TOKYO, Jun 11 (News On Japan) - Hino Motors and Mitsubishi Fuso Truck and Bus Corporation, two of Japan’s leading commercial vehicle manufacturers, have reached a long-delayed final agreement on their management integration.
The two companies announced the deal on June 11th, bringing closure to a merger plan that had been postponed due to extended fallout from Hino’s engine certification scandal.
"The collaboration among these four companies is a once-in-a-lifetime opportunity for the future of commercial vehicles," said Hino President Satoshi Ogiso, referring to Hino, Mitsubishi Fuso, and their respective parent companies—Toyota Motor and Germany’s Daimler Truck.
Under the agreement, Toyota and Daimler will each hold a 25% stake in a new holding company, which will be established in April next year. Both Hino and Mitsubishi Fuso will be brought under this holding structure.
The new company, which has yet to be named, will be headquartered in Tokyo. Carl Deppen, the current president of Mitsubishi Fuso, is set to become CEO. The integrated group aims to accelerate development in next-generation technologies such as electrification and autonomous driving.
Toyota and Daimler initially announced a basic agreement in May 2023 to integrate Hino and Mitsubishi Fuso by the end of 2024. However, the final decision was postponed indefinitely due to Hino’s prolonged handling of its engine data misconduct.
With this agreement, Japan’s commercial vehicle sector will now be structured around two major alliances: Hino and Mitsubishi Fuso on one side, and Isuzu Motors and its subsidiary UD Trucks on the other.
Source: TBS
