Daimler Truck and Toyota Motor Corporation have signed a memorandum of understanding (MoU) on the development of advanced technologies which will see the merger of Mitsubishi Fuso Truck and Bus Corporation (MFTBC) and Hino Motors.
Daimler Truck, MFTBC, Hino, and Toyota will collaborate toward achieving carbon neutrality and developing CASE technologies (connected/autonomous and automated/shared/electric) and strengthening the commercial vehicle business on a global scale, the companies say.
Under the deal, MFTBC and Hino will be merged “on equal footing” and collaborate in the areas of commercial vehicle development, procurement and production. Signing of definitive agreements is expected in the first quarter of 2024 with the aim of closing the transaction by end of 2024.
The German and Japanese automotive giants will equally invest in the listed holding company of the merged MFTBC and Hino.
By joining forces, MFTBC and Hino would “create synergies and enhance the competitiveness of Japanese truck manufacturers, helping to strengthen the foundation of the Japanese and Asian automotive industries and contributing to their customers, stakeholders and society”, the companies say.
Details on the scope and nature of the collaboration including the name, location, shareholding ratio and corporate structure of the new holding company will be decided over the course of the next 18 months.
Once all parties involved reach an agreement, they will move forward based on the approval of the relevant boards of directors, shareholders, and authorities.
Daimler Truck chief executive Martin Daum says trucks and buses “keep the world moving” and soon they will even do so with zero emissions.
The deal is a “crucial step in making that future work economically and in leading sustainable transportation”, he adds.
“The planned new company will be a major force in Southeast Asia and an important associate of the Daimler Truck family.”
Toyota chief executive Koji Sato the collaboration between the four companies is about “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,” Sato says.
Daimler Truck Australia Pacific president and chief executive Daniel Whitehead says the announcement is significant for our local markets including New Zealand.
“This is exciting news for both Fuso and Hino both globally and in Australia.
“We look forward to sharing more details about this closer to the planned agreement conclusion at the end of next year,” Whitehead says.
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