Class 8 preliminary net orders for November came in at 36,750 units, according to preliminary data compiled by FTR, 32% higher than October and up 2% year-over-year. Those comparisons fell within expectations given seasonal tendencies and the considerable year-over-year decrease in October.
Total Class 8 orders for the previous 12 months have equaled 255,500 units.
Build slots continue to be filled at a healthy rate, said FRT Chairman Eric Starks, and a slight year-over-year increase in orders in November shows a market that is still performing at a high level historically.
"We also saw a more cohesive market for OEMs versus October with the majority seeing increases in orders," he said. "Despite prolonged weakness in the overall freight market, fleets continue to be willing to order new equipment. Order levels were above the historical average but continue to follow seasonal trends, stabilizing our expectations for replacement demand in 2024.”
ACT Research President and Senior Analyst Kenny Vieth noted that November Class 8 net orders were the highest monthly intake since October 2022.
"Since the filling of 2024’s orderboards began in earnest in September, Class 8 orders have been booked at a 413k (seasonally adjusted annual rate)," he added. "Even though backlogs, in seasonal fashion, are rising, they continue to point to a different market vibe heading into 2024: Still good, for sure, but solid, rather than stellar.”
