Daimler Truck and Toyota Motor have entered into a memorandum of understanding (MOU) that would result in the merger of Mitsubishi Fuso and Hino.
Hino is owned by Toyota, and Daimler is the top shareholder in Mitsubishi Fuso. The two truck companies will be united under a holding company jointly owned by the two corporations. They will collaborate on the development of hydrogen and other technologies to support the competitiveness of the new company.
According to a Toyota press release, the four companies will use the MOU to band together efforts to reduce emissions, develop "CASE technologies (Connected / Autonomous & Automated / Shared / Electric), and strengthening the commercial vehicle business on a global scale.."
Mitsubishi Fuso and Hino will merge on an equal footing and collaborate in the areas of commercial vehicle development, procurement, and production. They will build a globally competitive Japanese commercial vehicle manufacturer.
"We at Daimler Truck are very proud of our products, because trucks and buses keep the world moving," said Martin Daum, Daimler CEO, in a statement. "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."
Said Koji Sato, CEO of Toyota, in a statement:
"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."
Finalization of the partnership will take 18 months, pending shareholder approvals.