Preliminary data from two trucking industry data aggregators shows that orders for new Class 8 trucks in July behaved seasonally, meaning they were slow, but came in above analyst expectations.
ACT Research pointed out in an Aug. 3 release that, according to their data, orders for July were 16,000 units, or a seasonally 20,700, or 5.5% more than June but up big—45%—over orders in July 2022. FTR Transportation Intelligence, reporting in its own posting, had July 2023 orders come in above expectations at nearly 13,500 units, which FTR said was 8% below June but a “hefty” 25% above last July.
ACT also added that net orders for medium-duty commercial vehicles, Classes 5-7, were 16,600, up 21% over last year but just 1% higher over last month.
“As represented by seasonal factors, this is the time of the year when expectations for orders are low,” said Kenny Vieth, ACT’s president and senior analyst, adding that “for both the MD Classes 5-7 and HD Class 8 markets, July is the traditional low-water mark for monthly order placements.