-
Layoffs Begin in the North American Truck Segment
Chris Fisher Both Volvo and International Truck have initiated layoffs this year due to sluggish orders and high production capacity in preparation for a potential 2026 truck pre-buy ahead of the phase 3 GHG Emission Regulations scheduled for implementation in 2027.
Volvo Trucks North America plans to lay off up to another 350 workers from a Virginia plant as part of job cuts affecting up to 980 employees across the country since the beginning of the year.
Employees at the New River Valley plant in Dublin, Virginia, were notified of the workforce reduction this month, and their last day at the facility will be June 27, Volvo spokesperson Janie Coley said.
-
US Tariffs Could Hurt Japan GDP
Akihiro Komuro On April 12, as I write this, things are still in flux. There is a lot of media coverage every day, with reports on the tariffs reaching almost hysterical levels. The reciprocal tariff rate for Japan announced by the U.S. is 24%, which is an unexpectedly high level given the past relationship between the two countries.
As a result, Japan’s real GDP is expected to fall by about 0.6% in the short term (2025) and 1.8% in the medium term (2029). This will have a huge impact on Japan, which has maintained a growth rate of around 3% per year. It has been reported that Japan is currently negotiating with the Trump administration, but it is doubtful whether the current Japanese government will be able to negotiate effectively with the US. We will see whether the terms will be reconsidered after the negotiations in the future.
I would just like to point out one thing: President Trump talks about Japan’s failure to buy American cars as unfair and negligent, but this is a clear mistake. It is true that American cars do not sell well in Japan. GM is the only company with a formal dealer network in Japan, and it is even hard to find GM dealer shops in Japan. Chrysler pulled out in 2018 and Ford in 2016.
-
Trump Tariffs Impact NA Truck Market
Chris Fisher It appears the two main goals for implementing US trade tariffs: to bring more manufacturing jobs to United States and to negotiate more favorable trade agreements to reduce the trade deficit with the rest of the world, could negatively impact the North American medium and heavy truck market. In 2024, the United States trade deficit was $918.4 billion which was a 17% increase from 2023.
April 9, President Trump paused his reciprocal tariffs on most countries for 90 days. The tariffs for most countries would be reduced to 10% during this period. Canada and Mexico will not be impacted by the 10% tariff for goods trading under the U.S.-Mexico-Canada Agreement. However, tariffs on imported Chinese goods were raised to 145% after the Chinese implemented retaliatory tariffs on goods exported into China from the United States.
TPI
PSR Truck Production Index
Free quarterly global commercial vehicle production report.
Alternative Power Report
The latest EV and power source news including batteries and fuel cells with analysis by PSR experts.
PowerTALK News
Stay informed each month with insights from Power Systems Research’s analysts working around the world as they identify and comment on important news items in the company’s monthly newsletter.
Subscribe View Archive
OE Link™ Offers
Global Coverage
OE Link™ database provides OEM products, both On-Road and Off-Road, in 12 regions.
Current Reports
Download complimentary reports that show the type of information available from Power Systems Research.
PowerTALK News
Stay informed each month with insights from Power Systems Research analysts working around the world as they identify and comment on important news items in the company’s monthly newsletter.
Subscribe