On Tuesday, Toyota Motor Corp. and Daimler Truck Holding AG announced their intention to merge their respective truck subsidiaries in Japan by the end of 2024. This strategic move aims to accelerate the progress of advanced environmental and safety technologies while also facilitating cost-sharing between the two companies.
Under the forthcoming establishment of a holding company by the two parent companies, Toyota's subsidiary, Hino Motors Ltd., and Mitsubishi Fuso Truck and Bus Corp, (MFTBC), a subsidiary of the German company, will operate in unison. Within the next 18 months, details such as the name, location, shareholding distribution, and corporate framework of the new company will be determined and publicly disclosed. This newly formed entity will be listed on the Japanese stock market, with both parties making equal investments in its establishment.
According to both companies, the collaboration between Fuso and Hino would generate synergies, fostering a higher level of competitiveness among Japanese truck manufacturers. The four automakers will engage in new joint projects aimed at sharing their technological expertise. The focus will be on developing innovative zero-emission systems, including hydrogen-powered commercial vehicles, as part of their mutual endeavors.
In the press conference, Koji Sato, CEO of Toyota, expressed his commitment to collaborate with a shared vision of attaining carbon neutrality. In agreement, Martin Daum, CEO of Daimler Truck, emphasized that the announcement marks a pivotal milestone in making a zero-emission future economically viable. Daum further described the new company as a significant player in Southeast Asia in the future and a valued partner within the Daimler Truck family.
In addition, Hino CEO Satoshi Ogiso stated, “We will unite our aspirations to 'support mobility and contribute to society' and, hand in hand, accelerate advanced technology development in order to overcome the increasingly fierce global competition. Through these efforts, we will strive to tackle societal challenges such as achieving carbon neutrality."
