Toyota and Daimler Trucks merging their Japan truck maker companies Hino Motors and Mitsubishi Fuso
( May 30, 2023, 08:03 GMT | Official Statement) -- MLex Summary: Toyota subsidiary Hino Motors and Daimler Truck’s Mitsubishi Fuso Truck and Bus will merge their operations, the four auto companies said in a joint statement announcing their memorandum of understanding. Hino and Mitsubishi Fuso will be merged on an equal footing, aiming to complete the transaction by the end of 2024. Daimler Truck and Toyota will equally invest in the new listed holding company of the merged entity to collaborate on development of hydrogen and “connected/autonomous & automated/shared/electric” technologies for their Japanese commercial-vehicle manufacturing businesses. Speaking after the announcement, Toyota CEO Koji Sato said Hino and Fuso together make about 400,000 commercial trucks in the 3.0 to 3.5 million global truck market. He added that the companies have started consulting relevant authorities. Details on the merger and the new holding company will be decided in the next 18 months, the statement said.The statement follows:...
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