Daimler Truck and Toyota Motor Corp. have inked a Memorandum of Understanding that will see the two companies collaborate on advanced technology development, while merging Mitsubishi Fusu Truck and Bus (MFTBC) with Hino Motors.
Under the agreement, Daimler Truck, MFTBC, Hino, and Toyota will collaborate toward achieving carbon neutrality. MFTBC and Hino will be a marriage of equals and will work together on commercial vehicle development, procurement and production.
Daimler Truck, Mitsubishi Fuso, Hino and Toyota Motor Corporation conclude a MoU on accelerating development of Advanced Technologies and merging Mitsubishi Fuso and Hino Motors (left to right: Satoshi Ogiso, President and CEO of Hino Motors Ltd.; Koji Sato, President and CEO of Toyota Motor Corporation; Martin Daum CEO of Daimler Truck AG; Karl Deppen CEO of Daimler Truck Asia). Photo: Daimler Truck
Parent companies Daimler Truck and Toyota will equally invest in the holding company of the merged companies.
“We at Daimler Truck are very proud of our products, because trucks and buses keep the world moving. And soon they will even do so with zero emissions,” Martin Daum, CEO of Daimler Truck, said in a press release. “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.”
“This collaboration among our four companies is a partnership for creating the future of commercial vehicles in Japan and the future of mobility society,” added Koji Sato, CEO of Toyota Motor Company. “Our four companies will work together with a shared vision of achieving carbon neutrality by strengthening CASE (Connected/Autonomous & Automated/Shared/Electric) technologies and of changing the future of commercial vehicles and building the future together by solving social issues.”
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.
“We will unite our aspirations to support mobility and contribute to society and, hand in hand, accelerate advanced technology development in order to overcome the increasingly fierce global competition,” said Satoshi Ogiso, Hino CEO. “Through these efforts, we will strive to tackle societal challenges such as achieving carbon neutrality.”
Added Karl Deppen, CEO of MFTBC: “This close collaboration will enable us to accelerate the decarbonization of the transportation industry, creating an even stronger Japanese commercial vehicle manufacturer. Under the two well-established brands of Fuso and Hino, we will continue to take a leading role in serving customer needs in Japan, Asia and beyond.”
