DAF Trucks is one of Europe’s most recognized truck manufacturers. It plays a key role in the commercial vehicle industry. Many people often wonder, “Who owns DAF Trucks?” This article explores DAF’s profile, ownership, leadership, financial standing, and affiliated companies in detail.
DAF Trucks Company Profile
DAF Trucks N.V. is a leading manufacturer of light, medium, and heavy-duty trucks. It is headquartered in Eindhoven, Netherlands, and is a subsidiary of the U.S.-based industrial vehicle group PACCAR Inc. DAF serves both European and international markets, offering highly customized commercial vehicles tailored to logistics, construction, and public-sector operations.
Founders and Early History
DAF was founded in 1928 by Hub van Doorne, a Dutch engineer and entrepreneur. Initially, the company operated as a small engineering workshop under the name “Commanditaire Vennootschap Hub van Doorne’s Machinefabriek”. Van Doorne’s brother, Wim van Doorne, soon joined the venture. Together, they transitioned the business from simple repairs and manufacturing of trailers to developing motorized commercial vehicles.
In 1932, the company changed its name to DAF, which stands for Van Doorne’s Aanhangwagen Fabriek, meaning Van Doorne’s Trailer Factory.
Company Growth and Milestones
- 1949: DAF produced its first truck, the DAF A30, marking its official entry into the commercial vehicle sector.
- 1955–1960: DAF expanded rapidly and became a well-known truck brand across Europe. It also developed passenger cars, notably the DAF 600 with an innovative continuously variable transmission (CVT), which later influenced modern automatic transmissions.
- 1975: The passenger car division was sold to Volvo, allowing DAF to focus entirely on trucks and commercial vehicles.
- 1987: DAF merged with British manufacturer Leyland Trucks, forming DAF NV, which allowed DAF to enter the UK market.
- 1993: After financial difficulties, DAF NV was declared bankrupt. DAF Trucks was split from Leyland and later re-established as DAF Trucks N.V., a new legal entity.
- 1996: DAF Trucks was acquired by PACCAR Inc, marking the beginning of a new era of global investment, quality improvements, and market expansion.
- 2007: DAF opened a new engine test center to support Euro 6 emission compliance, which became key to its leadership in efficient engines.
- 2011–2020s: DAF consistently introduced award-winning trucks such as the XF, CF, and LF series. The brand became known for high fuel efficiency and long-term durability.
- 2021: The new generation DAF XF, XG, and XG+ trucks were introduced with a focus on aerodynamics, driver comfort, and digital systems. These vehicles complied with the EU’s new Mass and Dimensions regulations.
- 2023–2025: DAF intensified development of zero-emission trucks, including battery-electric and hydrogen-based powertrains, to support EU climate goals.
Global Operations and Footprint
DAF has a strong production base in Europe. Its main factory is in Eindhoven, where it assembles heavy-duty trucks. It also operates:
- A truck plant in Westerlo, Belgium, for cabins and axles
- The Leyland Trucks facility in the United Kingdom for right-hand drive and special-purpose trucks
- A vast dealer and service network across Europe, Africa, and the Middle East
The company’s core focus remains on durability, fuel economy, after-sales service, and custom-built solutions.
DAF Trucks has earned its reputation as one of the top three truck brands in Europe. Its combination of Dutch engineering, American investment, and pan-European manufacturing makes it a key player in the global commercial vehicle market.
Who Owns DAF Trucks?
DAF Trucks is a wholly owned subsidiary of the U.S.-based industrial vehicle manufacturer PACCAR Inc. It has no independent public shareholders and does not trade its own stock. Instead, all ownership, governance, and strategic direction come through PACCAR. This structure allows DAF to benefit from global resources while maintaining operational independence in its European markets.
Here’s a quick summary of DAF Trucks ownership structure:
- Owner: PACCAR Inc. (100%)
- Acquisition Year: 1996
- Previous Parent: DAF NV (bankrupt in 1993)
- Integration Level: Fully integrated, but operates under its own brand identity
- Parent HQ: Bellevue, Washington, USA
- Subsidiary HQ: Eindhoven, Netherlands.
Parent Company: PACCAR Inc.
PACCAR Inc. is a Fortune 500 company headquartered in Bellevue, Washington, USA. It designs, manufactures, and distributes light-, medium-, and heavy-duty trucks under well-known brands such as Kenworth, Peterbilt, and DAF. PACCAR also offers financial services, truck parts, and information technology support to its subsidiaries.
