Hino Motors Ltd. (“Hino”), Toyota Motor Corporation (“Toyota”), Daimler Truck Holding AG (“Daimler Truck”) and Mitsubishi Fuso Truck and Bus Corporation (“MFTBC”), have recently concluded the signing of a historical Memorandum of Understanding (MoU) with the aim of expediting the development of advanced technologies as well as the merging of MFTBC and Hino.
This collaboration seeks to achieve carbon neutrality and foster a prosperous mobility society, with a specific focus on the advancement of CASE technologies (Connected/Autonomous & Automated/Shared/Electric) and the enhancement of the global commercial vehicle business.
The partnership entails the merging of MFTBC and Hino under a new holding company where both have equal footing in terms of investment. This aims to create collaborations in commercial vehicle development, procurement, and production, which will help develop a globally competitive Japanese commercial vehicle manufacturer. To support this vision, Daimler Truck and Toyota will make equal investments in the merged company’s holding entity. Together, they will also work towards the development of hydrogen and other CASE technologies, thereby bolstering the competitiveness of the new company.
All four companies share a common commitment to contributing to a prosperous society through mobility. Their mission includes promoting the use of environmentally friendly vehicles and enhancing the value of mobility within global social systems.
The collaboration between MFTBC and Hino is set to create synergies and strengthen Japanese truck manufacturers, ultimately fortifying the foundations of the Japanese and Asian automotive industries. This initiative aims to benefit customers, stakeholders, and society at large.
Both Daimler Truck and Toyota boast global full lineups of vehicles tailored to meet local requirements. With a strong emphasis on carbon neutrality, they provide diverse options based on specific market conditions and customer needs.
Martin Daum, CEO of Daimler Truck, expressed his pride in the company’s products and highlighted the importance of sustainable transportation. He emphasized that this collaboration is a significant step towards achieving a future of zero-emission vehicles, economic viability, and sustainable transportation. Daum further stated that the planned new company resulting from the merger will become a major force in Southeast Asia and a valued associate of the Daimler Truck family.
Koji Sato, CEO of Toyota Motor Corporation, emphasized that this partnership among the four companies is dedicated to shaping the future of commercial vehicles in Japan and transforming the mobility society. Sato highlighted their shared vision of achieving carbon neutrality through the strengthening of CASE technologies and solving social issues, ultimately building a better future together.
Karl Deppen, CEO of MFTBC, highlighted the collaboration’s potential to expedite the decarbonization of the transportation industry. By uniting under the well-established brands of FUSO and Hino, the merged company will play a leading role in meeting customer needs in Japan, Asia, and beyond, while contributing to a greener future.
Satoshi Ogiso, CEO of Hino, emphasized their commitment to supporting mobility and contributing to society. Hand in hand, the companies will accelerate the development of advanced technologies to overcome global competition and address challenges such as achieving carbon neutrality.
Over the next 18 months, the parties involved will decide on the details of the collaboration, including the name, location, shareholding ratio, and corporate structure of the new holding company. They anticipate signing definitive agreements in the first quarter of 2024, with the aim of closing the transaction by the end of 2024. Once all relevant boards of directors, shareholders, and authorities approve the agreement, the parties will move forward with their plans.
The collaboration between Daimler Truck, Mitsubishi Fuso, Hino, and Toyota Motor Corporation signifies a significant step towards a greener and more prosperous future for the commercial vehicle industry. By combining their expertise, resources, and commitment to advanced technologies, these companies are paving the way for sustainable transportation and a mobility society that benefits all.
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