18.74%. That was our share of Chile's heavy-truck market in 2025, the highest in our history. It was excellent news, but not the whole story. While market share grew, another question mattered: were we increasing the value of each sale?
Mining began to change our business mix. It was not simply a matter of selling more trucks. These were more demanding applications, different specifications, more engineering, support and availability, and a closer relationship with the customer's operation. Two trucks sold do not necessarily create the same value. Market share, price and profitability could no longer be separate conversations.
Future technologies were also emerging: electric trucks and LNG. Their potential came with open questions about range, infrastructure, service, financing, residual value and total cost of ownership. Introducing technology meant creating the conditions for it to work as a business, not merely bringing in a product. It also meant taking risks: reserving production, defining specifications and committing inventory before the outcome was known.
Risk and discipline are not opposites. Well-managed risk is part of discipline. The question was not how to eliminate risk, but which risks we were taking and which variables we could not afford to ignore. Price became more than the number needed to close. It represented value, availability, service, future relationships, risk and profitability.
The easy lever for growth is always to offer a deeper discount or a more generous condition. Volume can keep rising while the business deteriorates. So the question changed from “How many trucks can we sell?” to “To which customer, for which application, with what proposal, at what price, with what risk, and with what value left in the end?”
Some of our best decisions required bounded, understood risks. Growth is not enough; we need better growth. When you see every sale through margin, inventory, financing, service, cash and committed capital, you begin to see the P&L. That is where the fifth chapter begins.