Daimler And Toyota Press MoU Merging Mitsubishi Fuso And Hino Motors

MFTBC introduced the latest eCanter truck on the Brisbane Truck Show 2023 on May 18-21. (Doc.MFTBC)

JAKARTA - Daimler AG's Mitsubishi Fuso Truck and Bus Corp (MFTBC) and a Toyota subsidiary Hino Motors Ltd have signed a non-binding agreement to merge their truck unit businesses in Japan.

Under the memorandum of understanding (MOU), the businesses of Mitsubishi Fuso Truck and Bus Corp and Hino Motors Ltd will be merged under a holding company, Toyota said in a release released Tuesday, May 30.

The new company's shares are expected to be listed on the Prime Market of the Tokyo Stock Exchange.

Daimler Truck and Toyota will invest in the company equally and work together on the development of hydrogen and other technologies in areas such as connectivity and autonomous driving.

The companies hope to sign a definitive agreement in the first quarter of 2024 and close the transaction at the end of next year.

This MoU aims to create a global leader in commercial vehicles that is best positioned to meet the needs of customers in the rapidly changing automotive industry. The combined company will have a strong portfolio of products and technologies, as well as a global footprint.

By joining forces, MFTBC and Hino will create synergies and enhance the competitiveness of Japanese truck manufacturers, help strengthen the foundations of the Japanese and Asian auto industries and contribute to customers, stakeholders, and society.

"The four companies will work together with a shared vision of achieving carbon neutrality by strengthening CASE technology and changing the future of commercial vehicles and building a future together by solving existing problems," said Toyota CEO Koji Sato in a statement.

The MoU also includes a commitment to sustainability. The combined company will work to reduce the environmental impact of commercial vehicles by developing vehicles that are more fuel efficient and electric.

The merger of Mitsubishi Fuso and Hino Motors is a significant step towards creating a more sustainable future for commercial vehicles. The combined company will be well-positioned to meet customer needs in the rapidly changing automotive industry.

Martin Daum, CEO of Daimler Truck also stated that he was very proud of this collaboration.

“Trucks and buses keep the world moving. And soon all were doing so with zero emissions. So, there is a bright future ahead and today's announcement is an important step in realizing that future economically and in leading the way in sustainable transport. The planned new company will become a major force in Southeast Asia and an important partner of the Daimler Truck family," he concluded.