Ftr August Class 8 631f2d5c447b2

FTR: Class 8 orders spike in August

Sept. 12, 2022
Net North American orders of 21,400 trucks are up 98% month-over-month, but down 46% from last August

Class 8 net orders in North America spiked by 98% month-over-month in August, reaching 21,400 units, according to FTR.

Most OEMs began placing a limited number of orders for the first quarter of 2023. It appears OEMs have returned to the pattern of the first quarter of this year when orders averaged 21,100 units. FTR expects orders will continue to rise next month as additional orders are booked for first-quarter deliveries.

Bookings were down 46% year-over-year vs. a robust August last year.

“The good news is that the traditional summer order slump has ended a month early this year,” said Don Ake, vice president of commercial vehicles for FTR. “OEMs felt the need to start filling in their Q1 production schedules for their prime customers. The supply chain is still clogged, so they still are unable to book all the commitments they still have.

“It is interesting that August order totals are so close to the January-March numbers earlier this year. Just like then, OEMs must be careful not to overbook, with the supply chain still not showing much progress. However, order totals are expected to jump in the coming months when all OEMs fill in all the first-quarter build slots. The needs of the fleets still greatly outnumber the production capacity of the OEMs under the current restrictions.

“The economy has slowed down and freight growth has eased, but there is still a significant amount of pent-up demand due to the persistent supply chain delays. Some fleets have run their trucks well past their planned replacement cycles and desperately need new trucks. The industry has responded well to the supply shortages but will need an increase in production in 2023 to begin to balance out.”

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