Matt Elkott : Okay. But — so relative to the industry forecast, do you think you might be able to outperform or you’re not ready to say that.
Preston Feight: Well, I think what we did is we gave the forecast with the range because that’s what we think the range could be, right? That’s why we came out 260 to 300 because that’s how we see it.
Matt Elkott : Okay. And then just 1 more follow-up. If you — if we do have a higher mix of vocation in the next year or 2, can you just talk a bit more about what it could mean for margins and pricing and as well as the kind of fluidity of the manufacturing process?
Preston Feight: Well, our truck plants, and it’s a good opportunity, thanks for bringing it up. I mean, the mixture and how that works is our truck plants are just done an absolutely amazing job around the world, managing the last few years, and they are artisans at being able to build the trucks that they need to build. So I couldn’t be more proud of them and pleased with the results that they’ve delivered. And I think that if we see mix shifts from on-highway into the location market, that’s very adaptive for us. We can build any truck in our factories that we need to and they’re very good at putting those trucks out. So I think that, that will be just fine for us if we see that shift, and it won’t — it will be — and it will be good for PACCAR and good for our customers.
Operator: Our next question is from Jeff Kauffman from Vertical Research Partners.
Jeff Kauffman : Congratulations. I want to think a little bit that — you’re welcome. I want to think a little bit about this joint venture. So you said I guess, 2 questions. Number 1 on CapEx. You said $600 million to $900 million. Let’s assume that you can get all of the approvals that you need, does that imply when we’re thinking about ’25, ’26 CapEx, we could be looking at $1 billion plus in terms of total firm CapEx? That’s question one.
Preston Feight: Let’s go for that question, and then you can do for the second one, Harrie, if would take it.
Harrie Schippers : So the $600 million to $900 million investment in the joint venture will be showing up as an investment. It will not show up as our capital investment plan. So the capital numbers we just mentioned for this year and next year are without the joint venture.
Jeff Kauffman : Okay. And then question 2, I’m thinking back to the future here, 21 gigawatts at the factory. But if I want to bring it into something that I can convert into trucks. So if I think of 21 gigawatt and maybe your smaller trucks are 250 to 300-kilowatt hour batteries and your larger trucks are kind of 600, 750-kilowatt hour battery. So I’m just going to take an average of 500. Are we talking about kind of 40,000 to 50,000 vehicles a year that this plant could theoretically battery and then you would have a 30% interest in that, that shows up as other income investment in joint venture?
Preston Feight: Yes, Jeff, that is perfect math. I think you can use that and you probably can go back to the future with that.
Operator: Our last question registered is from Scott Group from Wolfe Research.
Scott Group : So I just wanted to just follow up on 1 of the earlier questions. What percentage of your mix is typically the large truckload? And then within the 2024 trucks, is there any change in mix of sales with the MX versus not? Is that mix going higher or lower?