Financial achieved record pretax income of $107 million. And I'd just like to take a moment to recognize these wonderful achievements by our great team.

2021年第二季度，PACCAR的季度營收和淨利均表現優異。 PACCAR的業績反映了PACCAR零件和PACCAR金融服務業務的季度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。市場對PACCAR高級卡車的需求旺盛。 PACCAR第二季的銷售額和金融服務收入為58億美元，淨利為4.93億美元。 PACCAR零件業務的季度營收和稅前利潤均創歷史新高，分別達到12億美元和2.66億美元。 PACCAR金融服務業務的稅前利潤也創下歷史新高，達到1.07億美元。在此，我要特別感謝我們優秀的團隊所取得的這些卓越成就。

So looking at product. 2021 is the biggest year of new truck introductions in PACCAR's history. The most recent truck introduction was in June when DAF launched the XF, XG and XG+. These DAF trucks are game-changing. DAF is the first manufacturer to utilize the new European regulations allowing for a longer cab, and the regulations enabled DAF's engineers to design an aerodynamically-optimized truck that provides up to 10% greater fuel efficiency and an equal reduction in greenhouse gas emissions.

再來看產品方面。 2021年是PACCAR史上推出新卡車數量最多的一年。最近一次新車發布是在6月份，DAF推出了XF、XG和XG+三款車型。這些DAF卡車具有顛覆性意義。 DAF是第一個採用歐洲新規（允許加長駕駛室）的製造商，該法規使DAF的工程師能夠設計出空氣動力學優化的卡車，燃油效率提高高達10%，溫室氣體排放量也相應減少。

Technology enhancements include a new powertrain, new digital mirrors, digital dash displays and a full suite of advanced driver assistance systems. The new models provide drivers a new level of luxury and comfort. And there is great customer excitement for the new trucks and this is being reflected in strong orders. Production start is in October.

技術升級包括全新的動力系統、全新的數位後視鏡、數位儀錶板以及一整套先進的駕駛輔助系統。新車型為駕駛者帶來更高水準的豪華感和舒適性。顧客對新款卡車充滿期待，強勁的訂單量也印證了這一點。新車將於10月開始生產。

The next-generation Peterbilt 579 and Kenworth T680 began production in May. These new trucks feature enhanced aerodynamics and powertrains that deliver up to 7% higher fuel efficiency, industry-leading LED headlights, advanced driver assistance systems and a state-of-the-art interior with a configurable digital display. So in addition to launching the new Class 8 trucks, this month, Kenworth and Peterbilt began production of their new medium-duty truck lineup. These vehicles have an 8-inch wider cab, best-in-class visibility for enhanced safety and a premium interior with configurable dash displays. The new medium-duty trucks feature the PACCAR 8-speed automatic transmission. And we're seeing excellent customer demand for these new Peterbilt and Kenworth vehicles.

新一代 Peterbilt 579 和 Kenworth T680 於五月開始投產。這些新卡車擁有優化的空氣動力學設計和動力系統，燃油效率提升高達 7%，配備業界領先的 LED 頭燈、先進的駕駛輔助系統以及帶有可配置數位顯示器的尖端內飾。除了推出新款 8 級卡車外，Kenworth 和 Peterbilt 本月也開始生產其新款中型卡車系列。這些車輛的駕駛室加寬了 8 英寸，擁有同級別最佳的視野，從而提升了安全性，並配備了帶有可配置儀表板顯示器的高級內飾。新款中型卡車搭載了 PACCAR 8 速自排變速箱。我們看到市場對這些新款 Peterbilt 和 Kenworth 卡車的需求非常強勁。

PACCAR's industry-leading zero-emissions battery electric trucks are now in production with 60 vehicles in customer operations in Europe and North America. And we've received orders for over 450 battery electric trucks and are working closely with our customers and our dealers as we move forward with these exciting zero emissions product offerings.

PACCAR 業界領先的零排放純電動卡車現已投產，歐洲和北美已有 60 輛交付客戶使用。我們已收到超過 450 輛純電動卡車的訂單，並正與客戶和經銷商緊密合作，推動這些令人振奮的零排放產品。

During the second quarter, PACCAR enhanced its autonomous truck development partnership with Aurora by becoming a minority investor in their planned public offering. The PACCAR-Aurora partnership continues to make progress in developing a Level 4 autonomous solution.

第二季度，PACCAR透過參與Aurora的首次公開募股計劃，成為其少數股東，進一步深化了雙方在自動駕駛卡車開發方面的合作關係。 PACCAR與Aurora的合作在開發L4級自動駕駛解決方案方面持續取得進展。

Now looking at the truck markets. U.S. and Canada Class 8 industry retail sales are estimated to be in a range of 260,000 to 280,000 vehicles. Kenworth and Peterbilt market share was 29.4% in the first half. In Europe, truck industry registrations in the above 16-tonne market are estimated to be in a range of 270,000 to 290,000 vehicles, and DAF's year-to-date market share is 15.7%. The South American above 16-tonne market is projected to be in the range of 100,000 to 110,000 trucks. And DAF Brazil's above 16-tonne market share through June was 5.7%.

現在來看卡車市場。美國和加拿大8級卡車零售銷售量預計在26萬至28萬輛之間。肯沃斯和彼得比爾特上半年的市佔率為29.4%。在歐洲，16噸以上卡車的註冊量預計在27萬至29萬輛之間，達夫今年迄今的市佔率為15.7%。南美洲16噸以上卡車市場預計在10萬至11萬輛之間。截至6月份，達夫巴西16噸以上卡車的市佔率為5.7%。

As has been discussed in recent months, industry truck production has been tempered by the undersupply of semiconductor chips. Kenworth, Peterbilt and DAF had a good quarter and delivered 40,100 trucks with an additional 6,500 awaiting key components. While it's very dynamic, we currently anticipate supplier constraints improving towards the end of this year.

正如近幾個月來所討論的，半導體晶片供應不足抑制了卡車行業的生產。肯沃斯、彼得比爾特和達夫本季表現良好，共交付了40100輛卡車，另有6500輛卡車正在等待關鍵零件。儘管情況瞬息萬變，但我們目前預計供應商的供應限制將在今年年底前有所改善。

PACCAR continues to advance its industry-leading environmental focus with our products and in our factories. PACCAR is committed to achieving science-based carbon reduction targets, and PACCAR continues to receive high rankings for its environmental leadership.

帕卡集團持續推進其在產品和工廠中保持行業領先的環保理念。帕卡集團致力於實現基於科學的碳減排目標，並因其卓越的環保領導力而屢獲殊榮。

These are really exciting times for PACCAR as we create our future. And Harrie Schippers will now provide an update on PACCAR Parts, PACCAR Financial Services and other business highlights. Thank you. Harrie?

對於帕卡集團而言，這是一個令人興奮的時刻，我們正在共同創造未來。接下來，哈利希珀斯將為大家介紹帕卡零件、帕卡金融服務以及其他業務亮點。謝謝。哈里？

Thanks, Preston. PACCAR Parts had another outstanding quarter, achieving record revenues of $1.2 billion compared to $823 million for the second quarter of last year. Parts pretax profits were a record $266 million compared to $152 million in the same period last year. Parts gross margins were a robust 28.2%. PACCAR Parts benefited from strong freight demand and truck utilization, investments in e-commerce technology and distribution capacity, strategically located PDCs, reduced delivery times and increased customer uptime.

謝謝，普雷斯頓。 PACCAR Parts 又迎來了一個出色的季度，營收達到創紀錄的 12 億美元，而去年同期為 8.23 億美元。零件業務稅前利潤也創下 2.66 億美元的新高，去年同期為 1.52 億美元。零件業務毛利率高達 28.2%。 PACCAR Parts 的業績成長得益於強勁的貨運需求和卡車利用率、對電子商務技術和配送能力的投資、策略性佈局的配送中心、更短的交貨時間和更高的客戶正常運作時間。

E-commerce parts sales increased 56% in the second quarter compared to the same quarter last year. PACCAR is continuing its investments in world-class distribution by opening a new distribution center in Louisville, Kentucky next year. We expect third quarter parts sales to be similar to the strong second quarter.

第二季度，PACCAR的電商零件銷售額年增56%。 PACCAR將繼續投資建立世界一流的分銷網絡，明年將在肯塔基州路易斯維爾開設新的分銷中心。我們預計第三季零件銷售額將與強勁的第二季持平。

PACCAR Financial Services earned record pretax income of $107 million, reflecting strong portfolio performance and robust used truck demand. We expect third quarter PACCAR Financial results to be in line with the excellent second quarter. PACCAR Financial is increasing its retail used truck center capacity worldwide, which enhances margins. A new PACCAR Financial used truck facility is under construction in Madrid, Spain.

