Big Problem Leads to 76,000 Trucks Getting Recalled

Paccar recalls thousands of trucks due to problems with the instrument panel and reports third-quarter earnings.

Truck maker Paccar  (PCAR) – Get PACCAR Inc. Report said it was recalling thousands of vehicles due to a problem with the instrument panel.

The company sells trucks through a network of independent dealers under the Kenworth, Peterbilt, and DAF nameplates.

Loss of Display Information

The Bellevue, Wash.-based company said recalling more than 76,000 of its 2022-23 Kenworth T680, T880, W990 and Peterbilt 365, 367, 389, 567 and 579 vehicles. 

The digital display may freeze and not display critical safety information, according to the National Highway Traffic Safety Administration

The loss of display information, such as vehicle speed and warning lights, can increase the risk of a crash, NHTSA said.

The company found 57 warranty claims from May 2021 to September 2022 related to the digital dash system supplied by Stoneridge  (SRI) – Get Stoneridge Inc. Report, which is based in Novi, Mich. 

Roughly 1% of recalled trucks probably have the issue, Paccar said.

Dealers will update the software, free of charge. Owner notification letters are expected to be go out Dec. 16. 

Separately, Paccar reported third-quarter earnings results.


Clean Diesel 

The company posted income of $769.4 million or $2.21 a share, up from $380.5 million, or $1.09 a share a year ago. Sales came to $6.68 billion up from $4.73 billion a year ago.

Analysts surveyed by FactSet were looking for earnings of $2 a share on revenue of $6.72 billion. 

The company reported global truck deliveries of 44,400 units, while Paccar Parts revenue totaled $1.47 billion.

“Third quarter parts sales and profits benefited from increased vehicle utilization, high average fleet age, and industry-leading logistics operations in Paccar’s 18 strategically located Parts Distribution Centers,” Laura Bloch, vice president and parts general manager, said in a statement.

Harrie Schippers, president and chief financial office, said Paccar is “investing in clean diesel and zero emissions powertrain technologies, autonomous driving systems, connected vehicle services, and next-generation manufacturing and distribution capabilities.”

The company also designs and manufactures advanced powertrains, provides financial services and information technology, and distributes truck parts related to its principal business.

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