Preliminary Class 8 orders see declines
Preliminary North American Class 8 net truck orders, for the month of November, saw sequential declines, according to recent data respectively issued by freight transportation consultancy FTR and ACT Research, a provider of data and analysis for trucks and other commercial vehicles.
FTR reported that preliminary November net orders—at 34,300—were below October’s preliminary tally of 42,300 units and far below the record 56,000 units reached in September.
The firm said that while orders have fallen over the last two months, but, when compared to 2021’s weak results, the gains are significant. It backed up that sentiment by pointing out that November’s orders were down 20% compared to October and up 254% annually, with Class 8 orders coming in at 295,000 over the last 12 months.
“Much of the year appears to have been slotted for production in 2023,” said Jonathan Starks, FTR’s chief executive officer and chief intelligence officer, in a statement. “That means further moderation of levels as we get into the new year. The market remains strong despite the economic uncertainties, and production still will be limited to some extent by supply chains and labor.”
ACT data: ACT reported that November preliminary North American Class 8 orders came in at 33,000 units, down from October’s 42,500 units, for preliminary orders, and well below September’s 53,700 unit tally.
“OEMs having opened their orderboards for 2023 more broadly, and ongoing pent-up demand—with tailwinds from strong carrier profitability and elevated fleet age—is proving resilient,” said Eric Crawford, ACT’s Vice President and Senior Analyst, in a statement. “We continue to expect a freight recession, and an eventual economic recession (mild to medium in magnitude), but OEMs at this point have clear visibility to a strong 1H’23 (barring any unforeseen cataclysmic events).”
