Trucker News reported that “Class 8 orders totaled 11,400 units with 5-7 orders coming in at 13,500 units.” ACT research is showing us the health of the demand in the industry. Vice president of ACT Eric Crawford said that “Class 8 backlogs could spill into 2023. Given this confluence of factors, as well as typically challenged seasonality in Q3, we are hesitant to extrapolate too far from a datapoint that may prove to be an outlier. To be sure, it is a data point that warrants increased vigilance in the future.”
Class 8 net orders for July fell to their lowest level since November 2021 at 10,600 units. Activity on orders was the weakest for the month of July since 2019. Down by 33% from the month before in June. Overall, down by 60% year after year. Despite the economic uncertainty, new truck demand is expected to remain strong in 2023. Freight is still expected to grow steadily. Class 8 orders could reach new highs when booking for 2023 begins, possibly as early as September.