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PACCAR and Platform Science Announce Strategic Equity Investment
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
Tags
Rhea-AI Summary
PACCAR has announced a minority equity investment in its connected truck partner, Platform Science. This investment complements the recently launched partnership to integrate Platform Science’s Virtual Vehicle technology with PACCAR Connect. The collaboration aims to provide Kenworth and Peterbilt customers with a standardized telematics system, enhancing productivity and vehicle uptime by eliminating aftermarket installations. PACCAR's CTO, John Rich, stated that this system will be user-friendly and customizable, set to launch on trucks in 2024.
Positive
Minority equity investment enhances partnership with Platform Science.
Integration of Virtual Vehicle technology with PACCAR Connect improves telematics capabilities.
Streamlined installation process increases vehicle uptime and productivity.
Negative
None.
BELLEVUE, Wash.--(BUSINESS WIRE)--
PACCAR announced today that it has made a minority equity investment in its connected truck partner, Platform Science. This strategic investment complements the partnership recently launched by PACCAR and Platform Science to integrate Platform Science’s Virtual Vehicle technology with the PACCAR Connect telematics system.
The integrated product will offer Kenworth and Peterbilt customers a standardized telematics operating system and application store, enabling customers to access software solutions, real-time vehicle data, and third-party applications directly from their vehicles. The vehicle information technology environment will be simplified by reducing the number of telecommunications devices required on the vehicle. Factory installation will increase customers’ productivity and uptime by eliminating the aftermarket installation process.
John Rich, PACCAR chief technology officer, said, “PACCAR is pleased to deepen this strategic relationship by investing in Platform Science. PACCAR Connect will be the industry’s most user-friendly, customizable and productive connected truck solution, and will enhance our customers’ agility and operating efficiency. We look forward to launching the system on Kenworth and Peterbilt trucks in 2024.”
“Platform Science’s Virtual Vehicle will bring a whole new dimension of adaptive ingenuity to trucks, empowering operators to tap into a broad suite of solutions that precisely meet their fleets’ needs,” said Jack Kennedy, Platform Science co-founder & CEO. “For more than a century, PACCAR has been a leader in designing, developing and manufacturing world-class transportation solutions, and we are proud to collaborate with their team.”
About PACCAR
PACCAR is a global technology leader in the design, manufacture and customer support of high-quality light-, medium- and heavy-duty trucks under the Kenworth, Peterbilt and DAF nameplates. PACCAR also designs and manufactures advanced powertrains, provides financial services and information technology, and distributes truck parts related to its principal business.
About Platform Science
Platform Science is transforming transportation technology by empowering enterprise fleets with a unified, user-friendly technology platform. Platform Science makes it easy to develop, deploy and manage mobile devices and applications on commercial vehicles, giving fleets an edge in efficiency, flexibility, visibility, and productivity. For more information, please visit www.platformscience.com.
What is PACCAR's recent investment in Platform Science about?
PACCAR announced a minority equity investment in Platform Science to enhance their connected truck partnership.
How will the investment in Platform Science affect PACCAR's trucks?
The investment aims to integrate Platform Science’s Virtual Vehicle technology with PACCAR Connect, improving telematics for Kenworth and Peterbilt trucks.
When will PACCAR launch the new telematics system on trucks?
PACCAR plans to launch the integrated telematics system on Kenworth and Peterbilt trucks in 2024.
What benefits will the new telematics system provide to PACCAR customers?
The new system will offer a standardized telematics operating system, increasing productivity and uptime by simplifying installation.
What technology is PACCAR integrating with its telematics system?
PACCAR is integrating Platform Science’s Virtual Vehicle technology with its PACCAR Connect telematics system.
