There’s much uncertainty in the truck market, but Peterbilt is pleased with where it sits and feels well equipped to deal with any challenges that arise as a result of the trade war between the U.S. and the world.
The truck maker closed out 2024 with a record 15.3% share of the Class 8 market, Jake Montero, general manager of Peterbilt and vice-president of Paccar, told journalists during a recent visit to its Denton, Texas, headquarters.
It also grew its medium-duty market share by 1.3% to 9%. Montero said Peterbilt also achieved 21.2% share of the vocational/refuse segment, a best-ever result.
Peterbilt is celebrating 120 years in business this year, spanning 21 U.S. presidents and 29 election cycles. It has also been busy rolling out new products, most notably its Model 589, but also a new car carrier that, at a 95-inch roof height, is the lowest in the industry, Montero said.
“There’s no upfit required,” he noted.
Some 6,000 units of the 589 were sold in its first year, and it was a soft year for the truck market. Montero said it was a strong first year for the model, and in line with how the 389 it replaced has traditionally sold.
“The aftermarket really embraces this truck,” said Montero, noting it’s been popular at truck shows and events.
Peterbilt has made significant investments in its Denton plant, where it churns out a new truck every five minutes or so.
As for the Class 8 market this year, Montero said Peterbilt is aligned with ACT Research projections of about 230,000 units in the U.S. and Canada. The tariff situation, as well as the pausing of certain emissions regulations, have created some uncertainty around the market.
On whether or not to count on a once-expected pre-buy ahead of EPA27 NOx regulations, Montero admitted it’s “unknown.” He added, “There’s lots of uncertainty on the regulatory front but we’re prepared if it happens. We have to see how the second half [of 2025] works out.”
While some truck makers are discontinuing long-running class-styled models due to emissions constraints and other factors, Mitesh Naik, director of product planning and strategy, said, “We see a long runway for that truck,” referring to its new classic-styled 589.
He said it’s distinct enough to be identified from across the lot of a truck stop and Peterbilt wants to maintain that distinction.
As for changing demand due to tariffs and emissions regulations, Naik said “We’re ready for everything that may come at us.”
Montero added the company is also proceeding with providing multiple options to customers, ranging from natural gas to electric, and, of course, diesel.
“Diesel is still the largest [volume] powertrain we produce within our trucks,” he said. “We want to provide customers with the solutions that work for their business.”
But Naik acknowledged today’s drivers are more tech-savvy than in the past, having grown up playing a GameBoy. “Jumping in a Peterbilt fees very seamless” to those drivers, he noted, with its in-cab infotainment system and other technologies.
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