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Navistar announced the recipients of its annual Diamond Supplier Awards on May 27, 2021, recognizing suppliers who excelled in quality, delivery, technology, and cost amidst unexpected industry challenges. The awards highlight the critical role these suppliers played in supporting Navistar's 4.0 strategy during the pandemic. Notable recipients include companies like Donaldson Company, Hendrickson International, and Stoneridge, Inc.. This recognition underscores Navistar's commitment to maintaining high standards in supply chain performance.
International Truck, a brand of Navistar International Corporation (NYSE: NAV), announced the upcoming launch of Cummins Connected Software Updates and programmable trim parameters via its OnCommand Connection portal. This integration allows over-the-air engine calibrations for Cummins X15 engines in models equipped with Navistar's second-generation telematics device. By enhancing remote programming capabilities, customers can improve fleet efficiency and performance. The collaboration with Cummins aims to maximize uptime and productivity for clients, underscoring their commitment to innovative connected vehicle solutions.
On May 10, 2021, TuSimple (TSP) announced it has secured 6,775 reservations for new autonomous trucks developed in partnership with Navistar (NAV). Scheduled for production in 2024, these trucks will feature TuSimple's cutting-edge Level 4 autonomous driving system. Major companies like Penske, Schneider, and U.S. Xpress are among the first customers to place reservations, highlighting significant demand for autonomous technology. TuSimple's Autonomous Freight Network currently operates 50 L4 trucks, with plans to expand coast-to-coast by 2023, showcasing its commitment to transforming the freight industry.
IC Bus, a leading manufacturer of school buses under Navistar, has successfully delivered its first electric CE Series school buses to British Columbia School Districts, fulfilling an order of 18 buses made in late 2020. The introduction of these electric buses represents a significant step in IC Bus's expansion into the electric vehicle market. With a focus on a comprehensive '5 Cs' approach for electrification and the longest range in the industry, IC Bus aims to support customers through the transition to electric. The buses offer battery options providing up to 200 miles on a single charge.
Navistar International Corporation (NYSE: NAV) has issued a Conditional Notice for the full redemption of its outstanding 9.500% Senior Secured Notes due 2025, totaling $600 million. The redemption, set for June 25, 2021, is contingent upon the successful completion of a merger with a subsidiary of TRATON SE. The redemption price is 107.125% of the principal amount, with accrued interest to be included. The company warns that if the merger condition is not met, the redemption may be delayed or rescinded.
Navistar International Corporation (NYSE: NAV) has launched a new aftermarket product line called Diamond Advantage™ Diesel Parts, aimed at Class 2-5 diesel engines. This new offering includes parts for popular models like Ford Power Stroke, GM Duramax, and Dodge RAM Cummins. Distribution will occur through Navistar's established network of parts distribution centers, enhancing customer support and uptime. The launch coincides with the need for comprehensive diesel parts solutions in the aftermarket sector.
Navistar International Corporation (NYSE: NAV) reported a Q1 2021 net loss of $81 million, or $0.81 per share, a significant decline from the prior year's loss of $36 million. Adjusted net income improved to $5 million. Revenues were $1.8 billion, consistent with Q1 2020. Adjusted EBITDA doubled to $116 million, driven by increased market share and production rates. The company is progressing with its merger with TRATON and plans to launch hydrogen fuel cell vehicles by 2024. Overall, the company is focused on its Navistar 4.0 strategy, with plans to create over 650 jobs through a new facility investment exceeding $275 million.
Navistar International Corporation (NYSE: NAV) announced that stockholders approved TRATON's acquisition proposal at USD 44.50 per share in cash during its annual meeting. The transaction is subject to regulatory approvals and customary closing conditions, with completion expected in mid-2021. Additionally, stockholders approved other proposals, including executive compensation and director election. The final vote results will be filed with the U.S. Securities and Exchange Commission.
Navistar International Corporation (NYSE: NAV) will report its fiscal 2021 first quarter financial results on March 9, 2021. Due to a pending merger proposal with TRATON SE, the company will not conduct a conference call. Instead, it will file a standard financial results press release and provide supplementary materials on its Investor Relations website.
Navistar produces International® brand commercial trucks, proprietary diesel engines, and IC Bus® brand vehicles, while also offering financing services.
Navistar International Corporation (NYSE: NAV) announced a one-year factory-backed warranty for engine and aftertreatment systems on qualifying used International LT and RH Series vehicles. This offer is valid on purchases made through December 2021, applicable to model year 2018 or newer vehicles. The warranty covers up to 100,000 miles and includes trucks from various sellers, enhancing customer confidence. This initiative aligns with Navistar's focus on customer service under its Navistar 4.0 strategy. Customers can register the warranty at no charge if eligibility criteria are met.
