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Industry News - Colin Barnett
June 5, 2023
Daimler Truck, Mitsubishi Fuso, Hino and Toyota have signed a Memorandum of Understanding on the merger of the Fuso and Hino brands in order to accelerate the development of advanced technologies.
The collaboration aims to achieve carbon neutrality and contribute to a prosperous mobility society by focusing on the development of CASE technologies (Connected/Autonomous & Automated/Shared/Electric) and strengthening the global commercial vehicle business.
As part of the collaboration, Mistubishi Fuso and Hino will merge on an equal footing and collaborate in the areas of commercial vehicle development, procurement, and production. This merger intends to create a globally competitive Japanese commercial vehicle manufacturer. Additionally, Daimler Truck and Toyota will make equal investments in the holding company of the merged Mitsubishi Fuso and Hino. Their collaboration will primarily focus on the development of hydrogen and other CASE technologies to enhance the new company's competitiveness.
Martin Daum, CEO of Daimler Truck: “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 Company, 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.”
Specific details regarding the collaboration, including the name, location, shareholding ratio, and corporate structure of the new holding company, will be determined over the next 18 months. Definitive agreements are expected to be signed in the first quarter of 2024, with the transaction targeted for completion by the end of 2024. The final agreements will be subject to approval by the relevant boards of directors, shareholders, and authorities.
