Americans can expect to see far more electric vehicles on the road as EV truck production is projected to increase 300% in 2023, according to a report by industry researchers Rhein Associates and ACT Research.
“Battery-electric truck production is expected to triple this year compared to last,” said Andrew Wrobel, senior powertrain analyst at Rhein, which published the report alongside ACT. “However, this growth is still moderate within the broader market, accounting for less than 1% of total truck production.”
The expected increase in the production of Classes 5-8 trucks coincides with increased government support of EVs, particularly in California.
“The California Air Resources Board approved a $2.6 billion investment plan to assist transition to zero-emission transportation,” Wrobel said regarding legislation, “with the majority of the incentives and subsidies approved focused on cleaner trucks and buses.”
Kenny Vieth, president and senior analyst at ACT Research, commented on the stronger-than-expected national economy in the report, stating, “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.”
“Our view of the U.S. economy remains largely consistent with the perspectives we have offered to readers over the last few months," he added, "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 D.C. around the debt ceiling and U.S. creditworthiness.”
The NA On-Highway Engine Outlook published by ACT Research and Rhein Associates highlights power-source activity for commercial vehicles from Classes 5-8, including five-year forecasts of engine volumes and product trends. The Engine Outlook ties to the North American commercial vehicle forecasts published monthly by ACT in the NA Commercial Vehicle Outlook.
