Daimler Truck and Toyota Motor Corporation announced their intention to integrate Mitsubishi Fuso and Hino Motors as equal partners in May 2023. The aim is to enhance operational efficiency across development, procurement and manufacturing – including in the ongoing electrification of both product portfolios.
The finalized agreement includes the formation of a new holding company to oversee the merger on equal terms. Both brands will be brought under one corporate roof, with the parity of the merger explicitly highlighted.
The holding company will own 25-per-cent stakes in both Mitsubishi Fuso and Hino. Daimler Truck and Toyota each intend to retain a 25-per-cent stake in the holding. The remaining 50 per cent could potentially be floated in Tokyo, although it remains unclear if this portion will be offered to public investors or whether another strategic investor will come on board.
The new holding company, as yet unnamed, will be headquartered in Tokyo. Longtime Daimler executive and current Fuso CEO Karl Deppen will sign on as CEO.
The strategic emphasis will be on developing CASE technologies – Connected, Autonomous, Shared and Electric – with hydrogen explicitly named as a pillar of the electrification strategy.
Mitsubishi Fuso currently offers the eCanter, a light-duty BEV truck, and is also participating in a Japanese consortium exploring battery-swapping solutions for commercial vehicles. Hino, meanwhile, is pursuing both BEV and hydrogen fuel cell technologies across its markets from North America to Asia. Hydrogen plays a notable role in Japan’s national energy strategy, and Toyota is considered a pioneer in fuel cell development.
“We are bringing together two strong partners to form an even stronger company and to successfully shape the decarbonization of transportation. Together, Mitsubishi Fuso and Hino Motors have great potential to leverage scale – and scale is key to win in the technological transformation of our industry,” said the Daimler Truck CEO.
Toyota CEO Koji Sato added: “We believe that the future is for us to build together. Today’s final agreement is not the goal but the starting line. Our four companies, aiming to achieve a sustainable mobility society, will continue to create the future of commercial vehicles together.”
