COLUMBUS, Ind. – December Class 8 net orders were healthy, bringing total year-end ordering activity to 159,000 (Sep-Dec), according to ACT Research’s State of the Industry: NA Classes 5-8 report.
Classes 5-7 orders declined 3% year-over-year to 17,464 units (-21% month-over-month), 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,” according to Eric Crawford, ACT Research’s Vice President, Senior Analyst. “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.”
Crawford said Class 8 retail sales in December rose 19% year-over-year 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,” Crawford said. “Classes 5-7 retail sales (SA) rose 3.6% year-over-year to 19,000 units. Full year retail sales were 229,821.”
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