PACCAR is publicly traded on the NASDAQ stock exchange under the ticker PCAR. As of 2025, it is one of the largest commercial truck manufacturers in the world and has a strong presence in North America, Europe, and Asia-Pacific.
PACCAR focuses heavily on innovation, including electric drivetrains, autonomous vehicle technology, and environmentally friendly engines. DAF Trucks is a central part of PACCAR’s European operations and contributes a significant share to its global revenue.
Acquisition of DAF Trucks
DAF Trucks was acquired by PACCAR in 1996. Before this, DAF was part of DAF NV, a combined company formed through the 1987 merger with Leyland Trucks in the UK. However, DAF NV went bankrupt in 1993 due to financial struggles and the economic recession in Europe.
After the bankruptcy, DAF Trucks was reorganized and became an independent company again. The Dutch operations and workforce were preserved, and PACCAR stepped in to acquire the company three years later.
The 1996 acquisition was a turning point for DAF. PACCAR brought in capital, global supply chain expertise, and advanced manufacturing systems. DAF retained its name, facilities, and management structure but began aligning with PACCAR’s long-term strategy.
Since the acquisition:
- DAF has expanded production capacity in Eindhoven and Westerlo.
- It integrated closely with PACCAR’s R&D and emissions compliance initiatives.
- DAF became one of Europe’s top three heavy-duty truck manufacturers.
Current Ownership Status
- DAF Trucks N.V. operates as a private company under PACCAR’s global structure.
- All decisions are made in coordination with PACCAR’s executive board in the United States.
- DAF’s financial performance, strategy, and new product development are part of PACCAR’s global annual reports.
- While DAF is a Dutch company by origin and registration, its strategic control is exercised from PACCAR headquarters.
This ownership model has allowed DAF to maintain its European identity and operations, while gaining access to American capital, global technology platforms, and long-term strategic planning.
Who Makes DAF Trucks?
DAF Trucks are manufactured by DAF Trucks N.V., a Dutch truck-making company that operates under the full ownership of PACCAR Inc. While DAF functions as a subsidiary of this U.S.-based parent company, all DAF-branded trucks are designed, engineered, and assembled by DAF itself, mostly in Europe. The company has maintained strong operational independence and a distinct identity since its founding in 1928.
Where Are DAF Trucks Made?
DAF Trucks are built at three major manufacturing facilities, all of which are directly operated by DAF:
- Eindhoven, Netherlands: This is the headquarters and main production site for heavy-duty DAF trucks, including the XF, XG, and XG+ models. It also houses the company’s engine development and final truck assembly lines.
- Westerlo, Belgium: The Westerlo plant manufactures truck cabs and axles used across DAF’s entire lineup. These components are then sent to Eindhoven and Leyland for final assembly.
- Leyland, United Kingdom: Known as Leyland Trucks, this facility produces medium-duty and right-hand-drive vehicles such as the DAF LF and select CF models. It serves markets including the UK, Australia, and some African and Asian countries.
Each plant follows strict quality controls and works closely with DAF’s product development teams to integrate new technologies, emission standards, and safety regulations.
Who Designs DAF Trucks?
DAF’s product development, engineering, and design teams are based primarily in Eindhoven, Netherlands. The company has its own R&D departments, focusing on aerodynamics, fuel efficiency, drivetrain technologies, and electric mobility. DAF was among the first truck makers to introduce a new generation of long-haul trucks compliant with the European Union’s updated mass and dimension regulations.
DAF trucks are engineered specifically for European road, safety, and fuel-efficiency standards, giving the brand a competitive edge in areas such as driver comfort, cargo capacity, and emission compliance.
PACCAR’s Role in Manufacturing
While DAF designs and builds its own trucks, PACCAR Inc. provides financial backing, global supply chain support, and shared technology platforms. This includes access to advanced simulation tools, electrification systems, and data analytics technologies. PACCAR’s R&D centers in the U.S. and elsewhere collaborate with DAF engineers to advance alternative drivetrains like battery-electric and hydrogen fuel-cell systems.
However, DAF maintains full control over its manufacturing operations in Europe, making it the true manufacturer of all DAF-branded trucks. The collaboration with PACCAR strengthens DAF’s capacity without compromising its independent engineering vision.
