Daimler Truck Holding AG, Mitsubishi Fuso Truck and Bus Corporation (MFTBC), Hino Motors and Toyota Motor Corporation have signed a Memorandum of Understanding (MoU) to accelerate the development of advanced technologies and merge MFTBC and Hino.
This collaboration aims to achieve carbon neutrality, enhance commercial vehicle business globally, and strengthen the Japanese truck manufacturing industry. By leveraging their respective strengths and a shared vision of sustainable transportation, the companies seek to contribute to a prosperous mobility society and solve pressing social issues.
Accelerating the Path to Carbon Neutrality
The four companies will collaborate on developing CASE technologies (Connected/Autonomous & Automated/Shared/Electric) to drive the transition to carbon-neutral transportation. The merged MFTBC and Hino will receive equal investments from Daimler Truck and Toyota, fostering the development of hydrogen and other advanced technologies. This partnership will enhance the competitiveness of Japanese truck manufacturers, strengthen the automotive industry in Japan and Asia, and deliver value to customers, stakeholders, and society at large.
MFTBC and Hino will merge on an equal footing, focusing on areas such as commercial vehicle development, procurement, and production. By combining their expertise, they aim to establish a globally competitive Japanese commercial vehicle manufacturer. Both Daimler Truck and Toyota possess comprehensive vehicle lineups tailored to local needs, and they will leverage these strengths to provide diverse options for achieving carbon neutrality based on local conditions and customer requirements.
Shared Vision and Leadership
The collaboration is driven by the shared corporate philosophies of all four companies, emphasizing their commitment to contributing to a prosperous society through mobility. The companies are dedicated to promoting the use of environmentally friendly vehicles and increasing the value of mobility in social systems worldwide. The partnership represents a significant step toward sustainable transportation and positions the new company as a major force in Southeast Asia, aligning with Daimler Truck’s broader vision for sustainable mobility.
Over the next 18 months, the parties involved will finalize the details of the collaboration, including the name, location, shareholding ratio, and corporate structure of the new holding company. Definitive agreements are expected to be signed in the first quarter of 2024, with the transaction targeted for completion by the end of 2024, subject to board approvals, shareholder agreement, and regulatory requirements.