A near 50% decline in truck sales, caused by the impact of COVID-19 on the economy, resulted in Lisle, Ill.-based Navistar International Corp. reporting sharp losses in its fiscal third quarter.
Navistar’s net loss was $37 million, or 37 cents per share, compared with a profit of $156 million, or $1.57, in the same period a year ago.
On an earnings call with reporters and financial analysts on Sept. 9, the company also confirmed it is taking a minority interest in the San Diego-based automated truck company TuSimple, with the goal of producing a Level 4 autonomous truck by 2024. Terms of the agreement were not made public.
