Economic Downturns and Cyclicality: Wabash National's performance is highly sensitive to the health of the freight and trucking industries, which are cyclical. A significant economic downturn, reduced freight volumes, or lower capital expenditures by trucking companies can lead to decreased demand for new trailers and equipment, impacting sales and profitability.

Raw Material Price Volatility: The company is a significant consumer of commodities like steel, aluminum, and other components. Volatile prices for these raw materials, driven by global supply and demand dynamics, tariffs, or trade policies, can increase production costs. If these cost increases cannot be fully passed on to customers, profit margins will be compressed.

Supply Chain Disruptions and Component Shortages: Wabash National relies on a complex global supply chain for numerous components and sub-assemblies. Disruptions caused by natural disasters, geopolitical events, labor strikes, logistics bottlenecks, or manufacturing issues at key suppliers can lead to production delays, increased costs, or an inability to meet customer delivery schedules.