Daimler Truck Holding AG, Mitsubishi Fuso Truck and Bus Corporation (MFTBC), Hino Motors Ltd. (Hino) and Toyota Motor Corporation concluded a Memorandum of Understanding (MoU) on accelerating the development of advanced technologies and merging MFTBC and Hino.
Daimler Truck, MFTBC, Hino, and Toyota will collaborate toward achieving carbon neutrality by developing CASE technologies (Connected/Autonomous & Automated/Shared/Electric) and strengthening the commercial vehicle business on a global scale.
MFTBC (a subsidiary of Daimler AG) and Hino (a subsidiary of Toyota) 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.
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.
By joining forces, MFTBC and Hino would create synergies and enhance the competitiveness of Japanese truck manufacturers, helping to strengthen the foundation of the Japanese and Asian automotive industries, the partners said.
Both Daimler Truck and Toyota count global full lineups tailored to local needs among their corporate strengths and—toward achieving carbon neutrality—value multi-pathways that provide diverse options based on local conditions and how their customers use vehicles.
Details on the scope and nature of the collaboration including the name, location, shareholding ratio and corporate structure of the new holding company will be decided over the course of the next 18 months. The parties envisage signing of definitive agreements in the first quarter of 2024 and aim to close the transaction by end of 2024.
Once all parties involved reach an agreement, they will move forward based on the approval of the relevant boards of directors, shareholders, and authorities.