Navistar

Navistar, VW promise electric powertrain

ATLANTA, GA - Navistar will bring a medium-duty electric powertrain to the North American marketplace by 2019/20, drawing on technical expertise available through Volkswagen Truck and Bus. "There is an opportunity for electric and electric vehicles in the North American market," said Troy Clarke, chairman, president, and Chief Executive Officer, referring specifically to the Class 6/7 segment. "It is still in the early stages of the product development cycle there, but that's the target." Volkswagen officially secured a 16.6% stake in the company in March, and is already expected to bring a big bore diesel powertrain to North America by 2021 in addition to sharing other technologies. It won't be Navistar's first foray into electric vehicles. The company launched its Class 3 eStar van several years ago, but that model was ahead of its time, Clarke said in a presentation during the North American Commercial Vehicle Show. MAN, a European nameplate owned by Volkswagen, recently released an electric truck of its own in the form of the eTruck.

Navistar ending medium-duty engine production

LISLE, IL - Navistar will stop producing medium-duty engines at its plant in Melrose Park, Illinois, beginning in the second quarter of its 2018 fiscal year. Most of the proprietary engines made in Melrose Park are nine- and 10-liter models for Class 6 and 7 trucks. Navistar reintroduced the option of a 6.7-liter Cummins engine in 2013, followed last year with the option of a nine-liter Cummins. Cummins engines for Class 6 and 7 trucks are produced in Indiana and North Carolina, while Navistar makes big-bore engines for Class 8 trucks in Alabama.

Navistar reports $62 million first quarter loss

LISLE, IL - Navistar has announced a first quarter 2017 net loss of $62 million. Declining 6% compared to the first quarter of 2016, revenues in the first quarter of 2017 were $1.7 billion. The decline is attributed to lower truck volumes caused by soft Class 8 heavy industry conditions and decreased global sales. "Our results are on track with our plan for the year, and demonstrate our ability to effectively manage costs at a time of persistent Class 8 industry headwinds," said Troy A. Clarke, chairman, president and Chief Executive Officer (CEO) of Navistar International Corporation.

Navistar, Volkswagen Truck and Bus close alliance deal

LISLE, IL - Navistar International has finalized its strategic alliance with Volkswagen Truck and Bus, which gives the German manufacturer a 16.6% stake in the business. "This alliance with Volkswagen Truck and Bus marks a significant milestone in our company's history, and we expect it will create multiple benefits for both companies in both the near and long term," says Troy Clarke, Navistar's chairman, president and Chief Executive Officer. Now that the deal has closed, the company will be working quickly to collaborate with its new partner, he said. The companies' alliance will involve sharing technology, and is expected to bring a Volkswagen powertrain to North America as early as 2019. Navistar expects business synergies to save US $500 million over the first five years.

Navistar board names Clarke chairman

LISLE, IL - Navistar has elected Troy A. Clarke, the company's president and Chief Executive Officer, as the latest chairman of the board. Clarke replaces the retiring James H. Keyes, in a shift that became effective at the company's annual shareholder meeting on February 14. Keyes has served as non-executive chairman since April 2013. General Stanley A. McChrystal (ret) was elected as an independent lead director. "It has been a pleasure to serve on the board for the last four years, and I am honored to have been elected chairman," said Clarke. "This is an exciting time for Navistar, as we pursue our growth strategies highlighted by significant new product launches and our pending strategic alliance with Volkswagen Truck and Bus.