* New York - Trucking companies placed the lowest number of orders since 2010
--- An unusually high number of cancellations in orders of heavy-duty trucks caused net orders in North America to plummet to the lowest point in over six years, according to a new report by research firm FTR.
Trucking companies in July ordered 10,400 Class 8 trucks, used for long-haul routes, below expectations and 56% fewer than the same period last year, according to preliminary numbers from research firm FTR released Wednesday. It was the fewest number of orders since February of 2010.
Heavy-duty truck orders, which have been sliding for months, were hit with “several significant order cancellations,” which is uncharacteristic for this time of year, FTR said in its report. “The high cancellations are likely the result of fleets placing large orders at the end of 2015, for delivery a year out,” said Don Ake, vice president of commercial vehicles at FTR in the report.
Truck orders are low now as fleets adjust their overly optimistic expansion plans after seeing strong growth in 2014 and early last year, he said. ACT reported 10,500 Class 8 orders for July...
(Photo Bloomberg news - Orders for new heavy-duty trucks plunged to a six-year low, driven in part by an unusually high number of cancellations) -- New York, NY, USA - The WSJ, by LORETTA CHAO - Aug. 3, 2016Labels: market news USA, truckmakers news USA
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