Who Makes DAF Truck Engines?
DAF Trucks manufactures its own engines under the DAF Components division. These engines are fully developed and assembled by DAF at its Eindhoven facility in the Netherlands. The company designs both diesel and electric powertrains, ensuring its vehicles meet the latest European environmental and performance standards.
DAF’s in-house engine technology is known for durability, fuel efficiency, and low emissions. Over the years, DAF has gained a strong reputation in Europe for its advanced engine design, especially in long-haul and regional distribution trucks.
Types of Engines Used in DAF Trucks
As of 2025, DAF’s primary diesel engines include:
- PACCAR MX-13: A 12.9-liter engine used in long-haul trucks like the DAF XF, XG, and XG+. It delivers high torque at low RPMs and is known for efficiency on highways.
- PACCAR MX-11: An 11-liter engine, slightly smaller and lighter, offering a balance between performance and fuel economy. Often used in regional and distribution models.
- PACCAR PX-7 and PX-5: Medium-duty engines based on Cummins platforms but optimized and branded under DAF for use in the LF series.
In recent years, DAF has also expanded into zero-emission powertrains, including:
- Battery-Electric Drivetrains: Used in models like the DAF CF Electric and the new XD Electric. These systems are developed in collaboration with PACCAR’s global electrification unit but are assembled and integrated by DAF in the Netherlands.
- Hydrogen Fuel Cell and HVO-compatible engines: Currently in development and testing, these next-generation engines are being prototyped at DAF’s R&D center in Eindhoven.
Where Are the Engines Manufactured?
All PACCAR MX and PX engines for DAF Trucks are manufactured at the DAF engine plant in Eindhoven, Netherlands. This facility includes:
- Engine Assembly Lines: Where diesel engines are built using advanced automation and precision manufacturing.
- Testing and Validation Units: Engines are tested for emissions, durability, and performance before being approved for installation.
- R&D Center: Focused on innovation in fuel economy, alternative fuels, and electric drivetrains.
For electric trucks, DAF uses dedicated production lines within the Eindhoven plant for assembling high-voltage components, batteries, and electric motors. These electric systems are then mounted onto trucks at the same site or at DAF’s Leyland plant in the UK, depending on the model and market.
Who is the CEO of DAF Trucks?
As of 2025, Harald Seidel is the President and CEO of DAF Trucks. He took over the role on August 1, 2022, succeeding Harry Wolters. In his capacity as CEO, Seidel leads all aspects of DAF’s operations—including strategy, product development, manufacturing, and sustainability efforts—for Europe and adjacent markets.
Career Path within DAF and PACCAR
Seidel joined DAF in 2001 in the finance and control department. He progressed through various key roles:
- Controller roles in marketing, sales, and PACCAR Parts Europe
- Group Controller
- In 2017, he became Director of Finance and was appointed to the DAF Board of Management.
Before his CEO tenure, Seidel served as Director of Finance (2017–2022). He brings strong financial leadership and strategic insight to his current role.
Education and Professional Credentials
Seidel earned a master’s degree in Econometrics from Tilburg University in 1990. He also completed postgraduate certifications in financial management and control from the University of Amsterdam.
Strategic Focus and Vision
As CEO, Seidel emphasizes:
- Sustainability and decarbonization, calling it “a team sport” requiring coordination across manufacturers, governments, and infrastructure.
- Development of battery-electric and hydrogen fuel-cell trucks, along with flexible fuel solutions like HVO and hybrids.
- Advocacy for technology-neutral policies and a comprehensive EU charging infrastructure to support the large-scale adoption of zero-emission vehicles.
Industry Leadership and External Roles
In January 2024, Seidel was elected Chair of the Commercial Vehicle Board at the European Automobile Manufacturers’ Association (ACEA). This role allows him to influence industry-wide policy, especially concerning CO₂ regulation and Euro VII standards.
Past Leadership at DAF
- Harry Wolters (2018–2022) preceded Seidel as President. Wolters moved to a PACCAR corporate role in Global Powertrain & Electrification.
- Prior executives like Preston Feight and Richard Zink played key roles in DAF’s earlier expansion, innovation in electric and emissions technology, and alignment with PACCAR strategy.
