Daimler Truck AG, Mitsubishi Fuso Truck and Bus Corporation (MFTBC), Hino Motors Ltd., and Toyota Motor Corporation provided an update on the collaborative efforts based on their Memorandum of Understanding (MoU), which was initiated in May 2023.
The collaboration aims to accelerate the development of advanced technologies, merging MFTBC and Hino to achieve carbon neutrality and foster a thriving mobility society through CASE technologies (Connected/Autonomous & Automated/Shared/Electric).
As outlined in the MoU, the plan involves the merger of MFTBC and Hino on equal footing, fostering collaboration in commercial vehicle development, procurement, and production. The goal is to establish a globally competitive Japanese commercial vehicle manufacturer, with Daimler Truck and Toyota making equal investments in the holding company of the merged entities.
Initially targeted for the end of March 2024, the Definitive Agreement for merging MFTBC and Hino, along with integration completion by the end of 2024, faces an extension due to ongoing processes related to regulatory clearances, competition laws, and investigations into Hino's engine certification issues.
The timeline for executing the Definitive Agreement and implementing the business integration will be communicated once a reliable schedule for the pending investigations is established. The parties involved will proceed following approvals from relevant boards of directors, shareholders, and authorities.
With a shared commitment to 'contribute to a prosperous society through mobility,' the four companies are actively exploring ways to improve business efficiency and competitiveness. Discussions focus on how MFTBC and Hino can collaborate to enhance their strengths, and how Daimler Truck and Toyota can bolster their technology development capabilities, promoting CASE technology in Japan and Asia. The ongoing merger discussions emphasise integrity, mutual respect, and diversity, with positive progress reported and the strategic objectives of the transaction deemed valid.
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