Daimler Truck, Mitsubishi Fuso, Hino Motors, and Toyota have entered a memorandum of understanding, solidifying their commitment to the advancement of cutting-edge technologies and the integration of MFTBC and Hino.
As part of the collaborative agreement, the companies plan to drive the pursuit of carbon neutrality and stimulate a thriving mobility society. This will be accomplished by developing CASE technologies (Connected, Autonomous & Automated, Shared, Electric) and bolstering the commercial vehicle business on a worldwide scale.
The agreement says that Mitsubishi Fuso and Hino will merge on equal footing, focusing on the development, procurement, and production of commercial vehicles. The merger’s goal is to establish a Japanese commercial vehicle manufacturer competitive on a global scale.
Simultaneously, Daimler Truck and Toyota have pledged equal investment in the holding company overseeing the merged Mitsubishi Fuso and Hino. The two companies aim to collaborate on the development of hydrogen and other CASE technologies to enhance the new company’s competitiveness.
All four companies are unified in their desire to contribute to a prosperous society through mobility, aiming to promote the use of eco-friendly vehicles and augment the value of mobility within global social systems.
This strategic alliance between Mitsubishi Fuso and Hino will generate synergies and fortify the competitiveness of Japanese truck manufacturers. It promises to bolster the foundation of the Japanese and Asian automotive industries, benefiting customers, stakeholders, and society as a whole.
Daimler Truck’s CEO, Martin Daum, touted the merger as a critical step towards achieving sustainable transportation, foreseeing the new company’s significant influence in Southeast Asia.
Toyota’s CEO, Koji Sato, echoed this sentiment, describing the collaboration as a partnership forged to shape the future of commercial vehicles and mobility society, with a shared vision of achieving carbon neutrality.
Meanwhile, Karl Deppen, CEO of Mitsubishi Fuso, expressed optimism about the collaboration’s potential to expedite the decarbonization of the transportation industry. Satoshi Ogiso, CEO of Hino, pledged his company’s commitment to confronting societal challenges like achieving carbon neutrality.
The next 18 months will see the four companies outline the specifics of their collaboration, including the holding company’s name, location, shareholding ratio, and corporate structure. Definitive agreements are expected to be signed in Q1 2024, with the transaction likely to close by the end of that year, subject to the approval of the respective boards of directors, shareholders, and authorities.