Battery Electric Truck Production Expected to Triple in 2023

However, growth is still moderate within the broader market, accounting for less than 1% of total truck production

The NA On-Highway Engine OUTLOOK published by ACT Research and Rhein Associates highlights power-source activity for commercial vehicle GVWs 5-8, including five-year forecasts of engines volumes and product trends. The Engine Outlook ties to the detailed NA CV vehicle forecasts published monthly by ACT in the NA Commercial Vehicle OUTLOOK. This report benefits businesses and manufacturers in the commercial vehicle engine production supply chain, and any company following the investment value of engine OEMs and their suppliers.

Regarding legislation, Andrew Wrobel, Senior Powertrain Analyst at Rhein Associates, said, “The California Air Resources Board (CARB) approved a $2.6 billion investment plan to assist transition to zero-emission transportation, with the majority of the incentives and subsidies approved focused on cleaner trucks and buses.”

He added, “Battery electric truck production is expected to triple this year compared to last. However, this growth is still moderate within the broader market, accounting for less than 1% of total truck production.”

When asked about the US economic outlook, Kenny Vieth, President and Senior Analyst at ACT Research, commented, “The US economy grew by 2.9% in Q4’22, surprising many analysts and pushing full-year 2022 growth to 2.1%. In addition to stronger-than-expected Q4 growth, this marked the first quarter since the start of the pandemic that every economic sector contributed positively to the economy’s performance.” He added, “Our view of the US economy remains largely consistent with the perspectives we have offered to readers over the last few months, but with a shift in timing: A recession remains likely, mild in degree and duration. But instead of being centered in 1H’23, our current thinking aligns downturn timing with the game of chicken being played in DC around the debt-ceiling and US credit worthiness.”

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