PACCAR Financial Services 實現稅前利潤 1.07 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 第三季的業績將與第二季的出色表現一致。 PACCAR Financial 正在全球擴大其二手卡車零售中心的產能，從而提升利潤率。位於西班牙馬德里的一家新的 PACCAR Financial 二手卡車中心正在建設中。

Kenworth and Peterbilt truck resale values commanded 10% to 20% premium over competitors' trucks. 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 expanded factories. Capital expenditures for the year are projected to be $550 million to $600 million, and research and development expenses are estimated to be $340 million to $360 million.

肯沃斯和彼得比爾特卡車的轉售價格比競爭對手的卡車高出10%至20%。過去十年，帕卡集團已投資73億美元用於新車型項目、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達夫卡車系列和擴建工廠。預計本年度資本支出為5.5億至6億美元，研發費用預估為3.4億至3.6億美元。

PACCAR is investing in zero emissions and ultra-clean diesel powertrains, advanced driver assistance and autonomous driving systems, connected vehicle services and enhanced production and distribution facilities.

PACCAR 正在投資零排放和超清潔柴油動力系統、先進的駕駛輔助和自動駕駛系統、連網汽車服務以及改進的生產和分銷設施。

Second quarter Truck, Parts and Other gross margins were 13.5%. Customer demand is strong and DAF, Kenworth and Peterbilt are sold out for the year. Depending on the supply of materials, third quarter global truck production and gross margins could be similar to the second quarter.

第二季卡車、零件及其他業務的毛利率為13.5%。客戶需求強勁，DAF、Kenworth和Peterbilt的年訂單已全部售罄。第三季全球卡車產量和毛利率可能與第二季持平，具體取決於原物料供應。

The recently introduced DAF, Kenworth and Peterbilt truck models provide PACCAR the newest and most exciting product lineup in company history. These new trucks will support our customers, dealers and our success in the coming years. Thank you. We'd be pleased to answer your questions.

近期推出的 DAF、Kenworth 和 Peterbilt 卡車車型，為 PACCAR 帶來了該公司歷史上最新、最令人振奮的產品陣容。這些新卡車將在未來幾年為我們的客戶、經銷商以及公司本身的成功提供支援。謝謝。我們很樂意回答您的問題。

Operator?

操作員？

(Operator Instructions) Your first question will come from Jerry Revich with Goldman Sachs.

（操作員說明）您的第一個問題將來自高盛的傑裡·雷維奇。

I'm wondering if you could just talk about -- with the new product lineup that you have rolled out globally. Do you have a higher proportion of common platforms and core components in the platform today compared to what we would have been looking at under prior generation products? And if you could just talk about the implications of product development going forward, given the timing overlap of the product rollouts globally this year?

我想請您談談貴公司在全球推出的新產品線。與上一代產品相比，現今的平台中通用平台和核心組件的比例是否更高？鑑於今年全球產品發佈時間有重疊，您能否談談這對未來產品開發的影響？

Jerry, that is a fun question. We could talk a long time about it, but I'll keep it brief for you. Yes, we have been able to globally make sure that we're leveraging our core competencies in software development and in some of the electronics capabilities for the vehicles around the world. So between DAF, Kenworth and Peterbilt, we take the best approaches and apply them, and that shows up in the way some of the vehicle functionality is, which is just, I got to tell you, is really fun.

傑瑞，這個問題很有趣。我們可以就此聊很久，但我還是長話短說吧。是的，我們已經在全球範圍內確保充分利用我們在軟體開發和部分電子技術方面的核心競爭力，為世界各地的車輛提供服務。因此，在 DAF、Kenworth 和 Peterbilt 之間，我們採用最佳方案並加以應用，這體現在車輛的某些功能上，說實話，這真的很棒。

I was able to drive the new DAF a few weeks ago, I was over in Europe and the truck is amazing. And I think, obviously, I'm subjectively biased, but we had a bunch of our dealers in it and they got to see it and everybody is just thrilled with it. So we're seeing just a beautiful new truck there in Europe and the same can be said for the trucks in North America.

幾週前我有機會試駕了新款DAF卡車，當時我在歐洲，這輛卡車真是太棒了。當然，我的評價可能帶有主觀色彩，但我們當時也邀請了一些經銷商試駕，他們都對這輛卡車讚不絕口。所以，我們在歐洲看到了這款漂亮的全新卡車，北美地區的卡車也是如此。

We are -- there's more commonality between the Kenworth and the Peterbilt in terms of the chassis design there, so we use best practices to make sure we provide the best ride and capabilities. And those trucks are equally just fantastic to be in. So yes, we're using our best practices and getting global leverage as we do our designs.

肯沃斯和彼得比爾特在底盤設計方面有很多共同點，所以我們採用最佳實踐來確保提供最佳的駕駛體驗和性能。而且這些卡車的駕駛感受也同樣出色。所以，是的，我們在設計過程中運用了最佳實踐並充分利用了全球資源。

Terrific. And then you're off to strong bookings for your electric vehicles. I'm wondering if you could just talk about over what time frame do you plan to produce the electric vehicles that you spoke about in backlog? And can you just quantify to what extent you've been successful in layering on charging stations and other expanded services? Is there a revenue number associated with the unit number that you might be willing to share with us?

太棒了！看來你們的電動車訂單量非常強勁。我想問一下，你們計劃在多長時間內完成之前提到的積壓訂單中的電動車生產？另外，你們在建造充電站和其他擴展服務方面取得了多大的成功？能否分享一下與銷售量相關的營收數據？

Well, I would say that the orders are coming in. I mean, so the 450 is just a moment in time. We're getting new orders every day. We had a good order from Amazon yesterday, a couple of days ago in Europe for battery electric vehicles that we've used in the U.K. So we're getting this around the world, and they'll be built as the orders come in. Some of the orders are multiyear. They could take a few years because there's high quantities.

嗯，我覺得訂單正在源源不絕地湧來。我的意思是，450輛的產量只是暫時的。我們每天都在收到新訂單。昨天我們收到了亞馬遜的一筆大訂單，前幾天在歐洲也收到了一筆訂單，是一些我們在英國使用過的純電動車。所以我們的產品銷往世界各地，我們會依照訂單情況來生產。有些訂單是多年期的，可能需要幾年時間才能完成，因為數量很大。

But we anticipate the market just continuing to evolve, grow over the years. So it starts in the hundreds, as we've shared before, and we see it moving to the thousands as that happens. And our team at PACCAR Parts is doing a great job of rolling out charging stations and being supportive to our customers and our dealers with the infrastructure needs that they have.

但我們預期市場將持續發展壯大。正如我們之前所說，初期規模可能只有幾百個，但隨著時間的推移，我們預計會達到數千個。 PACCAR Parts 的團隊在推廣充電站方面做得非常出色，他們積極支援客戶和經銷商滿足其基礎設施需求。

So we've taken a holistic approach there and see these as good opportunities for PACCAR to grow its business beyond just the provision of product there.

因此，我們採取了整體方法，並將這些視為 PACCAR 在當地拓展業務（而不僅僅是提供產品）的良好機會。

Okay. And lastly, Harrie, you spoke about expectations for similar production and gross margins in the third quarter. Can you talk about how you expect the supply chain to look into the fourth quarter? What are you hearing from the supply base that far out? Do you think our inventory of uncompleted trucks declines as we go through the year?

好的。最後，哈里，你之前提到預計第三季產量和毛利率將與上季持平。你能談談你對第四季供應鏈的預期嗎？你從供應商那裡了解到的情況如何？你認為隨著時間的推移，我們未完成卡車的庫存會下降嗎？

Like we said, Jerry, there's a lot of uncertainty around the supply base. And the deliveries in the third quarter and beyond, a lot of that will depend on the ability of the supply base to deliver, especially in the semiconductor area.

正如我們之前所說，傑瑞，供應鏈存在著許多不確定因素。第三季及以後的交付情況，很大程度取決於供應鏈的交付能力，尤其是在半導體領域。

Your next question will come from Ann Duignan with JPMorgan.

下一個問題將來自摩根大通的安·杜伊尼安。

If you could expand on those last comments a little bit, I think we'd appreciate it, the puts and takes on the gross margin going into Q3. Seasonally, Q3 will be weaker than Q2 just on plant shutdowns, et cetera, in Europe. However, you've got all this inventory built, and should you be able to receive components, perhaps deliveries are higher, though we don't get the absorption because they're already built.

如果您能就最後那幾句話再詳細解釋一下，我們會非常感激的，特別是關於第三季毛利率的預測。從季節性因素來看，由於歐洲工廠停工等原因，第三季業績會比第二季弱。但是，你們已經建立了大量的庫存，如果能夠收到零件，交貨量可能會更高，儘管我們無法完全消化這些新增需求，因為它們已經存在庫存了。

So I'm trying to really understand the puts and takes because you seemed kind of hesitant when you said that gross margins and performance might be similar in Q3 to Q2. So please expand on that in any way, shape or form that you can.

所以，我正在努力理解你的觀點，因為你在說第三季的毛利率和業績可能與第二季相似時，似乎有些猶豫。所以，請你盡可能詳細地解釋一下。

Sure, Ann. Happy to take a swing at that for you. You understand the market really well and we have excellent demand. As we said, we're sold out through the year in all our markets. So with this great demand, great market need for trucks around the world really, customers are looking for trucks as quick as they can get them. And we're building them as quick as we can get them.

