Truck manufacturers are reducing production and cutting their payrolls, even before final sales figures are in for 1999, the biggest year in history for the sale of Class 8 trucks.
The manufacturers’ cuts are coming as orders for new trucks have declined precipitously and as cancellation rates have skyrocketed in recent months.
Faced with predictions of a significant reduction in sales from 1999 to 2000 — due at least in part to expectations of a slowing U.S. economy and a growing number of late-model used trucks on the market — a second U.S. truck maker last week announced plans to decrease production.
On Jan. 3, Navistar International said it would slow production at its Chatham, Ontario, assembly plant — its only facility for making Class 8 vehicles — and lay off up to 500 employees in March.
For the full story, see the Jan. 10 print edition of Transport Topics. .
