Class 8 and Class 5-7 net new truck orders were revised up 6% and 13%, respectively, for April 2008. Class 8 orders were 20,099, up 77% year-over-year (versus up 18% year-over-year in March). Seasonally adjusted, April's order intake was roughly 237,000 annualized (vs. ACT's current build forecast of 213,000).
“Quoting activity appears to be strong, though fleets increasingly are asking for (and, we believe getting) ‘09 slots,” Bear Stearns said. “Notably, Class 8 cancellations declined to 6% in April (vs. 16% in March).”
Class 5-7 orders were 16,095, up 14% year-over-year (vs. up 20% year-over-year in March).
“Arguably, Class 5-7 orders are a ‘purer’ measure of economically derived demand,” Bear Stearns said.
Class 5-8 builds improved year-over-year, up 13% in April, with strength being driven by Volvo (up 306% year-over-year), Navistar (up 25% year-over-year), and Freightliner (up 15%).