當然可以，安。我很樂意為您效勞。您對市場非常了解，我們的需求非常旺盛。正如我們所說，我們所有市場的全年訂單都已售罄。因此，鑑於全球對卡車的巨大需求，客戶都希望盡快拿到卡車。而我們也以最快的速度生產。

And so we had a good second quarter in our deliveries at 40,000. Obviously, you can do the math. There's several thousands sitting there that are waiting a component. And as we get the components, which is unclear in the semiconductor front, we complete the trucks and get them to our customers. So wish we could give you more clarity on how that semiconductor supply is going to proceed through the third and fourth quarter, but we just don't have any more than that right now.

因此，我們第二季的交付量不錯，達到了 4 萬件。當然，您可以自己算算，還有幾千件產品在等待零件。一旦我們拿到零件（半導體領域的零件供應情況尚不明朗），我們就會組裝好卡車，然後把產品送到客戶手中。所以，我們很想就第三季和第四季的半導體供應情況提供更清晰的訊息，但目前我們只能做到這樣。

But just for clarification, when you ship those trucks after you get the semiconductor, you've already gotten the absorption of building those products. They're just sitting at the end of the line waiting for semiconductors and...

但為了澄清一下，當你拿到半導體後就發貨，那時你已經完成了產品製造的工作。它們現在只是停在生產線的末端，等待半導體到貨…

That is correct, Ann. So the -- of course, the absorption is already taken. And when we deliver and ship the truck, that's when we record the gross margin on the truck.

沒錯，安。所以——當然，成本吸收部分已經計入了。當我們交付並運送卡車時，我們才會記錄卡車的毛利。

Right, exactly. And then on the Parts and the FinCo businesses, you had given us the full year guide for Parts. You'd expected it to be up about 15% to 18%. I'm assuming with your revision today, you're calling for more like 18% to 20% now for the full year. And FinCo, you said performance would be similar in Q3 to Q2. Is there any reason to believe that FinCo couldn't continue to perform at this level into year-end also?

沒錯，正是如此。關於零件和金融業務，您之前給了零件業務的全年績效指引，預計將成長15%到18%。我猜您今天調整了預期，現在預計全年成長率會達到18%到20%。至於金融業務，您之前說過第三季的業績會與第二季持平。那麼，我們有什麼理由相信金融業務無法在年底前繼續維持目前的業績水準呢？

So the parts that we're expecting the full year to be an increase of about 20% to 22%.

因此，我們預計全年各部分的成長率將達到 20% 至 22%。

And for the Finance company, the $107 million in the second quarter was a record outstanding result. And if we look at the current market dynamics with strong used truck markets and excellent payment behavior by all our customers, strong portfolio, we expect that business to run at that level for the next quarter, and that's a pretty good run rate now.

對金融公司而言，第二季1.07億美元的業績創下歷史新高。鑑於目前二手卡車市場強勁，所有客戶的付款表現良好，以及我們穩健的資產組合，我們預計下一季業務將保持這一水平，目前的業績表現相當不錯。

It is a good run rate. I'm just trying to figure out the model. And just real -- finally, real quick, just the dealer inventories right now versus where they ought to be?

這是一個不錯的運行速度。我只是想弄清楚這個模型。最後，簡單問一下，經銷商目前的庫存量和理想庫存量相比如何？

Well, dealer inventories are limited, which will extend the market also. We have about 1.6 months of inventory at the dealers and I think that the industry is 1.9 or 2. So it's less than we'd like it to be, of course, but that does bode well for a strong, extended demand cycle.

經銷商庫存有限，這也將拉長市場供應。我們經銷商的庫存大約夠1.6個月的銷售，而我認為整個產業的平均值是1.9到2個月。當然，這比我們理想的庫存量要少，但這確實預示著強勁且持續的需求週期將會延長。

Your next question will come from Stephen Volkmann with Jefferies.

下一個問題將來自傑富瑞集團的史蒂芬‧沃克曼。

So a couple of quick ones. Preston, your industry commentary, does that factor in the supply chain issues and that's kind of your best guess? Or is that more of a number that would be kind of a high side and then supplier issues might cause it to be lower than that?

那麼，幾個簡單的問題。普雷斯頓，你對產業的評論是否考慮到了供應鏈問題，這只是你的最佳估計嗎？或者說，這只是一個相對較高的數字，供應商問題可能會導致實際數字低於這個數字？

I would say that we tried to factor in everything into those numbers so that 260,000 to 280,000 in North America, the reason it shifts down a little bit is because of the supply side provision with the demand we have. It's really what the throttle is on the business right now.

我想說，我們試著把所有因素都考慮進這些數字裡，所以北美地區的銷售量預計在26萬到28萬之間。之所以實際銷售量略有下降，是因為供應端的供需與需求不符。這確實是目前業務發展的瓶頸所在。

Okay, super. And then with respect to all these new truck launches that you kind of went through, I guess, the bottom line question is, would -- do you expect these products to be kind of higher margin than the products that they're replacing?

好的，太好了。關於您剛才提到的所有這些新卡車的發布，我想，最關鍵的問題是，您是否預計這些產品的利潤率會比它們所取代的產品更高？

Well, we think that we set out design products that are great for our customers. And with the kind of fuel efficiency, the driver comforts, the feature capabilities that they all provide to the customers, we think they'll want to buy them and that should be good for PACCAR and good for the customers.

我們認為，我們設計的產品對客戶來說非常棒。憑藉其燃油效率、駕駛舒適性和各種功能，我們相信客戶會想要購買這些產品，這對帕卡公司和客戶來說都是好事。

All right. Maybe the final quick one. Just any commentary on pricing? I mean, I know things are sort of sold out. When do you start taking orders for '22? And is there any reason not to assume that pricing wouldn't be more robust as you start to do that?

好的。最後一個問題，關於價格有什麼看法嗎？我知道現在很多東西都賣光了。你們什麼時候開始接受2022年的訂單？如果開始接受訂單，價格會不會更有競爭力呢？

We are taking pricing for 2022. And we had -- if you just look at our -- our order intake has been very strong. And so we're seeing how that's progressing through the market and working on raw materials pricing into those models and just moving forward thoughtfully into 2022 as we take those orders. And we do expect the new trucks to be a bigger percentage of our build in the second -- or next year, and that will be good for everyone.

我們正在製定2022年的定價策略。從我們的訂單量來看，一直非常強勁。因此，我們正在密切關注市場動態，並將原物料價格納入這些車型的定價中，並根據訂單情況謹慎地推進2022年的計畫。我們預計，明年新款卡車的產量佔比將會更高，這對所有人都有好處。

Your next question will come from David Raso with Evercore.

下一個問題將來自 Evercore 公司的 David Raso。

I was thinking about pricing for the rest of the year. When you mentioned you're sold out for the rest of the year, does that speak to them pricing is pretty well set on your deliveries for the rest of the year? Or is there an ability to adjust pricing for any further shipments this year?

我正在考慮今年剩餘時間的定價。您提到今年剩餘時間的訂單都已售罄，這是否意味著今年剩餘時間的供貨價格基本上固定？還是說今年剩餘時間的訂單價格還可以調整？

So it's largely set, but I would tell you that these have been unusual times, and so we've adjusted pricing as necessary to match into raw materials pricing. And that's kind of the way we've approached the market.

所以價格基本上已經確定，但我必須說，目前情況特殊，因此我們根據原材料價格的波動情況對價格進行了必要的調整。這就是我們應對市場的方式。

Okay. So still some flexibility despite the backlog you've sort of spoken for, for the rest of the year? With limited versus historical, you wouldn't usually adjust the backlog historically?

好的。所以，儘管您之前提到過積壓的工作，但今年剩餘時間仍然有一定的彈性嗎？考慮到工作量有限和歷史數據，您通常不會根據歷史數據來調整積壓工作量吧？

Yes. What I would say is we're working really closely with the customers to get them the trucks they need as quickly as we can. And I think they understand -- we understand that, that's taking extra efforts right now and so we're applying those efforts.

是的。我想說的是，我們正在與客戶緊密合作，盡快為他們提供所需的卡車。我認為他們也理解——我們也理解——這需要額外的努力，所以我們正在全力以赴。

And when it comes to the 6,500 red-tagged trucks waiting for a component, of those, do you expect those to ship, a large majority of those would ship in the third quarter? Or because that's the greatest pinch point when we think about, say, potentially flat deliveries 2Q to 3Q, they might not include a lot of those 6,500. I think we're all just trying to get a feel for some of the overhead absorption issues with shipping already built trucks or not in the near term.

