In a landmark development for the global commercial vehicle (CV) industry, Daimler Truck AG, Mitsubishi Fuso Truck and Bus Corporation, Hino Motors Ltd., and Toyota Motor Corporation have signed definitive agreements to integrate Mitsubishi Fuso and Hino. The agreement marks a major step in creating a unified force to accelerate innovation, decarbonisation, and competitiveness in the commercial vehicle sector.
The Fuso-Hino integration, backed by Daimler Truck and Toyota, is a proactive response to the disruptive forces transforming the commercial vehicle sector. By pooling strengths, the companies aim to future-proof their businesses, deliver cutting-edge mobility solutions, and uphold Japan’s influence in global trucking.
This move stems from several strategic, economic, and technological imperatives shaping the CV industry including accelerating decarbonisation and CASE transformation, leveraging scale to stay competitive, strengthening Japan’s CV industry, responding to regulatory and market pressures, synergies between global and domestic strengths, and a shared vision for future mobility.
Daimler Truck brings global scale and technological depth (as Fuso’s parent), while Toyota offers industrial discipline and a track record of innovation in electrification. Hino, as Toyota’s commercial arm, and Fuso, with Daimler’s backing, complement each other in product focus and regional footprint.
Fuso and Hino—both historically strong in Asia—face stiff competition from global players with larger scale. The integration allows for economies of scale in development, procurement, and production, improving cost competitiveness.
As part of the deal, Mitsubishi Fuso and Hino will merge on equal footing to collaborate across development, procurement, and production. A new holding company will be established—planned for listing on the Prime Market of the Tokyo Stock Exchange—with operations set to begin in April 2026. Daimler Truck and Toyota will each hold a 25% stake in the new entity, which will wholly own both Mitsubishi Fuso and Hino. Karl Deppen, current CEO of Mitsubishi Fuso, will lead the holding company, which will be headquartered in Tokyo.
The collaboration is aimed at reinforcing the competitiveness of Japanese CV manufacturers amid increasing demand for carbon neutrality, logistics efficiency, and digital transformation. Together, the companies aim to leverage scale and resources to develop CASE (Connected, Autonomous, Shared, and Electric) technologies, including hydrogen-powered solutions, and strengthen their global presence.
Daimler Truck CEO Karin Rådström called it “truly historic,” noting the combined scale and technological potential of Mitsubishi Fuso and Hino. Toyota’s CEO Koji Sato underscored the collaboration as “the starting line” for building a sustainable mobility future. Satoshi Ogiso, CEO of Hino, highlighted the cultural and operational synergies, while Karl Deppen expressed confidence in the combined entity’s ability to better support customers and reshape the industry.
Pending regulatory and shareholder approvals, further details on the company’s structure and branding are expected in the coming months. The deal exemplifies a growing trend of cross-industry collaboration to meet the challenges and opportunities shaping the future of transportation.
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