SEATTLE, WA-Some 300 Paccar employees in the Seattle area are holding layoff warnings notices this week as the truck manufacturer continues to struggle with higher interest and insurance rates, higher diesel costs and a glut of new and used trucks on the market.

If in two months the company follows through on the warning, workforce at the Bellevue-based company’s Kenworth plant in Renton could be cut by 40%. More than 500 workers have already been laid off there this year. Competing truck makers Freightliner and Navistar International also have had to lay off workers.

Last year, Paccar broke records with $583 million in profit. This year it should only hit $450 million. Paccar’s stock closed Friday at $40.81, close to its 52-wek low of $36.25 than its 52-week high of $54.25. In morning trading Monday, shares are up more than $1.30 to $42.125/share.

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