Navistar CEO Peppered With Questions About Truck Engines
September 15 2009 - 5:30PM
Dow Jones News
Truck and engine builder Navistar International Corp. (NAV)
expects to convince some of its customers next year to try smaller
engines in their heavy-duty trucks to compensate for the company's
precarious supply of 15-liter engines.
Investors peppered Chief Executive Daniel Ustian with questions
Tuesday in the wake of a proposed federal regulation that could
block the company's plan to buy enough 15-liter engines from
Cummins Inc. (CMI) by the end of 2009 to cover next year's demand
while Navistar completes work on its own 15-liter engine. About 60%
of Navistar's heavy-duty trucks are purchased with 15-liter
engines.
"We believe that [15-liter] market can transition to a 13-liter
engine," said Ustian during a J.P. Morgan investor conference in
New York webcast over the Internet. "If the product does the job,
the customer will want a 13-liter" engine.
But Navistar's own 13-liter engine is new to the North American
market and remains largely untested under high-mileage conditions
with commercial trucking companies. Ustian played down the risks
for Navistar to lose market share next year if it isn't able to
provide customers with the engines they're used to buying. Navistar
has a second-place share of the market for heavy-duty trucks used
for hauling semi-trailers.
"There's a potential for us to gain as many as we lose," Ustian
said. Customers "are willing to convert if it does the job and has
the durability."
The uncertainty over the performance and availability of
Navistar's heavy-duty truck engines largely stems from the
company's decision to deploy an emissions-reduction system that
will not be compatible with engines built next year by Cummins,
which has supplied most of Navistar's heavy-duty engines in the
past.
A pending rule from the U.S. Environmental Protection Agency
appears to limit Navistar's ability to stockpile a year's worth of
15-liter engines built in 2009 by Cummins. Stricter federal
standards on nitrogen oxide pollution have forced engine builders
to add elaborate systems for treating diesel-engine exhaust
beginning next year. Those components have added several thousand
dollars to the cost of 2010 diesel engines.
The EPA wants to restrict 2009 engine production to 2009 truck
orders by prohibiting truck makers from stockpiling lower-cost
engines this year. The rule is expected to take effect by the
middle of December.
Despite the rule, Ustian maintained the EPA has already
sanctioned Navistar's supply strategy with Cummins. He also flatly
rejected suggestions that Navistar adopt the same
emissions-reduction system as Cummins to allow Navistar to use
Cummins' 2010 engines.
"Our products are running," he said. "Why would we want to
invest in some other technology?"
-By Bob Tita, Dow Jones Newswires; 312-750-4129;
robert.tita@dowjones.com