Mitsubishi Fuso and Hino to merge under new holding company by 2026

Daimler Truck AG, Mitsubishi Fuso Truck and Bus Corporation, Hino Motors Ltd., and Toyota Motor Corporation have finalized definitive agreements to integrate Mitsubishi Fuso and Hino under a newly formed holding company.

The integration, set to be completed by April 2026, will see Mitsubishi Fuso and Hino operate on equal footing, collaborating on commercial vehicle development, procurement and production. The yet-to-be-named holding company will be headquartered in Tokyo and led by Karl Deppen, current CEO of Mitsubishi Fuso.

Daimler Truck and Toyota each plan to hold a 25 per cent stake in the publicly listed company, which will own 100 per cent of both Mitsubishi Fuso and Hino. The move is aimed at bolstering the global competitiveness of Japanese commercial vehicle manufacturers and advancing carbon neutrality, logistics efficiency, and development of CASE (Connected, Autonomous, Shared, Electric) technologies.

“Today is a great day for all our stakeholders,” Deppen said. “We are shaping the industry by bundling our strengths. 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.”

The agreement is subject to board, shareholder and regulatory approval.

“The collaboration of these four companies is truly a ‘once-in-a-lifetime opportunity,’” said Hino CEO Satoshi Ogiso. “I am confident that we will become a strong and resilient team that empathizes with each other and contributes to society under the same shared aspirations.”

Daimler Truck CEO Karin Rådström called the deal “truly historic,” and Toyota CEO Koji Sato emphasized the alliance as a new beginning: “Today’s final agreement is not the goal but the starting line.”