Decision-Making and Governance
DAF operates under a decentralized model within PACCAR. Seidel leads the European and Middle East business units. However, significant strategic and investment decisions are aligned with PACCAR’s global executive leadership in Bellevue, Washington. This ensures synergy while preserving DAF’s operational independence.
DAF Trucks Annual Revenue and Net Worth
As of 2025, DAF Trucks continues to be one of the leading commercial vehicle manufacturers in Europe, with strong financial performance driven by consistent demand for its medium- and heavy-duty trucks. While DAF does not publish independent financial statements due to its status as a wholly owned subsidiary of PACCAR Inc., industry estimates and PACCAR segment disclosures allow for a reliable approximation of DAF’s financial metrics.
In 2025, DAF Trucks is estimated to generate annual revenues between $8.2 billion and $8.8 billion. This revenue comes primarily from the sale of new trucks in Europe and select international markets, as well as from the company’s growing aftersales services, including spare parts, maintenance contracts, and digital fleet solutions. DAF’s newer models—especially the New Generation XF, XG, and XG+—have continued to perform strongly in Western Europe, with rising orders for electric and hybrid models in markets like Germany, the Netherlands, and the Nordic region.
The company has also benefited from increased demand for zero-emission trucks in 2025, driven by tighter European Union regulations on emissions and the expansion of electric vehicle infrastructure. With its electric DAF CF and XD models entering broader production, DAF is capturing a larger share of the sustainable transport market.
Net Worth and Valuation
Although DAF’s net worth is not reported separately from PACCAR’s consolidated financials, its estimated enterprise value ranges between $10 billion and $12 billion in June 2025.
This valuation is based on its revenue generation, brand strength, market share, and tangible assets including manufacturing plants in Eindhoven (Netherlands), Westerlo (Belgium), and Leyland (UK).
DAF’s investments in advanced manufacturing systems, battery-electric technology, and in-house engine production (through DAF Components) further enhance its long-term valuation. The company also owns and operates a vast service and dealer network across Europe and the Middle East, adding additional operational value and customer retention.
DAF’s financial stability remains strong in 2025, supported by steady cash flow, increased vehicle delivery rates, and high utilization of its assembly plants. While exact EBITDA or profit margins are not publicly disclosed, analysts generally regard DAF as one of PACCAR’s most profitable subsidiaries, due to its efficient production model and strong aftermarket revenue streams.
Here is an overview of the estimated historical revenue and net worth of DAF Trucks for the past 10 years (2015–2025):
| Year | Estimated Revenue (USD Billion) | Estimated Net Worth (USD Billion) | Key Notes |
|---|---|---|---|
| 2015 | 6.2 | 7.5 | Stable sales across Europe; strong XF series demand |
| 2016 | 6.6 | 7.8 | Market share increased in Germany, UK |
| 2017 | 7.1 | 8.2 | Launch of new CF and XF models |
| 2018 | 7.4 | 8.6 | Record production year; stronger aftermarket growth |
| 2019 | 7.6 | 9.0 | Expanded European footprint; electric prototype unveiled |
| 2020 | 6.8 | 8.3 | COVID-19 impact reduced truck deliveries |
| 2021 | 7.3 | 8.7 | Recovery from pandemic; Euro 6D emissions-compliant models |
| 2022 | 8.0 | 9.5 | Launch of New Generation DAF trucks (XF, XG, XG⁺) |
| 2023 | 8.6 | 10.1 | Strong demand across EU; increased e-truck investment |
| 2024 | 8.5 | 10.5 | Marginal dip due to global economic uncertainty |
| 2025 | 8.8 (est.) | 11.2 (est.) | Continued expansion in EV segment and fleet services |
Financial Outlook
Looking ahead, DAF’s revenue is expected to grow steadily through 2026, especially as infrastructure for electric trucks matures and European governments continue to incentivize clean transportation. The company’s growing lineup of electric and low-emission vehicles positions it to capitalize on this trend. Its net worth may also rise in parallel, especially if DAF expands its market share in emerging regions or introduces new technologies such as hydrogen fuel cell trucks.
Brands Owned by DAF Trucks
As of 2025, DAF Trucks operates a robust network of brands, service divisions, and manufacturing facilities that directly support its core business. While its parent company, PACCAR, provides financial and strategic oversight.
