The truck manufacturing industry is thriving in 2024 and outperforming some major technology companies. In Italy, Iveco Group (IVG) has seen its share price increase steadily for the past nine weeks and is currently at its highest point ever, more than doubling since December.

In Germany, Daimler Trucks (DTG) has reached a record high of €47.50 after nine consecutive weeks of growth. Meanwhile, in the United States, PACCAR (NASDAQ: PCAR) has also hit a record high of $124.45 after eleven weeks of gains, surpassing the S&P 500 index’s performance over the past year.

Not only are these big companies thriving, but truck manufacturers globally, such as Tata, Hyundai, and Volkswagen, are experiencing increased demand for their products, leading to higher revenues and profits.

The recent financial reports of these companies show significant growth. PACCAR reported a revenue increase from $21.4 billion to over $26.84 billion for 2023, along with a sharp rise in profitability to over $3.7 billion. Daimler Trucks also had a successful year, with revenue increasing from €50.9 billion to €55.8 billion and total profit reaching €3.9 billion.

Iveco Group, the Italian company, reported a revenue increase from €14.3 billion to €16.2 billion, with profits rising slightly from €260 million to €384 million. Despite challenges like the devaluation of the Argentine peso, the company has still shown growth.

These companies have also increased their shareholder returns, with PACCAR and Daimler Trucks paying out billions in dividends. Looking ahead, all three companies expect to continue performing well due to sustained global demand.

It is notable that their performance is on par with other industrial stocks like Illinois Tool Works and Emerson Electric, indicating a strong outlook for the industry.