Daimler Truck Holding AG, Mitsubishi Fuso Truck and Bus Corporation (MFTBC), Hino Motors Ltd., and Toyota Motor Corporation today concluded a Memorandum of Understanding (MoU) to proper the merger of Hino and Fuso.
Mitsubishi Fuso is a subsidiary of Daimler Trucks, and despite the name, is unrelated to Mitsubishi Motors. Hino is a subsidiary of Toyota.
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The MoU proposes to:
- MFTBC and 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.
- 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 (Connected / Autonomous & Automated / Shared / Electric) technologies to support the competitiveness of the new company.
Daimler Truck and Toyota will both leverage on their corporate strengths to offer comprehensive vehicle lineups that are customized to meet local requirements. In their pursuit of carbon neutrality, they emphasize the importance of offering multiple pathways that provide a range of options tailored to local conditions and the specific needs of their customers.
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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 the end of 2024.
Martin Daum, CEO of Daimler Truck said, "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."
Koji Sato, CEO of Toyota Motor Corporation added, "This collaboration among our four companies is a partnership for creating the future of commercial vehicles in Japan and the future of 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."
Karl Deppen, CEO of MFTBC said, "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."
Satoshi Ogiso, CEO of Hino added, "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."