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Toyota Motor Corporation and Daimler Truck Holding AG have inked a memorandum of understanding (MOU) to scale up the development of advanced technologies. In the contract, the companies also agreed to merge Mitsubishi Fuso Truck and Bus Corporation (MFTBC) and Hino Motors Ltd.
Toyota Motor and Daimler Truck will integrate the operations of Mitsubishi Fuso and Hino Motors under a holding company. The merged vehicle makers will hold an equal stake in the combined truck business in Japan. The transaction for this deal is expected to be completed by the end of 2024.
Daimler, a German truck builder, is the top stakeholder at Mitsubishi Fuso while Hino Motors is Toyota Motor's truck manufacturing subsidiary, and this is why the deal is mainly between Daimler and Toyota.
In any case, they will be investing in the holding company that will be formed after the merging of Hino and Mitsubishi Fuso. The companies did not disclose the financial details of the contract.
Associated Press News reported that the Japanese and German automakers are also planning to team up in lowering carbon emissions to help combat climate change. They will also work on various technologies, including EVs, hydrogen fuel, autonomous driving, and net-connected services.
It was further revealed that Toyota and Daimler will delve into the development, procurement, and production of commercial vehicles with the aim of becoming globally competitive. Through the tie-up, MFTBC and Hino will form synergies and strengthen the competitiveness among the truck manufacturers in Japan.
"We at Daimler Truck are very proud of our products because trucks and buses keep the world moving. And soon they will even do so with zero emissions," Daimler TRuck's chief executive officer, Martin Daum, said in a press release. "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."
Toyota Motor's CEO also commented, "Our four companies will work together with a shared vision of achieving carbon neutrality by strengthening CASE technologies and of changing the future of commercial vehicles and building the future together by solving social issues."
Photo by: Toyota Newsroom
