Mitsubishi Fuso Truck & Bus and Hino Motors, two prominent Japanese commercial vehicle manufacturers, have announced their plans to merge and collaborate on various aspects of commercial vehicle development, procurement, production, and electrification. The respective parent companies, Daimler Truck and Toyota, also intend to make equal investments in the listed holding company of Fuso and Hino. Over the next 18 months, the details regarding the collaboration, such as the name, location, shareholding, and corporate structure of the new holding company, will be determined.
The final agreement between Daimler Truck and Toyota is expected to be signed in the first quarter of 2024, with the transaction anticipated to be completed by the end of the same year. However, the deal is still subject to approval from the relevant supervisory and administrative boards, shareholders, and authorities.
The aim of the merger between Mitsubishi Fuso Truck & Bus Corporation (MFTBC) and Hino is to establish a globally competitive Japanese commercial vehicle manufacturer. This collaboration will also involve the development of electrification solutions, including hydrogen-powered technologies. According to the joint statement, all four companies share the common goal of contributing to a prosperous society through mobility. They intend to promote the use of environmentally friendly vehicles and enhance the value of mobility in social systems worldwide.
Essentially, Daimler Truck and Toyota perceive greater potential synergies between Fuso and Hino compared to the current synergies within their own core businesses. Daimler Truck primarily focuses on heavy trucks and buses of various brands in segments above 7.5 tonnes, while Fuso serves as the entry point with the e-Canter model (ranging from 4.25 to 8.55 tonnes).
The CEO of Daimler Truck, Martin Daum, is optimistic about the future of the merged company, envisioning it as a significant player in Southeast Asia and a valuable associate of the Daimler Truck family. Karl Deppen, the CEO of MFTBC and Asia head of Daimler Truck, believes that the close collaboration will expedite the decarbonization of the transportation industry, resulting in a stronger Japanese commercial vehicle manufacturer. He emphasizes their commitment to fulfilling customer needs in Japan, Asia, and beyond, under the established brands of FUSO and HINO.
The Japanese companies also hold high expectations for this partnership. Toyota CEO Koji Sato expresses that the four companies will work together with a shared vision of achieving carbon neutrality. They aim to strengthen CASE (Connected, Autonomous, Shared, and Electric) technologies and tackle social issues, thereby shaping the future of commercial vehicles and building a sustainable future together.
