Class 8 truck orders in North America declined for the second straight month in November after hitting a record high in September this year. However, they remain higher on a year-on-year basis.
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The total figure of 34,300 units was below October's 42,500 units and September's record of 56,500 units. September and October had seen more orders for class 8 trucks than the previous six months put together.
When compared on a month-on-month basis, total orders are down 20 percent. But when compared to the same period last year, the total orders are up 254 percent.
Research firm FTR Transport Intelligence is expecting further moderation of levels heading into the new year.
Total orders for the last 12 months now stand at 2,95,000 units. For the first 11 months of 2022, the figure stands at 2,73,700 units, and has already exceeded industry expectations of 2,44,000 units for the full year.
However, FTR Transport Intelligence believes that the market remains strong despite the economic uncertainties. The firm further states that supply chain and ongoing labor issues will continue to limit production to a certain extent.
While North American truck orders recovered in September and October, weakening US economic outlook is likely to hurt underlying truck demand, brokerage firm Jefferies wrote in a note on December 5.
Shares of Bharat Forge, GNA Axles, and Ramkrishna Forgings are trading with losses of anywhere between 0.5 to 1.5 percent in early trading on Tuesday.