Truck Orders for July and August 2023
Freight Transportation Research (FTR) has posted its finalized numbers for July and August of 2023 in regards to new Class 8 truck sales. While July was not much to write home about, August was indeed quite an interesting month from a statistical point of view.
July 2023 Numbers
FTR pins the number of sales in July 2023 at 13,500. Despite being a tiny drop from the month before, Erick Starks of FTR considers this number to be fantastic since it demolished expectations. “We had expected net orders to fall below 10,000 units monthly several months ago as fleets wait for OEMs to open 2024 build slots, but that did not occur.”
August 2023 Numbers
August, according to FTR, had 15,400 sales, which is an approximately 15% increase from July 2023 but a 26% decline from August 2022.
Eric Starks of FTR says that the coming months are going to paint a similar picture: higher month-over-month, but lower year-over-year.
“As build slots start to open for 2024 production, fleets are starting to place orders on the books. However, much of the ordering for 2024 has yet to be seen and typically will not show up until September or October. Despite rising order activity, the year-over-year comparisons will look horrible through November due to record order activity in the second half of 2022. The actual unit order levels will be more significant in the near term than the year-over-year change in analyzing the strength of the market. Even though order activity is still below replacement demand, a key takeaway from the August data is that fleets are not shying away from ordering new equipment, which is a good sign for the second half of the year.”
Conclusion
We are inclined to agree with Starks; in our original reporting of September 2022’s preliminary sales, we described it as “Earth-Shattering.” Considering the actual number was shy of initial estimations by only 300 units, it will take nothing short of a miracle for September 2023 to top the herculean number of 56,205 units moved.
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