Class 8 truck orders at 30,600 units in December

Class 8 truck orders at 30,600 units in December

According to ACT Research's latest report, December Class 8 net orders were healthy, bringing total year-end ordering activity to 159,000.

According to ACT Research’s latest State of the Industry: NA Classes 5-8 report, December Class 8 net orders were healthy, bringing total year-end ordering activity to a strong 159,000 (Sept.-Dec.). Classes 5-7 orders declined 3% y/y to 17,464 units (-21% m/m), with seasonal adjustment trimming orders to 16,100.

“For now, business activity in the truck industry rolls on, also seemingly unphased by higher interest rates, as pent-up demand remains for now,” said Eric Crawford, vice president and senior analyst, ACT Research. “We expect this dynamic to shift in 2H’23, as the Fed continues its aggressive push to subdue inflation. Although there have been recent signs of inflation slowing, we do not expect the Fed to begin cutting rates in 2023.”

Regarding retail sales, Crawford added, “Class 8 retail sales in December rose 19% y/y to an all-time record 34,415 units. The strong finish to the year led to a total of 309,615 units sold in 2022,” he said. “Classes 5-7 retail sales (SA) rose 3.6% y/y to 19,000 units. Full-year retail sales were 229,821.”

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Class 8 orders strong in February

Even when seasonally adjusted, ACT says preliminary order numbers for February are up 5% over January.

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According to the latest numbers from ACT Research, preliminary North America Class 8 net orders were 27,700 units, up 600 units from January and 16% from a year ago. With the fourth-largest seasonal factor of the year at 8%, seasonal adjustment reduces February’s Class 8 intake to 25,600 units, up 5% from January.

“Weak freight and carrier profitability fundamentals, and large carriers guiding to lower capex in 2024, would imply pressure in U.S. tractor, the North American Class 8 market’s largest segment,” said Kenny Vieth, ACT’s president and senior analyst. “While we do not yet have the underlying detail for February order volumes, Class 8 demand continuing at high levels again this month suggests that U.S. buyers continue as strong market participants.”

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