Mitsubishi Fuso and Hino will merge under a new deal struck by the two companies and their parent corporations, Daimler Truck and Toyota Motor Corp., respectively. The goal? Accelerate the development of advanced technologies such as zero-emissions and connected vehicles.
MFTBC and Hino will merge on an equal footing and collaborate on commercial vehicle development, procurement and production, with the goal of building a globally competitive Japanese commercial vehicle manufacturer.
Daimler Truck and Toyota will equally invest in the holding company of the merged MFTBC and Hino. They will collaborate on the development of hydrogen and other CASE technologies (Connected/Autonomous & Automated/Shared/Electric), to support the competitiveness of the new company.
The deal is the latest in a trend of competitive truck makers teaming up in certain areas to advance zero-emissions technology. For instance, in 2021, Daimler Truck AG and Volvo Group formed a fuel-cell joint venture called Cellcentric.
More Details on Fuso-Hino Merger
By joining forces, MFTBC and Hino can enhance the competitiveness of Japanese truck manufacturers, according to the May 30 announcement. Both Daimler Truck and Toyota offer global lineups with diverse options based on local conditions and how their customers use vehicles.
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.
The companies look to sign definitive agreements in the first quarter of 2024 and aim to close the transaction by the end of 2024.
What About North America?
The announcement did not mention how or if this announcement might affect the companies’ offerings in North America; HDT's editors are working to get more insight on that.
Comments provided in a news release focused on Japan and Southeast Asia. For instance, Martin Daum, CEO of Daimler Truck, said, "The planned new company will be a major force in Southeast Asia and an important associate of the Daimler Truck family."
Koji Sato, CEO of Toyota, called the collaboration between the four companies “a partnership for creating the future of commercial vehicles in Japan and the future of mobility society.”
Daimler Truck North America dropped the Fuso brand in North America in 2020, but Daimler Truck recently introduced a new all-electric medium-duty Class 4-5 truck brand for North America, Rizon, which appears to be based on Fuso’s eCanter.