Business

In a historic move for the global commercial vehicle industry, Daimler Truck, Toyota Motor Corporation, Mitsubishi Fuso Truck and Bus Corporation, and Hino Motors Ltd. have signed definitive agreements to integrate Mitsubishi Fuso and Hino Motors. This transformative collaboration aims to establish a new listed holding company by April 2026, creating a robust new player in the Asia-Pacific truck manufacturing sector.

Key Highlights of the Agreement:

• Equal-footing integration of Mitsubishi Fuso and Hino Motors under a new holding company, headquartered in Tokyo.

• The holding company will be jointly owned by Daimler Truck and Toyota, each holding 25%.

• The holding company will own 100% of both Mitsubishi Fuso and Hino and is planned to be listed on the Prime Market of the Tokyo Stock Exchange.

• Karl Deppen, current CEO of Mitsubishi Fuso, will serve as the CEO of the new holding company.

• The combined company will bring together over 40,000 employees, aiming to strengthen innovation, efficiency, and global competitiveness.

A New Era for Commercial Vehicles

The integrated entity will combine Mitsubishi Fuso and Hino’s strengths in development, procurement, and production to enhance business efficiency and technological innovation. The companies plan to drive advancements in:

• CASE technologies (Connected, Autonomous, Shared, Electric)

• Hydrogen-powered transport

• Carbon neutrality goals

• Logistics and operational efficiencies

This partnership responds to the increasing complexity and demands of the commercial vehicle sector, positioning the new company to lead in the transition to sustainable transportation across Japan, Asia, and global markets.

Leadership Commentary

Karin Rådström, CEO of Daimler Truck:

“The now-decided integration of Mitsubishi Fuso and Hino Motors is truly historic. We are bringing together two strong partners to form an even stronger company and to successfully shape the decarbonization of transportation. Karl Deppen is the ideal leader to drive this transformation forward.”

Koji Sato, CEO of Toyota:

“Today’s final agreement is not the goal but the starting line. Our four companies, aiming to achieve a sustainable mobility society, will continue to create the future of commercial vehicles together.”

Karl Deppen, CEO of Mitsubishi Fuso and designated CEO of the new holding company:

“With a strong new company, we combine our two trusted brands, resources, and expertise to better support our customers’ future transportation needs.”

Satoshi Ogiso, CEO of Hino:

“This is a once-in-a-lifetime opportunity. The synergies created through our cultural and technological synthesis will empower us to build a stronger, more resilient company that can contribute meaningfully to society.”

Future Outlook

The new entity is expected to play a critical role in addressing the pressing challenges facing the transport and logistics industry, including:

• Achieving carbon neutrality

• Enhancing logistics sustainability

• Promoting digital transformation

• Fostering global cooperation in mobility innovation

The deal remains subject to approvals from relevant authorities, boards, and shareholders. Further information, including the name of the new company, will be announced in the coming months.

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