至於那6500輛貼著紅色標籤等待零件的卡車，您預計其中大部分會在第三季出貨嗎？還是因為考慮到第二季到第三季交付量可能持平，而第三季恰恰是交付瓶頸所在，所以這6,500輛卡車中可能大部分都不會在第三季出貨？我想我們都只是想了解一下，在短期內，已組裝好的卡車是否需要出貨，會對成本分攤造成哪些影響。

Yes. I would tell you that there's a constant dynamic there. We've had some trucks that we built minus component, and we received a batch of components for those and have shipped those out, only to find ourselves in different circumstances with like a Malaysia COVID outbreak, which then causes a constraint of a different component. So it's pretty dynamic and hard to really talk about which trucks ship when by quarter.

是的。我可以告訴你，這方面一直有動態變化。我們曾經生產過一些卡車，但缺少一些零件。後來我們收到了一批零件，並把這些卡車寄了出去，結果又遇到了新的情況，例如馬來西亞爆發了新冠疫情，導致另一個零件的供應也受到了限制。所以情況非常複雜，很難按季度準確預測哪些卡車會在什麼時候發貨。

your next question will come from Nicole DeBlase with Deutsche Bank.

下一個問題將來自德意志銀行的妮可·德布萊斯。

Maybe just a clarification on the third quarter production guidance. So have you guys -- do you plan on taking your usual plant shutdown seasonally in Europe? And I'm just trying to think through like Q-on-Q production by region.

關於第三季產量預期，我想請教一下。你們是否計劃像往常一樣在歐洲進行季節性停產？我只是想了解一下各地區的季度產量狀況。

So we do plan to take our European shutdown. In fact, we're in the midst of it now.

所以我們確實計劃在歐洲停工。事實上，我們現在正處於停工期間。

It started this week.

這件事從本週開始。

And I don't know if there's anything else you want to add to thinking about regionally.

我不知道你還有什麼想補充的關於區域性方面的內容。

No.

不。

I don't think there's any other regional vagaries that I'd add into it.

我想不出還有什麼其他地區性的特殊情況需要補充進去。

Okay. So Europe's down Q-on-Q then and maybe the other 2 regions up a little bit Q-on-Q to compensate for that to get you to flat overall?

好的。所以歐洲經濟環比下降，而其他兩個地區可能環比略有增長以彌補這一損失，從而使整體經濟持平？

I would say it's really more about which components we get when and that's really what's driving those deliveries by region.

我認為，真正起作用的是我們何時獲得哪些組件，這才是推動各地區交付量的真正因素。

Okay. Okay. Understood. And then maybe just to elaborate a little bit on David's point. So if you think about the pricing that you guys realized in the quarter, which I know we'll all see when the 10-Q is filed, but did you have a pinch at the margin line from price cost? And what is the expectation for how that progresses into 3Q?

好的，好的，明白了。然後我想就David的觀點再補充一點。想想你們本季的定價，我知道等10-Q報告出來後大家都會看到，但是價格成本是否對利潤率造成了影響？你們預計第三季情況會如何？

So when you see the 10-Q, Nicole, you'll see that pricing was up 2% to 3% compared to last year. And then, of course, that resulted in margin improvement compared to last year. But if you look at it more on a sequential basis, then I would say that we've been able to increase prices to cover cost increases. And I think that's what gives us the margins as we know them in the second quarter, and that's a similar assumption if we look at the third quarter.

妮可，當你查看10-Q報告時，你會發現價格比去年上漲了2%到3%。當然，這帶來了利潤率的提升。但如果從環比來看，我認為我們提價是為了彌補成本上漲。我認為這就是我們第二季利潤率達到目前水準的原因，第三季的情況也類似。

Got it, okay. That's really helpful. And then I'll just squeeze one more in. Could you just comment a little bit on what you're seeing with respect to used truck pricing, like the magnitude of the growth?

明白了，好的。這真的很有幫助。那我再補充一個問題。能否簡單談談您觀察到的二手卡車價格狀況，例如價格上漲的幅度？

Well, I mean, it's grown quite a bit. Obviously, in the year-over-year in North America, it's grown in the 40-something percent; in Europe, it's grown double digits also. And so we've had great growth in our used truck pricing. There's a limited supply of used trucks. I mean, obviously, the PACCAR products command a premium in that space and it's an even more precious premium right now. So we think that as long as supply is limited, then there will be a good opportunity for our team selling used trucks, getting customers the ability to move freight.

嗯，我的意思是，成長確實相當顯著。顯然，北美地區的年成長率達到了40%以上；歐洲的年成長率也達到了兩位數。因此，我們的二手卡車價格也實現了大幅成長。二手卡車的供應量有限。我的意思是，很明顯，PACCAR的產品在這個領域享有溢價，而且現在這種溢價更加珍貴。所以我們認為，只要供應有限，我們的團隊在銷售二手卡車方面就有很多機會，可以幫助客戶解決貨運難題。

Your next question will come from Joel Tiss with BMO.

下一個問題將來自BMO的Joel Tiss。

Is this automated cab factory in Europe, is that a new template for what you can do around the world? Or is that more just building on what you already have in place in terms of the footprint?

這家位於歐洲的自動化駕駛室工廠，是你們在全球推廣的新範本嗎？還是僅僅在你們現有規模的基礎上進行擴展？

Well, Joel, it really is a new approach. It's an evolutionary approach but it's a new approach. The factory is amazing. We hope to get you over there soon to be able to see it. We were just there a few weeks ago and all I can say is wow.

喬爾，這確實是一種全新的方法。雖然是一種漸進式的方法，但它確實是一種全新的方法。工廠太棒了。我們希望盡快安排你去參觀。我們幾週前剛去過，我只能說，哇！

When you look at the level of robotics that we've applied to bring the highest degrees of quality and capability in putting those trucks together, it's really a fantastic state-of-the-art factory and it brings a new level of, I'd say, competence into our manufacturing operations.

當你看到我們應用機器人技術來組裝這些卡車，從而達到最高品質和能力水平時，你會發現這真是一座非常棒的現代化工廠，它為我們的製造業務帶來了新的能力水平。

And I think what everyone is asking and I'm wondering, too, can you give us some of the pieces to raise your kind of structural incremental margins? They've been kind of stuck in this 12% to 14% range for a while.

我想大家都在問，我也想知道的是，您能否透露一些提高結構性增量利潤率的措施？你們的增量利潤率已經徘徊在 12% 到 14% 之間一段時間了。

And I just wondered, everyone keeps asking, maybe it's electric, maybe it's automation, maybe it's pricing? Can you give us a little sense of maybe just some of the things you're thinking about internally that could structurally push those margins higher in the next 5 years?

我一直在想，大家都在問，也許是電力驅動，也許是自動化，也許是定價？您能否簡單介紹一下，您公司內部正在考慮哪些因素，才能在未來五年內從結構上提高利潤率？

Yes, sure. Happy to. You look at the Parts business, and again, that team is just doing a fantastic job and the focus there is to continue growing. And they're able to do that because they really think about what the customers' needs are and what the dealers' needs are. So they're putting systems in place that enable a really world-class delivery of parts in same-day more and more frequently. And so that's an area of growth opportunity as we look at it.

當然可以，我很樂意。你看零件業務，那個團隊做得非常出色，他們的目標是持續成長。他們之所以能做到這一點，是因為他們真正用心思考客戶和經銷商的需求。因此，他們正在建立一套系統，以越來越頻繁地實現世界一流的零件當日送達服務。所以，在我們看來，這是一個充滿成長機會的領域。

The Finance company is a great foundational growth opportunity for us as well. The new trucks would be really remiss to not talk about how the new trucks are going to help to grow the business over time. You mentioned other things like alternative powertrains, zero-emissions vehicles. That's a great opportunity for PACCAR where we're already putting ourselves in a leadership position in terms of order intake.

這家金融公司對我們來說也是一個絕佳的基礎性成長機會。談到新卡車，如果不談談它們將如何幫助公司業務長期發展，那就太失職了。您還提到了其他方面，例如替代動力系統和零排放車輛。這對帕卡來說是一個絕佳的機會，我們在訂單量方面已經佔據了領先地位。

And so that -- not just the sale of the truck but the support of the trucks in the field, battery electric charging stations, battery energy management, fleet management help, those are skills that we can provide.

因此，我們不僅可以銷售卡車，還可以提供卡車現場支援、電池充電站、電池能源管理、車隊管理方面的幫助，這些都是我們可以提供的技能。

We see embedded software and connected trucks being an opportunity for growth in the future. Obviously, we have this relationship with autonomous vehicle producers and namely, Aurora. That's an opportunity as we go forward and increasing utilization of safety systems like that. So there's a whole plethora of great opportunities for PACCAR to grow as we move forward in the future.

我們認為嵌入式軟體和互聯卡車是未來發展的重要機會。顯然，我們與自動駕駛汽車製造商，特別是Aurora公司，建立了合作關係。隨著我們不斷推進並提高此類安全系統的使用率，這將為我們帶來更多機會。因此，PACCAR在未來的發展中擁有眾多絕佳的成長機會。

Your next question will come from Rob Wertheimer with Melius Research.

