Penske Truck Leasing, a division of Penske Automotive Group, received its first production Kalmar Ottawa T2 EV electric terminal tractor on May 5 2026, marking the company’s debut as the first truck‑leasing firm to offer this next‑generation electric yard equipment. The delivery came from Kalmar’s Ottawa, Kansas facility, which has supplied Penske with terminal tractors for more than two decades.
The T2 EV, launched in March 2025 with initial deliveries in Q2 2025, features a direct‑drive electric motor, an active thermal‑management system, and battery‑capacity options that deliver zero‑emission performance while preserving the durability and driver comfort of its diesel predecessor. Penske’s first two T2 EVs were delivered in late 2025; the May 5 2026 tractor represents the start of a larger production run that will be available for lease across North America beginning in Q2 2026.
The move expands Penske’s already‑grown electrified fleet, which includes electric and hybrid models such as the Freightliner eCascadia, eM2, Volvo VNR electric tractor, International® eMV™, Ford E‑Transit, Orange EV e‑Triever, Freightliner Custom Chassis MT50e, and XOS walk‑in. By adding the T2 EV, Penske can offer customers a zero‑emission alternative for yard operations, helping fleets reduce diesel fuel use, improve air quality, and meet sustainability goals.
Penske Automotive Group’s Q1 2026 earnings, released on May 4 2026, showed revenue of $7.9 billion and net income of $235 million, with earnings per share of $3.56—an $0.68 beat over the consensus estimate of $2.88. The earnings beat was driven by record performance in the service and parts segment, which grew 4.6% in same‑store revenue and 5.7% in gross profit, offsetting a 5% decline in retail new‑vehicle units and a 61% drop in battery‑electric vehicle sales following the expiration of the U.S. BEV tax credit.
Management highlighted the company’s “solid and productive” first quarter, noting that the service and parts strength helped cushion the impact of weather‑related disruptions and the loss of BEV sales. The company guided for Q2 2026 revenue of $7.9 billion and EPS of $3.34, maintaining confidence in its high‑margin, low‑cycle assets while acknowledging ongoing macroheadwinds.
The introduction of the T2 EV aligns with Penske’s broader electrification strategy, which includes investments in charging infrastructure and the Penske Energy joint venture. The electric terminal tractor positions Penske to capture the growing market for zero‑emission yard equipment, reinforcing its competitive advantage in the evolving transportation services market.
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