COLUMBUS, Ind. – Battery-electric truck production is expected to triple in 2023 compared to 2022, according to N.A. (North American) Commercial Vehicle On-Highway Engine OUTLOOK, published by ACT Research and Rhein Associates.
“The California Air Resources Board approved a $2.6 billion investment plan to assist transition to zero-emission transportation, with the majority of the incentives and subsidies approved focused on cleaner trucks and buses,” Andrew Wrobel, senior powertrain analyst at Rhein Associates, said. “Battery-electric truck production is expected to triple this year compared to last. However, this growth is still moderate within the broader market, accounting for less than 1% of total truck production.”
The U.S. economy grew by 2.9% in the fourth quarter of 2022, surprising many analysts and pushing full-year 2022 growth to 2.1%, according to ACT.
“In addition to stronger-than-expected Q4 growth, this marked the first quarter since the start of the pandemic that every economic sector contributed positively to the economy’s performance,” Kenny Vieth, president and senior analyst at ACT Research, said. “Our view of the U.S. economy remains largely consistent with the perspectives we have offered to readers over the last few months, but with a shift in timing: A recession remains likely, mild in degree and duration. But instead of being centered in 1H’23, our current thinking aligns downturn timing with the game of chicken being played in (Washington) D.C. around the debt-ceiling and U.S. credit worthiness.”
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