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Supply chain shortages continue to limit Class 8 truck orders

North America’s Class 8 truck orders spiked 13% in June, but were down 36% year over year as OEMs continue to carefully manage order intake in light of uncertainty about future conditions.

FTR’s preliminary report showed a modest increase from May to 15,000 units, but it points out 2023 build slots remain restricted as OEMs struggle to determine future material costs and lead times.

June’s order total was in line with the previous three months. FTR says manufacturers are still struggling to procure semiconductors, tires, and other key components, limiting production.

“The June number is positive in the sense that all OEMs entered orders indicating some optimism about improved future supply chain performance. The current order volume still understates the tremendous demand for new trucks,” said Charles Roth, analyst – commercial vehicles with FTR.

“The OEMs have a large number of fleet commitments for 2023. They are delaying entering these orders until they know how many they will be able to build each month. Supply chain delays continue to constrain build rates.”

But, Roth added, demand for new trucks remains high even if order intake is muted.

“As a result of replacement demand, fleets still need a considerable number of new trucks right now. Industry capacity remains extremely tight, resulting in elevated freight rates,” Roth said. “The carriers have freight to haul and funds available for new trucks, but OEMs remain limited due to parts shortages. Also, large fleets are now running vehicles beyond their trade-in cycles and need to trade in older trucks, which will result in increased replacement demand in 2023.”
 

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