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Class 8 Orders Slip in July, but Supply Constraints—Not Demand—Drive Slowdown

North American Class 8 truck orders declined 31% month-over-month in July to 22,000 units, yet remained 75% above year-ago levels. The sequential pullback reflects limited manufacturing capacity rather than weakening freight demand, as calendar-year 2026 production is essentially fully booked. Strong replacement demand, improving freight rates and solid fleet utilization continue underpinning purchases. Uncertainty around forthcoming EPA emissions regulations is also prompting some fleets to defer decisions until manufacturers open 2027 order boards. Through July, 2026 Class 8 net orders are running 120% higher than the comparable 2025 period. Rolling 12-month orders totaled 344,823 units, reflecting one of the sector's strongest years in recent memory.