Mack Trucks (Financials)
Mack Trucks Financial Update: Q3 2024 Electric Performance
Mack Trucks showed mixed results in electric vehicle performance during Q3 2024, with notable shifts in both orders and deliveries of electric trucks amid broader market challenges.
Key Electric Vehicle Metrics:
- Q3 electric truck orders: 27 units (-68% from 85 units in Q3 2023)
- Q3 electric truck deliveries: 43 units (significant increase from 11 units in Q3 2023)
- Year-to-date electric orders: 47 units (-57% vs 2023)
- Year-to-date electric deliveries: 96 units (+433% vs 2023)
Overall Business Performance:
- Total truck deliveries fell 30% to 5,463 units in Q3
- North American market share remained stable at 6.0%
- Operations impacted by supply chain disruptions, particularly affecting cab production
Despite the decline in electric truck orders, the significant increase in deliveries suggests improving execution of Mack’s electrification strategy. The company faced broader challenges in Q3, with supply chain disruptions affecting overall production capacity. Looking ahead, Mack’s parent company Volvo Group is investing in new manufacturing capacity, with a new plant in Monterrey, Mexico expected to be operational by 2026, which could support future electric truck production capabilities.