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

My question, I guess, I think I have 2 on electric. One is you obviously noted your 3 competitors announced an alignment on charging in Europe. And I don't know whether you could specifically comment on your thoughts on doing that with that alliance. But maybe more broadly, what is the role for an OEM in trying to prep, if any, to prep infrastructure for some of these changes that are coming and the infrastructure isn't necessarily there? I'll stop there.

我的問題，我想，關於電動車，我有兩個問題。第一個問題是，您顯然注意到您的三個競爭對手宣佈在歐洲達成充電協議。我不知道您是否可以就加入聯盟發表具體看法。但更廣泛地說，對於一家汽車製造商而言，在為即將到來的變革（而基礎設施可能尚未完全到位）做準備時，應該扮演什麼角色？我就問到這裡。

Okay. Well, that's a good line of thinking there. They did make that announcement. We are rolling out our infrastructure system. And so basically what everybody is trying to do in the all OEMs, car and truck are trying to create an infrastructure that's usable by each other and that's what theirs would be, so usable by all our products. At the same time, we're also rolling out our capabilities into the dealers and with the customers.

好的。這確實是個不錯的想法。他們確實發布了公告。我們正在推出我們的基礎設施系統。基本上，所有汽車和卡車原始設備製造商（OEM）都在努力創建一個彼此都能使用的基礎設施，而這正是他們想要實現的，也就是我們所有產品都能使用的基礎設施。同時，我們也在向經銷商和客戶推廣我們的功能。

Obviously, with each electric vehicle in the early phases, before range is unlimited. They're going to be largely used in a return to base kind of an operating style, which means when you buy a truck, you're probably looking at a charging station also, and the integration of the truck and the charging station, how those -- how that system works together is a core competency that we bring to our customers and we'll share with our customers.

顯然，在電動車發展的早期階段，續航里程尚未達到無限，它們將主要以返程序營運模式使用。這意味著，當您購買卡車時，您可能也會考慮充電站。卡車和充電站的整合，以及這套系統如何協同工作，是我們為客戶提供的核心競爭力，我們將與客戶分享這些優勢。

So we see that as kind of an avenue forward. So there's some symbiotic relationship with all the OEMs, but there's also this unique capability that PACCAR has in bringing the right battery energy management and the right kind of system to a customer.

所以我們認為這是一種前進的方向。我們與所有原始設備製造商之間存在某種互惠互利的關係，但PACCAR也擁有獨特的能力，能夠為客戶提供合適的電池能量管理和合適的系統。

That's a very helpful answer. So you're not kind of sitting passively by and letting others do this. You're involving yourselves in a different way where you think it's more valuable. Okay, that's very helpful.

這個回答很有幫助。所以你們不是袖手旁觀，任由別人去做，而是以一種你們認為更有價值的方式參與其中。好的，這很有幫助。

Yes. Exactly.

是的，沒錯。

May I ask, on your electric truck orders, are those mostly medium duty? Or is there heavy? And can you say anything about the -- you mentioned return to base. Anything about the roots or the base or the duty cycles, the vehicle configuration that is currently attracting attention? And I will stop there.

請問，你們的電動卡車訂單中，大部分是中型卡車嗎？還是也有重型卡車？關於您提到的返廠問題，可以談談嗎？例如關於車輛的根基、基地、工況循環，以及目前備受關注的車輛配置？我就說這麼多吧。

Yes, sure. The orders have been spread out. There have been medium-duty orders, been heavy-duty orders and in kind of the pickup and delivery space. And there's also been refuse kinds of trucks that we've taken good orders from.

是的，當然。訂單分佈很廣。既有中型貨車的訂單，也有重型貨車的訂單，還有各種類型的取貨和送貨訂單。此外，我們也接到了一些垃圾清運車的訂單，而且訂單量還不錯。

So again, anywhere where urban applications, where you're running 200 miles and you're coming back at night, so you have time to recharge, those are the right spots for the battery electric systems today, and we're doing that in Europe and in North America.

所以，再次強調，在城市應用場景中，例如你要跑 200 英里，晚上返回，這樣你就有時間充電，這些地方都是如今電池電動系統的理想應用場景，我們在歐洲和北美都在這樣做。

Your next question will come from Jamie Cook with Credit Suisse.

下一個問題將來自瑞士信貸的傑米庫克。

I guess a couple of questions. One, I've been -- while the truck margins are coming in a little lower because of the supply chain inefficiencies, the Parts margins have continued to progress and it seems like this year will be at a record new level. So I'm wondering if gross margin structurally in Parts can be higher and that's what we're missing and how much runway you have to go there.

我想問幾個問題。首先，雖然由於供應鏈效率低下，卡車業務的利潤率略有下降，但零件業務的利潤率卻持續成長，而且今年似乎有望創下歷史新高。所以我想知道，零件業務的毛利率是否還有提升空間，這是否就是我們目前所欠缺的，以及這方面還有多少提升空間。

And then my second question is understanding you probably don't want to talk about next year, but as you think about the order book and then some of the inefficiencies that we're seeing in 2021, do you think there's a setup for next year for incremental margins if the industry forecasts are right to potentially be better in 2022 versus in 2021?

我的第二個問題是，我知道您可能不想談論明年，但是考慮到訂單情況以及我們在 2021 年看到的一些效率低下問題，如果行業預測正確，2022 年的利潤率可能會比 2021 年更好，您認為明年是否有可能獲得更高的利潤率？

Jamie, I'll let Michael talk about the first part of it and then I'll kind of come into the second.

傑米，我先讓麥可講第一部分，然後我再來談第二部分。

The margins are benefiting from the higher volume, we get to spread that over the fixed cost base, if you will. So we get volume leverage out of the much higher volume that we're enjoying right now. And plus there has been decent pricing because there's been strong demand that's been able to at least keep pace with the cost increases that we're seeing on the raw material side.

銷售成長帶來了利潤提升，我們可以將利潤分攤到固定成本上。因此，我們目前享受著銷售大幅成長帶來的槓桿效應。此外，由於強勁的需求至少能夠跟上原材料成本上漲的步伐，因此價格也相當合理。

And then as we look at 2022, we see that as this operations can flow steadily, put it that way, then that should be a great opportunity for us as well, right? The production efficiencies return at higher levels. We expect the market will be strong next year, and that should be good for PACCAR.

展望2022年，我們認為，如果這些業務能夠穩步推進，那麼對我們來說也將是一個絕佳的機會，對吧？生產效率將恢復到更高水準。我們預計明年市場將保持強勁，對帕卡公司來說無疑是利好消息。

Okay. And then sorry, one last follow-up question. It sounds like from your prepared remarks, you guys were having good success with the automatic -- with the transmission with ZF, your new partnership there.

好的。抱歉，最後一個後續問題。從您事先準備好的發言來看，你們在自動變速箱方面——也就是與ZF的新合作關係方面——取得了不錯的進展。

So can you just give a little more color there what you're seeing on adoption rates with the ZF transmission and how you think penetration -- how to think about penetration, I guess, over the next 12 months and over the longer term with that product line?

那麼，您能否更詳細地介紹一下您觀察到的 ZF 變速箱的採用率，以及您對該產品線未來 12 個月和更長時間內的滲透率的看法？

I don't know the exact number of percentage take rates on it. I know it's been pretty high and growing as people get the experience with it. So I can't give you a numeric answer. I can just tell you that in being in the vehicle a lot and driving it and talking to customers about it, it's working really, really well, and we expect that just to continue to increase.

我不知道具體的轉換率是多少。我知道轉換率一直很高，而且隨著人們體驗的加深，轉換率還在持續成長。所以我無法給出一個具體的數字。我只能說，透過長時間駕駛這輛車，並與客戶交流，我發現它的效果非常好，我們預計轉換率還會繼續上升。

Your next question will come from Chad Dillard with Bernstein.

下一個問題將來自伯恩斯坦公司的查德·迪拉德。

So I just wanted to go back to supply chain challenges. So can you just give a little bit more color beyond semis? And can you talk about what other components are in short supply? Has the breadth of component shortage grown? And if you can, just talk about just like the month-over-month cadence. Are things -- did things get better or worse as you progressed through the second quarter?

所以我想回到供應鏈挑戰的話題。能否詳細說說半導體以外的情況？還有哪些零件供應短缺？零件短缺的範圍是否有所擴大？如果可以的話，能否談談環比情況？隨著第二季的推進，情況是好轉了還是惡化了？

Chad, I'd love to be able to give you more but we've given you just about everything we can on explaining where we're at with supply base, and that there's a degree of uncertainty that you can see in every manufacturer's report, write-ups and we have that same kind of uncertainty working through our system.

查德，我很想告訴你更多，但我們已經盡可能地向你解釋了我們目前的供應情況，以及每個製造商的報告和說明中都存在的某種程度的不確定性，而我們自己的系統中也存在同樣的不確定性。

And if I could tell you more and knew more, I would, but we're going to continue to just operate this business in a world-class fashion. And as we get the parts, we put them in the trucks and get them to the customers as quickly as we can.

