Battery electric truck production expected to triple in 2023

Battery electric truck production expected to triple in 2023

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

ACT Research, in collaboration with Rhein Associates, recently released its N.A. Commercial Vehicle On-Highway Engine Outlook for commercial vehicle Classes 5-8, including five-year forecasts of engine volumes and product trends. The report says ACT Research expects battery electric truck production to triple this year compared to 2022.

“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,” said Andrew Wrobel, senior powertrain analyst, Rhein Associates. “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.”

“The U.S. 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,” said Kenny Vieth, president and senior analyst, ACT Research.

“Our view of the U.S. 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 U.S. creditworthiness.”

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