Fuso and Hino announce plans for merger

Four manufacturers have signed a Memorandum of Understanding (MoU) that would see the merger of truck manufacturers Fuso and Hino, with aims for the transaction to be finalised by the end of 2024.

Daimler Truck Holding AG, Mitsubishi Fuso Truck and Bus Corporation (MFTBC), Hino Motors Ltd and Toyota Motor Corporation announced their plans to merge Fuso and Hino on equal footing, “to accelerate the development of advanced technologies”.

Fuso and Hino plan to collaborate in the areas of commercial vehicle development, procurement and production; as they work to build a globally competitive Japanese commercial vehicle manufacturer.

“We at Daimler Truck are very proud of our products, because trucks and buses keep the world moving,” said Martin Daum, CEO of Daimler Truck. “And soon they will even do so with zero emissions. So there is a great future ahead – and today’s announcement is a crucial step in making that future work economically and in leading sustainable transportation. The planned new company will be a major force in Southeast Asia and an important associate of the Daimler Truck family.”

Richard Emery, vice president – brand & franchise development at Hino Australia, added, “This is an exciting announcement for both Hino and Fuso at a local level, and also internationally. We will be in a position to share more information about this towards the end of next year.”

Both Daimler Truck and Toyota will invest equally in the holding company of the merged Fuso and Hino. They will collaborate on the development of hydrogen and other CASE technologies to support the competitiveness of the new company.

Karl Deppen, CEO of MFTBC, added, “This close collaboration will enable us to accelerate the

decarbonisation of the transportation industry, creating an even stronger Japanese commercial vehicle manufacturer. 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 four companies intend to promote the use of environmentally friendly vehicles and increase the value of mobility in the world’s social systems.

Daimler Truck Australia Pacific President and CEO, Daniel Whitehead, also commented on the announcement, “This is exciting news for Fuso and Hino both globally and in Australia. We look forward to sharing more details about this closer to the planned agreement conclusion at the end of next year.”

Details on the scope and nature of the collaboration including the name, location, shareholding ratio and corporate structure of the new holding company will be decided over the course of the next 18 months. Signing of definitive agreements is expected to take place in the first quarter of 2024, with the aim of completing the transaction by the end of 2024. Once all parties involved reach an agreement, they will move forward based on the approval of the relevant boards of directors, shareholders and authorities.

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