Here’s a list of the major brands and entities owned by DAF Trucks in 2025:
| Name of Entity | Type | Function/Role | Location/Region | Ownership/Status |
|---|---|---|---|---|
| DAF Components | Division/Business Unit | Supplies engines, axles, and chassis to third parties | Netherlands (global supply) | Fully owned by DAF |
| DAF Trucks Deutschland GmbH | Subsidiary | Sales, marketing, and support services in Germany | Germany | Operated by DAF |
| Leyland Trucks | Manufacturing Facility | Produces right-hand drive DAF trucks (LF, CF) | United Kingdom | Operated under DAF |
| DAF MultiSupport | Service Brand | Maintenance contracts, roadside assistance, and fleet support | Europe-wide | Owned by DAF |
| DAF Used Trucks | Retail Brand/Division | Certified pre-owned truck sales, leasing, and financing | Europe and international | Operated by DAF |
| DAF Transport Efficiency | Program/Brand | Driver training, telematics, and fleet optimization services | Europe | Operated by DAF |
| DAF Academy | Training Platform | Training for technicians, drivers, dealers, and staff | Europe | Operated by DAF |
| Eindhoven Plant | Manufacturing Facility | Main truck assembly, engine production, R&D | Eindhoven, Netherlands | Owned by DAF |
| Westerlo Plant | Manufacturing Facility | Cab and axle production for all DAF truck models | Westerlo, Belgium | Owned by DAF |
DAF Components
DAF Components is a specialized business unit within DAF Trucks focused on the development and supply of components such as engines, axles, and chassis modules. These components are not only used in DAF’s own vehicles but are also sold to bus manufacturers, special vehicle builders, and industrial engine users across Europe and beyond.
This division is key to DAF’s diversification, allowing it to maintain relevance outside of the core trucking sector. DAF Components plays a critical role in supplying parts that meet modern emission standards and powertrain needs, including Euro 6 and zero-emission solutions.
DAF Trucks Deutschland GmbH
DAF Trucks Deutschland GmbH is the official German operating entity of DAF Trucks. It manages sales, marketing, distribution, and after-sales support across Germany. It also works closely with local dealerships and logistics operators to customize vehicles for the regional market. While not a standalone company, this entity is run directly by DAF as a localized operation under its European business network.
Germany is one of DAF’s largest markets, and this subsidiary has contributed significantly to fleet sales and regional product development in line with German transport regulations.
Leyland Trucks (DAF-Integrated)
While Leyland Trucks is legally owned by PACCAR, it operates as an integral manufacturing arm of DAF Trucks. Located in the United Kingdom, Leyland produces DAF’s right-hand drive models for markets such as the UK, Ireland, Australia, and parts of Africa and Asia.
The facility specializes in the production of medium- and heavy-duty trucks, and it is tightly integrated with DAF’s engineering and quality control processes. All DAF LF models and some CF models originate from this facility. Though the legal ownership is PACCAR, DAF Trucks exercises full operational control over Leyland’s truck production and model alignment.
DAF MultiSupport
DAF MultiSupport is DAF’s own after-sales service and maintenance brand. It offers fleet operators tailored service contracts, flexible maintenance plans, roadside assistance, and performance guarantees. MultiSupport has been a strategic brand within DAF’s customer support infrastructure and helps retain long-term customers through excellent lifecycle services.
The brand operates across Europe and parts of the Middle East, providing services through DAF’s certified dealer network and repair centers.
DAF Used Trucks
DAF Used Trucks is DAF’s official pre-owned vehicle division, offering certified second-hand trucks across Europe. All vehicles under this program are inspected, certified, and reconditioned under DAF standards. The division also provides leasing, financing, and warranty support.
This brand plays an important role in the circular truck economy and supports smaller fleets or startups looking for cost-effective vehicle options without compromising on quality.
DAF Transport Efficiency Programs
While not a brand in the traditional sense, DAF Transport Efficiency is a branded suite of programs that includes driver training, telematics, fuel management systems, and fleet optimization services. It is owned and operated directly by DAF and is designed to help customers achieve lower cost-per-kilometer figures and reduce CO₂ emissions.
DAF continues to expand this program as it aligns with European sustainability targets and customer demand for total fleet solutions.
DAF Academy
DAF Academy is DAF’s internal and external training platform. It is used to train dealership staff, service technicians, drivers, and company employees. The academy offers in-person sessions, online learning, and certification in multiple areas including maintenance, diagnostics, customer service, and safety.
