According to the latest preliminary numbers from ACT Research, July preliminary North American Class 8 net orders were 16,000, jumping 45% year-over-year, while Classes 5-7 net orders were 16,600, up 21% year-over-year.
“As represented by seasonal factors, this is the time of the year when expectations for orders are low. For both the MD Classes 5-7 and HD Class 8 markets, July is the traditional low-water mark for monthly order placements,” shared Kenny Vieth, president and senior analyst at ACT Research. “That low expectation is reconfirmed this year as both MD and HD 2023 backlogs, as measured by BL/BU ratios, are essentially full. In addition to already filled backlogs constraining order flows, 2024 orderboards are not yet, or just barely open, making the opportunity for bigger numbers elusive. All that said, July order activity was largely in line with or slightly above ytd trends.”
He stated that when adjusted for seasonal variations, there was a 5.5% month-over-month increase in Class 8 orders, totaling 20,700 units. Additionally, orders for Classes 5-7 showed a 1% month-over-month rise, reaching 19,300 units.