如果我掌握更多信息，我會告訴你們的，但我們會繼續以世界一流的方式經營這家公司。零件一到，我們就裝上卡車，盡快送到客戶手中。

Got it. And maybe you can just give us a sense for how much less you need to spend on promotional discounting, just given the really strong environment. Are you at 50% of typical spend levels, 20%? Just trying to think through if the environment -- the demand environment remains strong, can you actually pull up a little bit more of that marketing expense?

明白了。鑑於目前強勁的市場環境，您能否大致估算促銷折扣方面的支出需要減少多少？是降到正常水準的50%還是20%？我只是想了解一下，如果市場需求持續強勁，您是否可以適當地增加一些行銷支出？

Well, we don't really have marketing expense associated with promotional discounting in the way we build the order. And I think that our products do a great job of selling themselves. And Harrie, I don't know if you can add anything else to that.

嗯，我們目前的訂單處理方式並沒有促銷折扣相關的行銷費用。而且我認為我們的產品本身就很有市場。哈里，我不知道你還有什麼要補充的。

Our sales expenses are part of our SG&A. And as you've been able to see, our SG&A has been pretty stable going from the first to the second quarter, and that's the kind of level we expect the SG&A to stay at. We've got tight cost controls, good budget discipline and we'll continue to do so.

我們的銷售費用包含在銷售、管理及行政費用（SG&A）。正如您所看到的，從第一季到第二季度，我們的SG&A費用一直保持穩定，我們預計SG&A費用將維持在這一水平。我們嚴格控製成本，嚴格執行預算，並將繼續保持這些措施。

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

下一個問題將來自美國銀行的羅斯·吉拉迪。

Have you guys disclosed how big your Aurora stake is? If it's been out in articles in your filings, I missed it, I apologize. But do you have any you could spare?

你們有披露過持有Aurora多少股份嗎？如果相關資訊在你們提交的文件裡有提到，我錯過了，抱歉。請問你們還有什麼可以透露的嗎？

No, Ross, we haven't disclosed that, this is Ken, and Aurora hasn't either. I don't think any of the pipe investors have disclosed the amount.

不，羅斯，我們沒有披露過，我是肯，奧羅拉也沒有。我認為管道項目的投資者都沒有披露過具體金額。

Our thinking around it was to make sure that we just had a strong partnership with them. And the real focus is are developing in a PACCAR-specific autonomous vehicle platform that will work with Aurora but can also work with others. And that's where our focus has been.

我們當時的想法是確保與他們建立牢固的合作關係。真正的重點是開發一個專為 PACCAR 設計的自動駕駛汽車平台，不僅能與 Aurora 相容，還能與其他平台相容。這就是我們一直以來的工作重點。

And they've turned into a great partner. We've been riding around in the autonomous trucks with them, and there's great progress being made on that -- on the development of an L4 system.

他們已經成為我們很棒的合作夥伴。我們一直和他們一起乘坐自動駕駛卡車，在L4級自動駕駛系統的研發方面取得了巨大進展。

And then sorry for another price cost question, but I'm just trying to think of this more at a high level. I mean, cost pushed aside, recognizing that you're raising prices to offset cost inflation and over time, you'll probably be successful doing that.

抱歉再問一個關於價格成本的問題，但我只是想從更高的層次思考這個問題。我的意思是，暫且不談成本，考慮到你提價是為了抵消成本上漲，從長遠來看，你這樣做很可能會成功。

Just why doesn't there seem to be more, if any, structural pricing power in the commercial vehicle industry when you have all of these new products, you have all this new technology, it creates enormous cost and productivity benefits for the fleet. You have a tight used equipment market, you're sold out.

為什麼商用車產業似乎缺乏結構性定價權？明明擁有這麼多新產品、這麼多新技術，它們能為車隊帶來巨大的成本和生產力效益。二手設備市場卻十分緊張，幾乎售罄。

Why can't the industry -- and you probably don't want to speak for the industry, let's just say, why can't PACCAR just steadily raise prices 2% to 3%, whatever the number is, every year regardless of what is happening with costs, given the amount of value that your new products are bringing?

為什麼業界——你可能不想代表業界發言，但我們不妨這樣說——鑑於你們的新產品帶來的價值，為什麼 PACCAR 不能每年穩步提價 2% 到 3%（或其他任何數字），而不管成本如何變化？

I guess you're right. We wouldn't want to talk for the industry and to tell you that we are constantly working on providing industry-leading margins and we do that. And I think our results show that and we're going to keep doing that in a good way.

我想你是對的。我們不想代表整個行業發言，但我可以肯定地說，我們一直在努力提供行業領先的利潤率，而且我們也確實做到了。我認為我們的業績證明了這一點，我們也會繼續保持這種良好的勢頭。

And as we bring out these new products, we do expect that they will provide, again, benefits to the customer and PACCAR. And that's kind of the model we work with is to stay as the best company there is.

隨著這些新產品的推出，我們期望它們能再次為客戶和帕卡公司帶來益處。而這正是我們努力的方向，力求維持業界領先地位。

But I mean, at the end of the day, I mean, is -- are you just pushing more to just take market share, grow the installed base and therefore, you see improved margins via the Parts business because you're selling more content in the aftermarket? Or there's got to be some type of strategy there.

但我的意思是，歸根結底，我的意思是——你只是為了搶佔市場份額、擴大客戶群而加大投入，從而通過售後市場銷售更多零部件來提高零部件業務的利潤率嗎？還是說這裡面一定有某種戰略？

It just seems like the focus is much more on driving volumes and share than on pricing itself. Realizing I get that you have the best margins in the industry, but it would just seem that maybe this is more of a comment than a question, and I welcome your further thoughts, just why you raise prices steadily?

感覺你們似乎更注重銷售和市場份額，而不是定價本身。我知道你們的利潤率是業界最高的，但這與其說是問題，不如說更像是一種評論。我很想聽聽你們的進一步解釋，為什麼你們要持續提價？

Yes. I think you said it, right? You said we have the best margins in the industry and we do, and we continue to work on that and we continue to grow our business around the world geographically. We continue to make these great investments, which are good for our customers. You continue to see the growth that comes along with it through the Parts business, the Finance company. I mean, PACCAR is really doing a great job and we're going to keep doing that.

是的。我想您剛才也說過，對吧？您說我們擁有業內最高的利潤率，的確如此，而且我們會繼續努力保持這一優勢，並在全球範圍內持續拓展業務。我們會繼續進行這些重要的投資，這對我們的客戶來說是件好事。您會透過零件業務和金融公司看到隨之而來的成長。我的意思是，PACCAR 真的做得非常出色，我們會繼續保持下去。

All right, Preston. Then just the last part of it, just pricing for your EVs in the broad spectrum of you got all these new entrants in the market. You got a lot of new vehicles that are coming out. You're one of the first, if not the first, but where are you on pricing relative to everyone else? And can you comment at all what do you think happens to pricing for some of your core vehicles over the next 3 to 5 years as penetration really starts to grow?

好的，普雷斯頓。最後，我想問一下你們電動車的定價策略。現在市場上湧現了許多新車型，你們是其中之一，甚至可能是第一家。那麼，你們的定價策略與其他廠商相比如何呢？隨著電動車市場滲透率的不斷提高，您認為未來3到5年你們一些核心車型的價格會如何變化？

Our margins for the EVs are kind of comparable to diesel-powered train margins, so those are looking really good. The market is obviously a market that's emerging. It's not mature so there's a lot of dynamics around battery costs continuing to come down. There's government grants and subsidies that come along with some of these projects, be they battery electric or hydrogen fuel cell.

我們的電動車利潤率與柴油動力列車的利潤率大致相當，所以前景非常樂觀。顯然，電動車市場尚處於新興階段，尚未成熟，因此電池成本持續下降仍有許多變數。此外，政府也會為部分項目提供撥款和補貼，無論是純電動車還是氫燃料電池汽車計畫。

So it's a pretty dynamic world, and our focus is on achieving high-quality margins and high-quality trucks for our customers in the zero emissions space.

所以這是一個瞬息萬變的世界，我們的重點是為零排放領域的客戶實現高品質的利潤和高品質的卡車。

Your next question will come from Felix Boeschen with Raymond James.

下一個問題將來自 Raymond James 公司的 Felix Boeschen。

I was hoping to touch on the new product launches for just a quick second. Correct me if I'm wrong, but I think you mentioned about 10% fuel efficiency improvement in Europe that should start production a couple of months. And I think I heard 7% on Peterbilt and Kenworth.

我本來想簡單提一下新產品發表的事。如果我沒記錯的話，您提到歐洲的新產品燃油效率提升了10%，應該會在幾個月後開始生產。我還聽說彼得比爾特和肯沃斯的燃油效率提升了7%。

Can you help us understand how good that is from an upgrade perspective maybe versus prior fuel efficiency increases and sort of historical model changes?

