Daimler Truck and Toyota have finalized an agreement to merge their Japanese commercial vehicle subsidiaries—Mitsubishi Fuso and Hino Motors—under a new holding company, set to launch in April 2026. The move follows over two years of negotiations and aims to accelerate electrification and CASE (Connected, Autonomous, Shared and Electric) development in the commercial vehicle sector.
The new holding company, to be headquartered in Tokyo, will be jointly owned by Daimler Truck and Toyota, each holding a 25% stake. The remaining 50% may be listed on the Prime Market of the Tokyo Stock Exchange, although the structure of this portion—whether public float or strategic investment—has yet to be confirmed. The merger will bring both Mitsubishi Fuso and Hino under one corporate structure with equal governance rights. Longtime Daimler executive and current Fuso CEO Karl Deppen has been appointed to lead the new entity.
The partnership is positioned to improve operational efficiencies across development, procurement, and manufacturing, and to strengthen efforts in decarbonization and advanced mobility solutions. Mitsubishi Fuso currently produces the eCanter electric truck and is participating in a Japanese battery-swapping initiative. Hino is pursuing both battery-electric and hydrogen fuel cell technologies, aligning with Japan’s broader hydrogen energy strategy.
“This merger is truly historic,” said Daimler Truck CEO Karin Rådström. “Together, Mitsubishi Fuso and Hino Motors have great potential to leverage scale—scale is key to win in the technological transformation of our industry.” Toyota CEO Koji Sato echoed the sentiment: “Today’s final agreement is not the goal but the starting line. Our four companies will continue to create the future of commercial vehicles together.” Karl Deppen added, “With a strong new company, we combine our two trusted brands, our resources, competencies and expertise to even better support our customers.”
The deal remains subject to regulatory and shareholder approval. If completed as planned, operations will begin with the start of Japan’s fiscal year in April 2026.
Source: daimlertruck.com, hino-global.com