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Class 8 truck orders in North America remained above the 40,000 mark for the second straight month, registering an increase of 75 percent year-on-year for October.

However, the total figure of 42,500 was lower than the September record of 56,500.

With this, September and October have seen more orders- for class 8 than the previous six months put together.

According to ACT Research, OEMs have opened their order boards for the upcoming year. The firm attributes the resilience in orders to ongoing pent-up demand, tailwinds from strong carrier profitability and an ageing fleet.

The research firm further states that, as of now, OEMs have clear visibility to a strong first half of 2023.

This also means that the class 8 orders have nearly met their full-year expectation of 244,000. As of October, 238,500 class 8 orders have been booked.

After seeing a dip in July, when net orders fell to their lowest level since November 2021 at 10,600 units, sales have seen a rebound over the next three months.

“We feel that the market is pretty strong in North America. And it's going to continue into the next year,” Naresh Jalan, MD of Ramkrishna Forgings, told CNBC-TV18 in September.

Shares of Bharat Forge are trading 1.3 percent higher in early trade at Rs 858.35, while those of Ramkrishna Forgings are up 0.7 percent at Rs 238. The companies are seen as key beneficiaries for higher class 8 truck orders.

Also Read: Class 8 truck sales boom in US expected to power Indian auto component makers

First Published:Nov 3, 2022 9:45 AM IST