Daimler Truck and Toyota plan to merge Fuso and Hino
Japanese commercial vehicle manufacturers Mitsubishi Fuso Truck & Bus and Hino Motors are planning to merge and cooperate in commercial vehicle development, procurement and production – also with a view to electrification.
Daimler Truck and Toyota, which own the above-mentioned brands, plan to equally invest in the listed holding company of Fuso and Hino. Details of the scope and nature of the collaboration, including the name, location, shareholding and corporate structure of the new holding company, will be determined over the next 18 months.
Daimler Truck and Toyota intend to sign a final agreement in the first quarter of 2024 and to complete the transaction by the end of 2024. The deal is still subject to the approval of the respective supervisory and administrative boards, shareholders and authorities.
With the merger of Mitsubishi Fuso Truck & Bus Corporation (MFTBC) and Hino, the partners aim to build a globally competitive Japanese commercial vehicle manufacturer. That also involves the development of hydrogen and other electrification solutions. “Common to the corporate philosophies of all four companies is the desire to contribute to a prosperous society through mobility”, the statement says. “To continue to be an essential force of transformation in the world, the four companies intend to promote the use of environmentally friendly vehicles and increase the value of mobility in the world’s social systems.”
In other words, the potential synergies that Daimler Truck and Toyota see between Fuso and Hino are greater than the current synergies with their own core business. Daimler Truck focuses primarily on segments above 7.5 tonnes with its heavy trucks and buses of various brands, while Fuso forms the entry point with the e-Canter (4.25 to 8.55 tonnes).
Daimler Truck CEO Martin Daum sees a “great future” for the merged company: “The planned new company will be a major force in Southeast Asia and an important associate of the Daimler Truck family.” MFTBC CEO (and Asia head of Daimler Truck) Karl Deppen adds: “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.”
The Japanese also have high hopes for the partnership. “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,” says Toyota CEO Koji Sato.