Mitsubishi Fuso Truck & Bus (MFTBC) and Hino Motors, Japanese manufacturers of commercial vehicles, have announced their plans to merge and collaborate in the areas of commercial vehicle development, procurement, production, and the advancement of electrification technologies.
Daimler Truck and Toyota, the parent companies of Mitsubishi Fuso Truck & Bus and Hino Motors respectively, are set to make equal investments in the publicly listed holding company of Fuso and Hino. Specific details regarding the collaboration, including the name, location, shareholding structure, and corporate framework of the new holding company, will be determined within the next 18 months.
The final agreement between Daimler Truck and Toyota is expected to be signed in the first quarter of 2024, with the transaction scheduled to be completed by the end of the same year. However, the completion of the deal is contingent upon approval from the respective supervisory and administrative boards, shareholders, and relevant authorities.
By merging Mitsubishi Fuso and Hino, the partners aspire to establish a globally competitive Japanese commercial vehicle manufacturer. This collaboration also involves the development of electrification solutions, including hydrogen technology. A joint statement emphasized that all four companies share a common corporate philosophy focused on contributing to a prosperous society through mobility. Furthermore, they aim to promote the use of environmentally friendly vehicles and enhance the value of mobility within global social systems, thereby remaining instrumental in driving transformative changes worldwide.
Martin Daum, CEO of Daimler Truck: “We at Daimler Truck are very proud of our products, because trucks and buses keep the world moving. And soon they will even do so with zero emissions. So there is a great future ahead―and today’s announcement is a crucial step in making that future work economically and in leading sustainable transportation. The planned new company will be a major force in Southeast Asia and an important associate of the Daimler Truck family.”
Koji Sato, CEO of Toyota Motor Corporation: “This collaboration among our four companies is a partnership for creating the future of commercial vehicles in Japan and the future of mobility society. Our four companies will work together with a shared vision of achieving carbon neutrality by strengthening CASE technologies and of changing the future of commercial vehicles and building the future together by solving social issues.”
Karl Deppen, CEO of MFTBC: “This close collaboration will enable us to accelerate the decarbonization of the transportation industry, creating an even stronger Japanese commercial vehicle manufacturer. Under the two well-established brands of FUSO and Hino, we will continue to take a leading role in serving customer needs in Japan, Asia and beyond.”
Satoshi Ogiso, CEO of Hino: “We will unite our aspirations to ‘support mobility and contribute to society’ and, hand in hand, accelerate advanced technology development in order to overcome the increasingly fierce global competition. Through these efforts, we will strive to tackle societal challenges such as achieving carbon neutrality.”
