Daimler Truck and Toyota Motor Corporation have finalised definitive agreements to merge their respective Japanese commercial vehicle subsidiaries, Mitsubishi Fuso and Hino Motors, in a major reshaping of the industry across Asia-Pacific.
Described as a “once-in-a-lifetime opportunity” by Hino chief executive Satoshi Ogiso, the merger will see the two Japanese manufacturers integrated on equal footing under a new holding company, expected to launch operations in April 2026.
The yet-to-be-named company will be headquartered in Tokyo and listed on the Tokyo Stock Exchange’s Prime Market. It will own 100% of both Mitsubishi Fuso and Hino and employ more than 40,000 people.
Karl Deppen, current chief executive of Mitsubishi Fuso, has been named as the CEO-designate of the new entity.
“Today is a great day for all our stakeholders. We are shaping the industry by bundling our strengths,” Deppen says.
“With a strong new company we combine our two trusted brands, our resources, competencies and expertise to even better support our customers in their transportation needs in the future. I feel honored and excited to be the designated leader of the new company and am grateful for the trust and encouragement from Toyota and Daimler Truck to make it happen.”
Toyota and Daimler Truck will each aim to hold 25% of the newly listed holding company. The integration will bring the companies together in development, procurement and production across commercial vehicle platforms.
Ogiso added: “Cooperation among these four companies is truly ‘once-in-a-lifetime opportunity’. In addition to operational synergy, we can expect immeasurable synergy affection from synthesising different culture and climate of us. Under commonly aimed aspiration, we are confident with building strong and resilient team to empathising with each other and contributing to society. As a new commercial vehicle company rooted in Japan, we collaboratively create ever better future.”
Daimler Truck chief executive Karin Rådström called the merger “truly historic.”
“We are bringing together two strong partners to form an even stronger company and to successfully shape the decarbonization of transportation,” she says.
“Together, Mitsubishi Fuso and Hino Motors have great potential to leverage scale – and scale is key to win in the technological transformation of our industry. Karl Deppen is an experienced and strong leader who comprehends the whole value chain of our business, and I’m therefore convinced that he can bring the new company to the next level.”
Toyota chief executive Koji Sato added: “We believe that the future is for us to build together. Today’s final agreement is not the goal but the starting line. Our four companies, aiming to achieve a sustainable mobility society, will continue to create the future of commercial vehicles together.”
The new company will play a central role in accelerating the development of CASE (Connected, Autonomous, Shared, Electric) technologies, including hydrogen, with a strong focus on carbon neutrality and logistics efficiency.
The deal remains subject to approval from the relevant boards, shareholders, and regulators.
