Truck Sales for April, May, and June 2023 Remain Steady
Remember when we used to provide you with updates regarding the number of truck orders for each month? There are two reasons why we have been lingering in reporting this for the past quarter. The first is that there may be a difference between the preliminary numbers and the final numbers reported for the month, so we hesitate in the name of accuracy. The other reason is because, for these past three months according to Freight Transportation research (FTR), truck sales have mostly been stable.
April 2023 Numbers
April 2023 was a bit of a sour note; FTR reported net orders at 12,050. Compared to the month prior with March 2023 selling 19,000 units, it is quite the drop.
May 2023 Numbers
May had an increase of 1,550 trucks sold compared to the month prior, totalling at 13,600, and was much in line with sales numbers for May 2022 (13,928).
June 2023 Numbers
June increased over May by a slight uptick of 200 units, totalling 13,800 sold.
Effect on Backlog
If you have been following the news on truck production and sales, you know that there is a backlog of fleets being unable to get new trucks without having to wait numerous months. FTR CEO Eric Starks says that though orders are on the decline, that does not mean that production is dropping as well.
“The normally weaker orders due to a seasonal mid-year slowdown coupled with strong build activity will keep shrinking backlogs,” Starks said in a statement. “This will pull backlogs back into a normal range over the next several months as the backlog-to-build ratio is currently elevated and putting pressure on OEMs to keep building equipment.”
Conclusion
Currently, FTR has preliminary numbers on the Class 8 truck orders for July 2023 set at 13,500. It is hard to say if this will be the final number for the month, but it follows the trend of the past three months having little change under what Starks calls “a seasonal mid-year slowdown.” In any case, this update has been three times as efficient as performing it on a month-to-month basis. Perhaps we will do only quarterly updates on truck sales moving forward!
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