Inventory LevelsElevated inventory levels of both HD and MD trucks in North America are a concern, with ratios significantly above historical averages.
Labor CostsLabor continues to be inflationary, which along with volume decline drove the deleverage in 3Q.
Pricing PressuresInvestors were particularly troubled by the commentary around pricing pressures in both the Truck and the Parts businesses resulting from the near-term softness, causing shares to tumble.