Daimler Truck and Toyota plan merger of Fuso and Hino
The Toyota Motor Corporation and Daimler Truck Holding AG are planning to merge their subsidiaries, Mitsubishi Fuso Truck and Bus Corporation and Hino Motors Ltd., to advance the development of so-called CASE technologies for connected, autonomous, shared, and fully electric driving. According to Toyota, the two companies aim to merge on equal terms to create a globally competitive Japanese commercial vehicle manufacturer. This merger is expected to yield synergies and enhance competitiveness, particularly in the development, procurement, and production of commercial vehicles.
Daimler Truck and Toyota will equally invest in the new publicly listed holding company and collaborate on the development of hydrogen and CASE technologies to boost the competitiveness of the new entity. Further details regarding the scope and nature of the collaboration, including the name, location, equity structure, and corporate structure of the new holding company, will be determined over the next 18 months. The parties intend to sign the final agreements in the first quarter of 2024, with the transaction expected to be completed by the end of 2024. Once all involved parties reach an agreement, they will push the merger forward, subject to the approval of the respective boards of directors, shareholders, and authorities.
"Today we are taking a giant step to change the future of commercial vehicles," stated Koji Sato, CEO of the world's largest automaker, Toyota, at a press conference according to Reuters.
For Daimler Truck CEO Martin Daum, the logic behind the merger lies in the industry's transformation, which means that companies must develop multiple propulsion technologies simultaneously, including battery-electric and fuel cell electric vehicles, and potentially also hydrogen combustion engines.
"There is only one way to get this parallel technology development up and running: economies of scale," Daum further explained.
Higher production volumes could reduce costs, making the prices, despite the expensive technology, affordable for fleet operators and freight carriers. The merger is also seen in the context of striving for greater independence from China.
With this step, resources will more than double, added Karl Deppen, CEO of Mitsubishi Fuso Truck & Bus. This will provide access to technological knowledge and a larger network of suppliers and infrastructure. The two brands Fuso and Hino are expected to benefit from joint development, procurement, and production. However, global distribution will remain separately organized. The name of the joint company has not yet been determined. Together, Hino and Fuso build approximately 300,000 vehicles, with Fuso producing 137,600.
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