您能否從升級的角度，幫我們分析一下，與先前的燃油效率提升和歷史車型變化相比，這種改進究竟有多好？

Sure. That's a good way to think of it. The first thing is double-digit changes in Europe where speeds are more like 100 kilometers an hour -- excuse me, 80 kilometers an hour for trucks is, wow. I mean, getting that kind of improvement is just amazing. And the DAF team did such a fantastic job. And one of the reasons they're able to do such a good job is they work closely with the government there all in defining what the shape of a vehicle can be.

當然。這確實是個不錯的想法。首先，在歐洲，車速通常在每小時100公里左右——抱歉，卡車每小時80公里——能有兩位數的提升，真是令人驚嘆。我的意思是，能取得這樣的進步簡直太棒了。 DAF團隊做得非常出色。他們之所以能做得這麼好，其中一個原因就是他們與地方政府密切合作，共同決定車輛的外形尺寸。

And so the government allowed a different shape of a vehicle, and DAF is the first OEM and the only one that's announced to do so, so far, of being able to bring out a cab that meets this new shape, which is more aerodynamic. So just fantastic effort by the team at DAF in bringing that truck out.

因此，政府允許採用不同的車輛外形，而DAF是第一家，也是迄今為止唯一一家宣布能夠推出符合這種新外形（更符合空氣動力學）的駕駛室的汽車製造商。 DAF團隊為推​​出這款卡車付出了巨大的努力。

And it doesn't just create aerodynamic benefit but the interior and the visibility of this truck are just amazing. And I would also say that from being a user of the truck, if you get in the truck and you're driving it just the way it feels, it's really, really quiet, like I would say, quieter than a 5 Series BMW when you're running down the highway. It's just fantastic. And then if you use the sleeper compartment of it, it's got all kinds of creature comforts and luxury for the drivers. And so it's just a beautiful product that delivers this double-digit fuel economy.

它不僅擁有出色的空氣動力學性能，而且這輛卡車的內部和視野也令人驚艷。作為一名用戶，我還要說，當你坐進這輛卡車，按照它的駕駛感受來駕駛時，你會發現它真的非常安靜，我敢說，比寶馬5系在高速公路上行駛時還要安靜。簡直太棒了。此外，如果你使用臥舖車廂，你會發現它為駕駛員提供了各種舒適豪華的設施。所以，這是一款非常出色的產品，而且還能實現兩位數的燃油經濟性。

And in characterizing it against other programs, you might think 5% is a lot. That's how we would look at it. It's a 5% change in fuel, big change in fuel economy. So for them to get 10%, just amazing. And same thing for the Kenworth and the Peterbilt teams getting 7% on these next-generation 579s and 680s.

如果將它與其他項目進行比較，你可能會覺得5%的提升幅度很大。我們也是這麼認為的。燃油消耗量降低了5%，燃油經濟性有了顯著提升。所以他們能達到10%，簡直令人驚嘆。肯沃斯和彼得比爾特團隊在新一代579和680車型上也取得了7%的提升，同樣令人矚目。

They just did a great job of bringing everything they could to the table, and that's obviously got a big impact on lowering operating costs for our customers. So these trucks are going to set the mark for the industry.

他們竭盡所能，做得非常出色，這顯然對降低我們客戶的營運成本產生了巨大影響。因此，這些卡車將成為業界的標竿。

Yes, and I appreciate that. And that's kind of where I was trying to go with it. From an OpEx perspective, a 10% improvement year-over-year feels like a very big deal. If you could indulge me, maybe characterize how you think this would impact multiyear truck demand, if indeed, upgrade features are maybe higher.

是的，我很感激。這正是我想要表達的意思。從營運成本的角度來看，年成長10%意義重大。如果您不介意的話，能否談談您認為如果升級功能確實有所增加，這將如何影響未來幾年的卡車需求？

And then in that same vein, I guess where I'm coming from, I understand the near-term focus on margins, given all of the temporary noise in the numbers. But if demand does stay elevated for longer, is there anything structural in the model why margins should not move sort of in tandem with that prolonged demand? Any color kind of would be appreciated.

同樣地，就我而言，我理解鑑於數據中存在許多暫時性波動，短期內關注利潤率的重要性。但如果需求持續高位運行，模型中是否存在任何結構性因素導致利潤率不會隨著需求的持續成長而同步波動？任何見解都將不勝感激。

No, I think your second comment is right that they should move in tandem with it. And I would say that you're right in the new products coming out that make the operating cost lower for a customer is cycle independent. They want to lower their operating cost is what they use to be competitive, so buying new DAFs, Peterbilts and Kenworths is how they win that game. It's how they keep their drivers most happy. And so yes, that's good for the business and that will extend the cycle for them.

不，我認為你的第二個評論是對的，他們應該同步行動。而且我認為你說的也對，那些能降低客戶營運成本的新產品與生產週期無關。他們想要降低營運成本是為了保持競爭力，所以購買新的DAF、Peterbilt和Kenworth卡車是他們贏得這場競賽的關鍵。這也是他們讓司機最滿意的方式。所以，是的，這對企業有利，而且會延長他們的生產週期。

Yes. The biggest cost to operate a truck is the driver, but fuel is a good second. And if you can cut the fuel bill by 7% or 10%, that's huge. I think 10% is the highest reduction that DAF has seen in its entire history. And reducing that, like I said, the fuel bill by 10% makes any of our customers a lot more competitive. So they're looking forward to getting those new trucks.

是的。卡車營運成本最大的部分是司機，但燃油成本也相當可觀。如果能降低7%或10%的燃油成本，就意義重大。我認為10%的降幅是DAF公司史上最高的。正如我所說，燃油成本降低10%能顯著提升我們客戶的競爭力。所以他們都非常期待新卡車的到來。

Your next question will come from Matt Elkott with Cowen.

下一個問題將來自 Cowen 公司的 Matt Elkott。

My first question, just a quick one. You guys are now the only U.S.-based Class 8 truck manufacturer. Do you think this could, in any way, help you competitively in the U.S. Class 8 market longer term?

我的第一個問題很簡單。你們現在是美國唯一一家8級卡車製造商。您認為這是否會在某種程度上幫助你們在美國8級卡車市場長期保持競爭力？

I don't know. We're proud of who we are. We're proud to be a great company. We love our Kenworth and Peterbilt operations here in Mexico, our DAF in Europe, our DAF in Brazil. So we feel like we represent the markets where we operate really well, have great relationships with our customers and dealers in those markets, and that's how we think about the world.

我不知道。我們為自己感到自豪。我們為成為一家偉大的公司而感到自豪。我們熱愛我們在墨西哥的肯沃斯和彼得比爾特業務，熱愛我們在歐洲的達夫業務，熱愛我們在巴西的達夫業務。所以我們覺得我們很好地代表了我們營運的市場，與這些市場的客戶和經銷商建立了良好的關係，這就是我們看待世界的方式。

Okay, got it. And then my next question is more on the vertical integration front. With next year looking like a strong production year and with you guys and other OEMs allocating investment dollars along a whole host of new technologies as well as core operations, do you think you might do less vertical integration of engines at least next year?

好的，明白了。那麼我的下一個問題更多是關於垂直整合方面的。鑑於明年看起來是生產強勁的一年，而且你們和其他OEM廠商都在投資一系列新技術以及核心業務，你們認為至少明年你們會減少引擎的垂直整合嗎？

I don't think of it that way at all. No, I think that we're making the investments where they make sense on a volume standpoint. We're continuing to grow our PACCAR engine business. Obviously, 60% of our sales are powertrains or our engine around the world, and we continue to just making the right investments to bring the best products for the customer. It's really -- I mean, it's elegant and it's simple as we just want the best things for our customers, that will be good for PACCAR. And so our R&D and our thinking is to vertically integrate where it makes sense, partner with others where it makes sense and make sure that brings the best products out to our people using them.

我完全不這麼認為。不，我認為我們是在從銷售角度來看合理的領域進行投資。我們持續發展PACCAR引擎業務。顯然，我們全球60%的銷售額來自動力總成或發動機，我們將繼續進行正確的投資，為客戶提供最好的產品。這其實很簡單——我們只是想提供客戶最好的產品，這對PACCAR也有好處。因此，我們的研發理念是，在適當的地方進行垂直整合，在適當的地方與其他公司合作，確保最終為我們的客戶提供最好的產品。

Your next question will come from Jeff Kauffman with Vertical Research Partners.

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

Congratulations on the quarter. A big topic out there is raw material parts inflation. And I think we've talked about some of the challenges on the chip side and the supply chain and getting the trucks out. But I was really kind of impressed that the gross margins were what they were this quarter.

恭喜你們本季業績出色。目前市場上的熱門話題是原物料零件價格上漲。我們也討論過晶片方面以及供應鏈和運輸方面面臨的一些挑戰。但本季的毛利率表現確實讓我印象深刻。

Could you give us a feel for -- are you seeing inflation in the -- in your supply chain? Kind of when will that start to hit and flow through? And are we offsetting that with price? Are we offsetting that with anything? I just kind of want to get a sense because some of the other OEMs we've spoken to are kind of citing that, but I didn't see it in your numbers.

