Daimler Truck and Toyota Motor Corporation said they have completed the merger of Mitsubishi Fuso and Hino Motors under a new holding company, Archion, which is now listed on the Tokyo Stock Exchange.
The transaction concludes a process first announced in May 2023, aimed at combining the two Japanese commercial vehicle brands to improve efficiency across development, procurement, logistics, and production. The integration also covers electrification programs, including models such as the Fuso eCanter and Hino Dutro ZEV.
Archion holds 100% of the shares in both Mitsubishi Fuso and Hino, while Daimler Truck and Toyota each retain approximately 25% ownership in the new entity. The companies said the remaining shares were placed with additional investors through a parallel initial public offering, with firms such as Vanguard and BlackRock among the disclosed shareholders.
The structure differs from a traditional joint venture, as both automakers opted to bring in external investors to support capital requirements and long-term growth.
Karin Rådström, CEO of Daimler Truck, described the transaction as “a significant milestone for the commercial vehicle industry in Asia. With the merger of two of Japan’s most respected brands — Mitsubishi Fuso and Hino — we are bringing together the strengths of both entities to form a powerful new company. ARCHION will be well positioned to capture future opportunities in the region by harnessing substantial synergies and scale, with Daimler Truck continuing as a committed shareholder.”
Satyakam Arya, President and CEO of Hino Motors, said: “Guided by our mission ‘We make a better world and future by helping people and goods get where they need to go,’ Hino has been enhancing value to our customers and society through our trucks and buses since our establishment. Looking ahead, as part of ARCHION group, we are excited to collaborate with Mitsubishi Fuso and move forward with a focus on our five key priorities: sound governance and compliance, respect for people and teamwork, reliable products and services, enhanced customer value, and progress toward carbon neutrality. We are committed to redesigning the future of transportation by building trust with our customers, partners, employees and society.”
The new company will be led by Karl Deppen, currently head of Mitsubishi Fuso, who takes on the role of chief executive officer of Archion. Satoshi Ogiso has been appointed Chief Technology Officer and Executive Director, tasked with developing the group’s technology roadmap and overseeing integration synergies.
