Daimler Truck, Mitsubishi Fuso, Hino and Toyota have provided an update on the progress on their collaboration.

In May 2023, the companies concluded a Memorandum of Understanding on accelerating the development of advanced technologies and merging Mitsubishi Fuso and Hino.

The planned collaboration is aimed toward achieving carbon neutrality and creating a prosperous mobility society by developing CASE technologies (Connected / Autonomous & Automated / Shared / Electric) and strengthening the commercial vehicle business on a global scale.

According to the MoU, Mitsubishi Fuso and Hino plan to merge on an equal footing and collaborate in the areas of commercial vehicle development, procurement, and production. The plan is to build a globally competitive Japanese commercial vehicle manufacturer, with Daimler Truck and Toyota investing equally in the (listed) holding company of the merged Mitsubishi Fuso and Hino.

While the Definitive Agreement for merging Mitsubishi Fuso and Hino was targeted to be signed by the end of March 2024 and integration complete by the end of 2024, the process of obtaining necessary regulatory clearances and approvals under competition and other laws and regulations, as well as the pending investigations related to Hino’s engine certification issues, are still ongoing. As such, the original schedule has been extended.

The four companies have been discussing how Mitsubishi Fuso and Hino can work together to improve business efficiency and enhance competitiveness, and how Daimler Truck and Toyota can work together to further enhance their technology development capabilities and promote CASE technology in order to contribute to customers and stakeholders in Japan and Asia, as well as the Japanese automotive industry.

The parties have confirmed that the merger discussions are progressing on a positive note and that the strategic objectives and logic of the proposed transaction continues to be valid.