Daimler Truck and Toyota have announced an alliance for the development of commercial vehicles in Asia. The two industrial giants will merge their respective Japanese subsidiaries, Hino Motors and Fuso Truck & Bus Corporation, with the goal of creating a new holding company dedicated to truck development and manufacturing by April 2026. The new group will be equally owned by Toyota and Daimler Truck. Further details, including the name of the company and the final structure of the merger, are expected to be disclosed in the coming months. The announcement confirms the preliminary agreement reached two years ago and renews the ambition to build an industrial entity capable of competing on a global scale.
The merger comes at a time when the sector is grappling with increasingly complex challenges such as vehicle electrification, autonomous driving, stricter environmental regulations, a shortage of skilled labour and rising technological development costs. By joining forces, Toyota and Daimler Truck aim to boost the profitability of their heavy-duty transport divisions and accelerate innovation in a rapidly evolving market.
Karl Deppen, currently chief executive officer of Mitsubishi Fuso and set to become CEO of the new holding, emphasised that the merger between Hino and Fuso will take place “on equal footing”, highlighting the intention to build a balanced and future-oriented partnership. Koji Sato, CEO of Toyota, also described the agreement as “a starting line, not a finish line”, reiterating the commitment of the four companies involved – Toyota, Daimler Truck, Hino and Mitsubishi Fuso – to creating a sustainable commercial mobility system.
The deal includes a significant financial component: Hino will issue new shares and transfer its Hamura plant to Toyota in an operation valued at 150 billion yen, equivalent to around 904 million euros. The alliance underlines the Japanese group’s intention to relaunch Hino, which was severely affected in 2022 by a scandal involving falsified emission data during engine testing. The affair had tarnished the company’s image and caused reputational damage for Toyota, which holds more than 50 per cent of Hino.
The decision to bring Hino closer to Mitsubishi Fuso initially raised some questions, given Toyota’s stake in Isuzu Motor, with which it maintains an active strategic alliance. However, Toyota has clarified that the merger with Daimler Truck will not affect its relationship with Isuzu. For Daimler Truck, the integration presents an opportunity to improve its financial performance. In recent years, Mitsubishi Fuso has struggled to make a positive contribution to the group’s results, and the new structure could provide the necessary tools for a more effective recovery.
