JAKARTA - In May 2023, four well-known commercial vehicle companies consisting of Daimler Truck, Toyota, Mitsubishi Fuso, and Hino, signed a memorandum of understanding (MoU) on accelerating the development of advanced technology.
The MoU also includes the merger of the two companies Mitsubishi Fuso and Hino. This partnership aims to achieve carbon neutrality and strengthen commercial mobility globally by developing Connected/Autonomous & Automated/Shared/Electric (CASE) technology.
Based on the MoU, Mitsubishi Fuso and Hino plan to merge equally and collaborate in the fields of commercial vehicle development, procurement and production.
The plan is to build a globally competitive Japanese commercial vehicle brand, with Daimler Truck and Toyota investing equally in the parent company of the combined Mitsubishi Fuso and Hino. Recently, the company revealed developments on this collaboration.
Based on Toyota's official website, quoted on Friday, March 1, the two companies will enter into a definitive agreement targeted for signature at the end of March 2024 and complete integration by the end of this year. It is stated that the process for obtaining required regulatory permits and approvals based on laws and business competition regulations and others, as well as waiting for investigations related to Hino's engine certification issues is still ongoing.
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Certainty regarding the implementation of the definitive agreement and implementation of business integration will be announced soon. Once all parties reach an agreement, they will proceed based on the approval of the board of directors, shareholders, and the relevant authorities.
Meanwhile, the four companies have discussed that they can work together to improve business efficiency to increase competitiveness and develop and promote the CASE system in order to contribute to customers and stakeholders in Japan and Asia.
"The parties ensure that the merger discussion runs with a positive note and that the strategic goals and logic of the proposed transaction remain valid," Toyota wrote.
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