The Toyota Motor Corporation has announced that its subsidiary, Hino Motors Ltd., will merge with Daimler Truck Holding AG’s Mitsubishi Fuso Truck and Bus Corporation (MFTBC).
From left to right: Hino Motors Ltd. President and CEO Satoshi Ogiso, Toyota Motor Corp. President and CEO Koji Sato, Daimler Truck AG CEO Martin Daum, and Mitsubishi Fuso President and CEO Karl Deppen
This was announced after establishing a memorandum of understanding (MoU) between Toyota and Daimler. Under the agreement, MFTBC and Hino will form a union on equal footing. The resulting entity will work together to produce future commercial vehicles.
Both will collaborate in developing hydrogen-powered products, as well as furthering their know-how on connectivity, autonomous technologies, sharing or subscription plans, and electrification (CASE).
As per the MoU, Toyota and Daimler will equally invest in the merged MFTBC and Hino. Doing so will strengthen its market share in the global market and enhance the competitiveness of Japanese truck manufacturers as a whole.
Regarding the merger, Daimler Truck Chief Executive Officer (CEO) Martin Daum said that this is a big step in making zero-emission trucks and buses more economically viable. Daum further added that the merged company will also become a “major force in Southeast Asia and an important associate of the Daimler Truck family.”
This merged entity between Hino and Fuso will be a major force in Southeast Asia
For his part, Toyota Motor Corporation CEO Koji Sato said that this collaboration aims to create the “future of commercial vehicles in Japan and the future of mobility society.” Sato likewise said that the companies involved in a merger share a vision of attaining carbon neutrality through technological developments
For now, the scope, the name, and the corporate structure of the merged entity are yet to be established. That said, the concerned parties will be working on this for the next 18 months. Finalization for the merger transaction is then projected to be accomplished by 2024.
Does this merger mean better truck and bus models from Hino and Fuso’s Philippine-based distributors? Only time will tell.
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