For the month of May, 31,400 new Classes 5-8 vehicle orders were booked. Class 8 garnered 14,300 orders and for Classes 5-7, 17,100 orders were placed. Note that these numbers are preliminary. Final May numbers will be published in mid-June.

“Three consecutive months of decidedly lower net orders for heavy duty commercial vehicles appear more closely aligned with current activity in the manufacturing and energy sectors of the broader economy,” said Steve Tam, ACT’s Vice President-Commercial Vehicle Sector. “While metrics in these segments are improving, they can best be described as not being as bad as they were previously,” he added. “Framed by the ongoing overcapacity narrative (too many trucks chasing too little freight) and resultant weak freight rate environment, along with continued softness in late-model used tractor values, May’s Class 8 net orders fell 31% against a moderately tough May 2015 comparison to 14,300 units. Positively, May’s orders, true to season expectations, bested April, coming in 4% higher,” said Tam.

Orders for medium-duty vehicles slowed to their lowest level since July 2014. Despite the decline, (-14% m/m and -18% y/y), intake remained 4% higher on a ytd basis, at 17,100 units. May’s lower intake was anticipated and portends an expected lower absolute level of activity in the near term.

ACT is the recognized leading publisher of new and used commercial vehicle (CV) industry data, market analysis and forecasting services for the North American market, as well as the China CV market. ACT’s CV services are used by all major North American truck and trailer manufacturers and their suppliers, as well as the banking and investment community