Hino, Fuso will merge at the end of 2024
Toyota’s Hino truck division and Daimler-owned Mitsubishi Fuso have signed a memorandum of understanding to merge their Japanese truck units as early as 2024. The duo will combine to form part of the company. joint stock company they will invest equally and both brands will have an equal background.
The new company’s shares are expected to be listed on the main market of the Tokyo Stock Exchange.
Hino and Fuso will leverage their partnership to achieve the scale needed to make technological advancements – specifically in the area of autonomous driving – and take on the power of Isuzu, the company that sells in numbers. cars globally each year is equal to Hino and Fuso combined.
It is understood that the global sales and marketing of the vehicles will remain separate, but research and development, procurement and production will be combined.
As part of the newly signed joint venture, Hino and Fuso will also invest equally and jointly develop hydrogen and other CASE (connected, autonomous and autonomous, shared, electric) technologies.
According to a statement published on Daimler’s website, the pair “will unite on the basis of equality and cooperation in the areas of development, procurement and production of commercial vehicles” and “will build a Japanese commercial vehicle manufacturer with global competitiveness”.
The news came just a few months later Hino is involved in emissions cheating scandal in which it was found to falsify end-of-period emissions data dating back to 2003. Four key Hino executives resigned over the matter, while the company’s president, Satoshi Ogiso, returned it half of his salary for a period of six months.
It’s a chapter of the now-joined commercial vehicle group that both sides want to leave the past behind.
“We at Daimler Truck are very proud of our products, because buses and trucks keep the world moving – and they will even soon do so with zero emissions,” said CEO. Daimler Truck, said Martin Daum.
“Today’s announcement is an important step in making that future run economically and lead the way in sustainable transportation. The new company is planned to be a major force in Southeast Asia and an important partner of the Daimler Truck family.”
His counterpart at Toyota Motor Company, Koji Sato, also concurs with Mr. Daum’s views, who said the partnership is not only beneficial for each participating business, but also for the future of social mobility. festival.
“This partnership… is a partnership to create the future of commercial vehicles in Japan and the future of mobility society (sic). We will work together with a shared vision of achieving carbon neutrality by enhancing CASE technologies and changing the future of commercial vehicles and building the future by solving social problems. association,” he said.
GoAuto understand that details outlining the scope and nature of the partnership, including the name, location, share ratio and organizational structure of the new parent company, will be announced within the next 12-18 months .
Hino and Fuso said they expect to sign definitive agreements in the first quarter of next year (2024).