Posted on 11 Jun 2025
German group Daimler Truck and Japanese conglomerate Toyota Motor announced Tuesday they have finalised the agreements to merge their truck units.
Two years after signing an MOU, Daimler’s Mitsubishi Fuso and Toyota’s Hino Motors have agreed to integrate to cooperate in the areas of commercial vehicle development, procurement, and production. They will form a new listed company that is expected to start operations in April 2026, of which Daimler and Toyota will own 25%.
The holding company, which intends to list on the Tokyo Stock Exchange, plans to own 100% of Mitsubishi Fuso and Hino. It will be headquartered in Tokyo and its ceo will be Karl Deppen, who is currently head of Daimler Truck Asia and president and ceo of Mitsubishi Fuso.
According to the companies, the merger will “significantly enhance the competitiveness of Japanese commercial vehicle manufacturers and strengthen the foundation of the automotive industry in Japan and Asia.”
The deal was initially due to close in 2024, but was delayed amid a scandal. Hino Motors was found to have deceived US regulators about emissions generated by its diesel engines, which was settled earlier this year with a $1.6 billion payment and a five-year export ban.
Japan-based Mitsubishi Fuso was founded in 1932 by the former Mitsubishi Shipbuilding, now called Mitsubishi Heavy Industries, and separated from the group in 2003. Daimler Truck holds an 89.29% stake, while the remainder belongs to the Mitsubishi group companies.
Hino was established in 1942 as a spin-off from other manufacturers and became part of Toyota, which now holds a 50% stake, in the 1960s, Kallanish notes.
Source:Kallanish
