Toyota and Daimler to invest in Mitsubishi Fuso-Hino merger

Some of the biggest names in industrial vehicle manufacturing are joining forces to make connected, autonomous, electric models that share data to make deliveries and services more efficient and profitable for business owners.

The news just came out recently. Mitsubishi Fuso Truck and Bus Corporation (MFTBC) and Hino Motors Ltd. (Hino) will merge on an equal footing and collaborate in the areas of commercial vehicle development, procurement, and production. They will build a globally competitive Japanese commercial vehicle manufacturer.

“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,” said Karl Deppen, CEO of MFTBC.

“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,” said Satoshi Ogiso, CEO of Hino.

Fuso-Hino image

Meanwhile, Daimler Truck and Toyota will equally invest in the (listed) holding company of the merged MFTBC and Hino. They will collaborate on the development of hydrogen and other CASE technologies to support the competitiveness of the new company.

“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,” said Martin Daum, CEO of Daimler Truck.

“This collaboration among our four companies is a partnership for creating the future of commercial vehicles in Japan and the future of a 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,” said Koji Sato, CEO of Toyota Motor Corporation.

Together, these four companies will work to build better, smarter, more environmentally-friendly trucks and increase the value of mobility in the world’s social systems.

More details about this collaboration, including the name, location, shareholding ratio, and corporate structure of the new holding company will be revealed over the next 18 months to close the transaction by the end of 2024.