Definitive agreements have been concluded for the integration of
Mitsubishi Fuso Truck and Bus (Mitsubishi Fuso, owned by Daimler Truck) and
Hino Motors (Hino, a subsidiary of Toyota), after the two commercial vehicle manufacturers signed initial agreements in May 2023, aiming to complete the merger the following year. However, the process was delayed by various factors, including certification issues at Hino.
The companies say this integration will strengthen their technological development and business foundations in areas related to commercial vehicles, including development, procurement, and production; and as part of the move, a holding company will be established, with Mitsubishi Fuso and Hino as wholly-owned subsidiaries. Daimler Truck and
Toyota will each hold a 25% stake. Karl Deppen, Mitsubishi Fuso’s CEO, will serve as CEO of the new holding company, which will be based in Tokyo and will begin operations in April 2026.
Koji Sato, CEO of Toyota, said: “The starting point of this collaboration was to create the future of commercial vehicles together, by leveraging the strengths of Mitsubishi Fuso and Hino to protect our business foundations in Japan and Asia. Two and a half years ago, Daimler Truck’s then-CEO Martin Daum and Toyota’s then-President Akio Toyoda began this collaboration based on a shared vision and sense of values.
“Companies with different histories and cultures coming together like this meant we needed to overcome various challenges; and while there were times when differences in ideas on how to move forward with integration were hard to bridge, our four companies took the time to repeatedly engage in dialogue and deepen mutual understanding, driven by the empathy and trust shared by the leaders. I believe that our unwavering commitment to the future of commercial vehicles enabled us to overcome difficulties and keep moving forward toward integration.”
Karin Rådström, Daimler Truck’s CEO, added: “Daimler Truck values being a company rooted in the local community. The integrated company should be a truly global company rooted in Japan, and Mr. Deppen, who will head the integrated company, is the right person to lead a truly global company rooted in Japan. He has been involved in the Japanese truck industry for more than 20 years and has extensive global experience. Under his leadership, I believe that Mitsubishi Fuso and Hino will be able to create synergies through this integration, while honing the manufacturing capabilities that both have cultivated as truck manufacturers.”