您能否談談您供應鏈中是否有通膨？大概什麼時候會開始顯現並影響其他環節？我們是否透過價格或其他方式來應對通膨？我只是想了解一下情況，因為我們之前交流過的其他一些OEM廠商都提到了這一點，但我在您的數據中沒有看到相關體現。

Yes. We are seeing inflation, of course, and raw material costs have gone up. But we're baking that into our pricing when we price new trucks to our customers and that's how we deal with that.

是的。我們當然看到了通貨膨脹，原料成本也上漲了。但我們在為客戶定價新卡車時，已經把這些因素考慮進去了，這就是我們應對這種情況的方式。

Okay. So you wouldn't tell us, brace for gross margins to come down a little on inflation in the second half. Do you feel like you're containing it in terms of what you're seeing in the market right now?

好的。所以您不會告訴我們，下半年毛利率會因為通貨膨脹而略有下降。您覺得就目前市場狀況來看，您能控制住這種情況嗎？

Yes, that's probably the best way to think about it.

是的，這或許是最好的思考方式。

Your next question is a follow-up from David Raso with Evercore.

你的下一個問題是來自 Evercore 的 David Raso 的後續問題。

My question's on the duration of the cycle. I mean, given this is a pretty unique supply constraint moment, your conversations with some of your largest customers, the larger fleets, what are they laying out for you when you try to look out a year or 2, thinking about potential growth or not beyond '22 and maybe different conversation in Europe than in North America?

我的問題是關於週期持續時間的。我的意思是，考慮到目前供應緊張的情況非常特殊，您與一些最大的客戶，也就是大型車隊，在展望未來一兩年時，他們給您提出了什麼建議？例如考慮2022年以後的潛在成長，或是其他情況。歐洲和北美的情況可能有所不同。

Just trying to digest, you're having to go back to key customers and understandably, you maybe can't provide them everything they want today. How is that impacting their thought on their truck needs over the next, call it, 18 to 30 months?

我還在消化這些訊息，你現在必須重新與主要客戶溝通，可以理解的是，你可能無法立即滿足他們所有的要求。這會對他們未來18到30個月的卡車需求產生怎樣的影響？

Sure. I think one of the things to think about is trucks are, as we talked about a lot on this call, becoming more and more efficient. And so I think their percentage of how they'll haul freight in the future beyond 18 and 30 months even is that they will continue to take a vast majority of the freight hauled around Europe, North America, around the world, actually. So trucking is in a really good position for the world.

當然。我認為需要考慮的一點是，正如我們在這次電話會議中多次討論的那樣，卡車的效率正在不斷提高。因此，我認為即使在未來18到30個月之後，卡車運輸仍將繼續佔據歐洲、北美甚至全球絕大部分的貨運份額。所以，卡車運輸業在全球範圍內都處於非常有利的地位。

Our customers are doing a fantastic job of becoming more efficient but the demand is really, really high. And so we and they, I'd say, expect that there'll be a strong market certainly through next year, which ties you to the 18 months. Beyond that, it's harder to say. But in essence, they're doing really well right now. They have all the freight that they can haul and the business is doing really well. So together, everybody is doing fine.

我們的客戶在提高效率方面做得非常出色，但需求確實非常旺盛。因此，我認為我們和他們都預計，至少到明年，市場都會保持強勁勢頭，這至少意味著未來18個月的市場前景。至於更遠的時間，就很難說了。但總的來說，他們目前經營狀況良好。他們的貨運量充足，業務發展也非常順利。所以，總的來說，大家都發展得很好。

And when you think of the capacity in the industry, I mean, there's pinch points today, but when folks try to think about how much the industry could build next year, and then obviously, that sets the bogey up for can you grow off of that in '23? Understanding it's hard to analyze exactly some of the chip issues when those will be resolved and so forth.

當你思考產業的產能時，我的意思是，目前存在一些瓶頸，但當人們試圖思考明年產業能夠發展多少時，很顯然，這就引出了一個問題：2023年能否在此基礎上繼續成長？要知道，要準確分析某些晶片問題何時能夠解決等等，是非常困難的。

But just as a framework, how do you think about build capacity for next year versus this year? Just so we have a sense of if you served all the demand, how much could demand production grow next year?

但作為參考框架，您如何考慮明年與今年的產能建設？這樣我們就能大致了解，如果滿足所有需求，明年的需求和產量可以成長多少？

Sure. I don't want to kind of comment on other people's capacities. What I'll tell you is that we have sufficient capacity in all of our markets to go up substantially and to meet the demand that's needed. And so we're looking forward to that as we get through this supply base issues. And we just look forward to the operation running really smoothly and building a lot of trucks next year.

當然。我不想對其他人的產能妄加評論。但我可以肯定的是，我們在所有市場都有充足的產能，可以大幅提升產能，並滿足市場需求。因此，我們期待在解決當前供應鏈問題後，能夠實現這一目標。我們期待著營運順利進行，並在明年生產大量卡車。

And last quick one on 3Q versus 2Q. The shutdowns that you normally take in 3Q, given the dynamics out there, are those shutdowns still intended to take place?

最後一個關於第三季與第二季的簡短問題。鑑於目前的市場形勢，你們通常在第三季度進行的停工檢修是否仍然計劃進行？

The shutdown we take in Europe is taking place, indeed, it is.

歐洲的封鎖措施確實正在發生。

Your next question is also a follow-up from Ann Duignan with JPMorgan.

你的下一個問題也是摩根大通的安·杜伊根提出的後續問題。

Yes. Just building on David's question a little bit. We saw cancellations spike last month, maybe an industry problem or whatever. But can you talk a little bit about what you're seeing in terms of cancellations out there? And is there any risk that customers just say, too late or too expensive or whatever. I've decided I don't need my trucks after all. If you could just give us some color on what you're seeing on the cancellation side, I'd appreciate it.

是的。我只是想稍微補充一下David的問題。上個月我們看到取消訂單的數量激增，這可能是該行業普遍存在的問題。您能否談談您目前觀察到的取消訂單情況？是否有這樣的風險：客戶會因為時間太晚、價格太貴或其他原因而取消訂單，最後決定不再租用卡車？如果您能就取消訂單的情況提供一些信息，我們將不勝感激。

Yes. Ann, I can't speak well to the industry. We are not seeing that. I can tell you that our order board has been solid. We aren't seeing cancellations. I think that probably has to do with the great products we're putting out, but there is really not -- that's not a factor right now. We're seeing excellent demand and really, really strong requests for more and more products from us.

是的，安，我不太了解整個產業的情況。我們目前並沒有看到這種情況。我可以告訴你，我們的訂單一直都很穩定，沒有出現取消訂單的情況。我想這可能與我們推出的優質產品有關，但目前來說，這確實不是一個主要因素。我們看到市場需求旺盛，客戶對我們的產品需求非常強烈。

But on the other hand, you do like to tell us what your share of orders was last quarter or at least in the first half of the year and what your share of backlog is. So maybe we could get at least that from you.

但另一方面，您確實願意告訴我們您上個季度或至少上半年的訂單份額以及積壓訂單份額。所以，或許我們至少可以從您那裡獲得這些資訊。

Sure, happily. And we had 42% of the orders in the first half of the year.

當然，非常樂意。上半年我們完成了42%的訂單。

And what's your share of the backlog then?

那麼，你負責處理多少積壓的工作呢？

I don't know that number off the top of my head. I can tell you is that as we see that kind of order intake, it's higher than our market share. And so things are in a really good position from us from supporting the customers from an order intake and demand standpoint.

我記不清具體數字了。但我可以告訴你的是，就目前的訂單量而言，它高於我們的市場份額。因此，從訂單量和需求的角度來看，我們為客戶提供的支援非常有利。

Our share of the backlog at the end of June was 36%.

截至 6 月底，我們佔積壓訂單的 36%。

There we go.

好了。

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

目前隊列中沒有其他問題。公司還有其他補充說明嗎？

Sure. I'd just like to close by thanking everyone for the discussion today. I think that the key points for us as we look at the business is, there is really strong demand and order intake as we just covered. We have fantastic new trucks all around the world. The finance team is setting records and has great momentum in their business. The Parts team is just killing it. It's an industry-leading team. They're bringing in new technology and customer focus, and they really are going to keep driving record success.

當然。最後，我要感謝大家今天的參與討論。我認為，就我們目前的業務而言，關鍵在於：正如我們剛才提到的，市場需求和訂單量都非常強勁。我們在全球各地都有性能卓越的新卡車。財務團隊正在不斷創造佳績，業務發展勢頭強勁。零件團隊更是表現出色，堪稱業界領先團隊。他們不斷引入新技術，更加重視客戶體驗，相信他們將繼續創造新的輝煌。

And so I'm just so proud of everyone at PACCAR and the great work they're doing, and we look forward to talking to all of you soon. And with that, we'll conclude and say thank you.

因此，我為PACCAR的每一位員工以及他們所做的出色工作感到無比自豪，我們期待很快能與大家再次交流。最後，我們謹此結束並致謝。

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。