Tokyo, Japan / Leinfelden-Echterdingen, Germany, May 30, 2023 - Hino Motors, Ltd. (Hino), Toyota Motor Corporation (Toyota), Daimler Truck Holding AG (Daimler Truck), and Mitsubishi Fuso Truck and Bus Corporation (MFTBC), have recently concluded the signing of a historical Memorandum of Understanding (MoU) with the aim of expediting the development of advanced technologies as well as the merging of MFTBC and Hino. This collaboration seeks to achieve carbon neutrality and foster a prosperous mobility society, with a specific focus on the advancement of CASE technologies (Connected/Autonomous & Automated/Shared/Electric) and the enhancement of the global commercial vehicle business.
The partnership entails the merging of Hino and MFTBC under a new holding company where both have equal footing in terms of investment. This aims to create collaborations in commercial vehicle development, procurement, and production, which will help develop a globally competitive Japanese commercial vehicle manufacturer. To support this vision, Toyota and Daimler Truck will make equal investments in the merged company's holding entity. Together, they will also work towards the development of hydrogen and other CASE technologies, thereby bolstering the competitiveness of the new company.
All four companies share a common commitment to contributing to a prosperous society through mobility. Their mission includes promoting the use of environmentally friendly vehicles and enhancing the value of mobility within global social systems.
The collaboration between Hino and MFTBC is set to create synergies and strengthen Japanese truck manufacturers, ultimately fortifying the foundations of the Japanese and Asian automotive industries. This initiative aims to benefit customers, stakeholders, and society at large.
Satoshi Ogiso, CEO of Hino, emphasized their commitment to supporting mobility and contributing to society. Hand in hand, the companies will accelerate the development of advanced technologies to overcome global competition and address challenges such as achieving carbon neutrality.
Karl Deppen, CEO of MFTBC, highlighted the collaboration's potential to expedite the decarbonization of the transportation industry. By uniting under the well-established brands of FUSO and Hino, the merged company will play a leading role in meeting customer needs in Japan, Asia, and beyond, while contributing to a greener future.
Over the next 18 months, the parties involved will decide on the details of the collaboration, including the name, location, shareholding ratio, and corporate structure of the new holding company. They anticipate signing definitive agreements in the first quarter of 2024, with the aim of closing the transaction by the end of 2024.
The collaboration between Toyota Motor Corporation, Daimler Truck, Mitsubishi Fuso and Hino, signifies a leap towards a greener and more prosperous future for the commercial vehicle industry. By combining their expertise, resources, and commitment to advanced technologies, these companies are paving the way for sustainable transportation and a mobility-enabled society that benefits all.
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