US truck demand is collapsing: US heavy truck sales have plunged -47% over the last 3 months compared to the prior 3 months, to an annualized rate of 363,000, the lowest since the 2020 pandemic. Truck sales have now declined in 4 out of the last 5 months. In the past, such a rapid drop has only been seen during recessions. This comes as business demand for freight, construction, and industrial activity has significantly weakened. As a result, truck sales are set to become a substantial headwind for US GDP growth in the second half of 2025. The AI trade is in its own world.