Navistar Joins Truckmakers in Slashing Jobs

A glut of big rigs is causing truck orders to crash.

In summary:

  • Bloomberg says a “glut of big rigs” is causing orders for trucks to crash.
  • Navistar International announced Tuesday that it would be cutting employment worldwide by 10 percent.
  • Most of the 1,300 jobs cut will come from North American production.
  • Competitors in the big rig category, Cummins and Meritor, also have announced cuts in recent months.
  • According to Bloomberg, trucking companies ordered too many vehicles last year as freight orders grew.
  • The resulting excess is adding pressure to the freight industry, a segment some experts believe is already in a recession.
  • Celadon Group filed for bankruptcy in late 2019, but the trucking company was just one of nearly 800 carriers to go out of business this year.
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