Fuso to merge with Hino

Mitsubishi Fuso Truck and Bus Corporation (MFTBC) will soon merge with Hino after the two major truck brands, together with Daimler Truck Holding AG (Daimler Truck) and Toyota Motor Corporation (Toyota) inked an agreement to consolidate the two brands.

Through the Memorandum of Understanding signed by the four industry players, MFTBC and Hino will merge on an equal footing and collaborate in the areas of commercial vehicle development, procurement, and production.

In addition, MFTBC and Hino will build a new globally competitive Japanese commercial vehicle brand.

“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,” Hino Chief Executive Officer (CEO) Satoshi Ogiso was quoted saying.

By joining forces, MFTBC and Hino would create synergies and enhance the competitiveness of Japanese truck manufacturers. They will also help strengthen the foundation of the Japanese and Asian automotive industries and contribute to their customers, stakeholders, and society at the same time.

“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,” said MFTBC CEO Karl Deppen.

For their part, Toyota and Daimler Truck will equally invest in the new company of the merged MFTBC and Hino. Additionally, Toyota and Daimler Truck will collaborate on the development of hydrogen and other CASE (Connected / Autonomous and Automated / Shared / Electric) technologies to support the competitiveness of MFTBC and Hino.

“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,” Toyota CEO Koji Sato commented.

Details on the scope and nature of the collaboration including the name, location, shareholding ratio, and corporate structure of the new holding company — Toyota pointed out — will be decided over the course of the next 18 months.

All four truck brands look to have a definitive outline of their agreement early next year and aim to close the transaction by the end of 2024.

“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,” stated Daimler Truck CEO Martin Daum.

Photos from Toyota

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