DAF Academy helps standardize the service quality and technical knowledge across all regions where the brand operates. It is also part of DAF’s strategy to maintain high after-sales satisfaction scores.
Eindhoven and Westerlo Manufacturing Plants
While not separate brands, DAF’s two major manufacturing facilities—Eindhoven (Netherlands) and Westerlo (Belgium)—are owned and operated by DAF Trucks directly. These plants are among the most advanced truck production sites in Europe.
- The Eindhoven facility handles final truck assembly, engine production, and product R&D.
- The Westerlo plant is responsible for manufacturing cabs and axles used in DAF’s entire truck lineup.
Both plants are strategically important and represent DAF’s core production and innovation backbone.
Conclusion
DAF Trucks is a key player in the European truck manufacturing industry. It is owned by PACCAR Inc., a U.S.-based industrial giant. DAF benefits from PACCAR’s financial strength, technological leadership, and global reach. With steady growth, advanced facilities, and a commitment to innovation, DAF continues to shape the future of commercial transport in Europe and beyond.
FAQs
Who is DAF owned by?
DAF Trucks is owned by PACCAR Inc., an American multinational company based in Bellevue, Washington. PACCAR has been the sole owner of DAF since acquiring it in 1996. DAF operates as a fully owned subsidiary but retains its own brand identity, production, and R&D in Europe.
Is DAF part of Volvo?
No, DAF is not part of Volvo. It is entirely independent from Volvo Group and is owned by PACCAR Inc. Volvo Trucks and DAF Trucks are separate competitors in the global commercial vehicle industry.
Is DAF a German company?
No, DAF is not a German company. DAF Trucks is a Dutch company headquartered in Eindhoven, Netherlands. While it operates subsidiaries in Germany and other European countries, its origins and main manufacturing base are Dutch.
Which country built DAF trucks?
DAF trucks are built in the Netherlands, Belgium, and the United Kingdom. The main truck assembly plant is in Eindhoven, Netherlands, with cab and axle production in Westerlo, Belgium, and additional truck production in Leyland, UK, for right-hand drive markets.
What engines does DAF use?
DAF uses its own PACCAR-branded engines, primarily the MX-11 and MX-13 for heavy-duty trucks and PX-5 and PX-7 for medium-duty models. These engines are developed and assembled at DAF’s facility in Eindhoven. Electric powertrains and hydrogen-ready systems are also in development.
What is the largest DAF truck?
As of 2025, the DAF XG+ is the largest and most spacious DAF truck. It is designed for long-haul transport and offers the most interior space, driver comfort, and advanced features within the DAF lineup. It also complies with the EU’s new mass and dimension regulations.
Who started DAF?
DAF was founded in 1928 by Hub van Doorne, with later involvement from his brother Wim van Doorne. Originally starting as a small engineering workshop in Eindhoven, the company grew into a major truck manufacturer by the mid-20th century.
Who bought DAF Trucks?
DAF Trucks was bought by PACCAR Inc. in 1996 after DAF NV declared bankruptcy in 1993. PACCAR invested heavily in the brand, modernized its operations, and integrated it into its global truck manufacturing group.
Who owns Fuso Truck?
Fuso Truck and Bus Corporation is owned by Daimler Truck AG, a German company. Fuso operates under the Mitsubishi Fuso brand and is part of Daimler Truck’s Asia business division, alongside BharatBenz and other subsidiaries.
Who owns Renault Trucks?
Renault Trucks is owned by the Volvo Group, a Swedish commercial vehicle manufacturer. Volvo acquired Renault Trucks in 2001, and it now operates as one of Volvo’s key brands in the European and international markets.
Who is the real owner of DAF Trucks?
DAF Trucks is wholly owned by PACCAR Inc, an American multinational company.
Does PACCAR own DAF Trucks?
Yes, PACCAR acquired DAF Trucks in 1996 and has owned it ever since.
Is DAF Trucks a Dutch or American company?
DAF Trucks is based in the Netherlands but is owned by the American company PACCAR.
Who is the CEO of DAF Trucks?
As of 2025, the CEO of DAF Trucks is Harald Seidel.
Is DAF a public company?
No, DAF Trucks is not publicly traded. It is a subsidiary of PACCAR Inc, which is listed on NASDAQ.