Daimler Truck, Mitsubishi Fuso, Hino, and Toyota Partner to Achieve Carbon Neutrality & E-Mobility Across Truck Lineups
Daimler Truck, Mitsubishi Fuso Truck and Bus Corporation (MFTBC), Hino Motors, and Toyota have announced the signing of a Memorandum of Understanding (MoU) aimed at accelerating the development of advanced technologies and merging MFTBC and Hino. The collaboration seeks to achieve carbon neutrality and create a prosperous mobility society through the development of Connected / Autonomous & Automated / Shared / Electric (CASE) technologies and the strengthening of the global commercial vehicle business.
The merger between MFTBC and Hino, which will be sub-brands under Daimler Truck, aims to foster collaboration in commercial vehicle development, procurement, and production. The strategic alliance is anticipated to create a globally competitive Japanese commercial vehicle manufacturer. Daimler Truck and Toyota will both invest equally in the holding company of the merged MFTBC and Hino, allowing for collaborative efforts in the development of hydrogen and other CASE technologies to enhance the competitiveness of the new company.
The shared goal amongst the four companies is to contribute to a prosperous society through mobility while promoting the use of environmentally friendly vehicles and increasing the value of mobility within social systems. Through their partnership, MFTBC and Hino anticipate generating synergies that will enhance the competitiveness of Japanese truck manufacturers, and more broadly, Asia’s automotive industries.
Both Daimler Truck and Toyota possess global full lineups tailored to local needs, leveraging their corporate strengths to provide diverse options for achieving carbon neutrality based on local conditions and customer requirements. Martin Daum, CEO of Daimler Truck, expressed his enthusiasm about the partnership, stating, “The planned new company will be a major force in Southeast Asia and an important associate of the Daimler Truck family.”
Karl Deppen, CEO of MFTBC, highlighted the decarbonization of the transportation industry as a key objective, stating, “Under the two well-established brands of FUSO and Hino, we will continue to take a leading role in serving customer needs in Japan, Asia, and beyond.”
The specific details regarding the collaboration, including the name, location, shareholding ratio, and corporate structure of the new holding company, will be determined over the next 18 months. The parties involved anticipate signing definitive agreements in the first quarter of 2024, with the transaction expected to be completed by the end of 2024, subject to approvals from the relevant boards of directors, shareholders, and authorities.
The collaboration is especially noteworthy given Hino’s recent troubles. In October 2022, the company announced the resignations of four executives over a fraudulent emission data reporting scandal that goes back some 20 years, saying it will also ask former executives to return part of their compensations.
Among the resigning executives were three board members, including one responsible for production, as well as an executive leading the company’s technological development division.
Hino Motors admitted in March 2023 that it had submitted fraudulent emissions and fuel economy data to transport authorities. As a result, the company suspended the shipment of vehicles equipped with engines for which the figures had been manipulated.
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