- Daimler and Toyota agree to merge the operations of their truck divisions in Japan.
- The Mitsubishi Fuso and Hino brands will be combined under a new partnership and plan to go public in Tokyo.
- This merger creates one of the largest trucking companies in the world, taking advantage of the steady growth in that market in recent years.
Daimler Truck Holding and Toyota Motor Corp. confirmed this Tuesday May 30 that they have reached an agreement to unite the operations of their trucking divisions in Japan.
According to a contract signed in Tokyo, the businesses of Mitsubishi Fuso Truck & Bus Corp, which are part of Daimler, and Hino Motors Ltd, a truck unit of Japan’s Toyota, will be combined under a new company.
The idea is that the shares of the new company will go public and be listed in Tokyo.
For now, it is a pre-agreement. The final one will be closed, according to what they said, at the beginning of next year, after adjusting all the details of a combination that expects to see the birth of one of the world’s leading trucking companies.
Toyota and Daimler in the global truck market
The global truck market has shown steady growth in recent years.
According to data from the International Organization of Automobile Manufacturers (OICA), approximately 3.8 million trucks were sold worldwide in 2022.
The merger is important because it involves two major players in the sector.
Hino Motors is one of the most relevant brands in the global truck market. As a subsidiary of the Toyota Group, Hino has succeeded in combining Toyota’s trademark quality and reliability with expertise in commercial vehicles.
Hino pioneered advanced technologies, like electric vehicles and hydrogen fuel cell trucks (a Toyota classic).
According to Statista, Hino posted a steady increase in its global sales, with more than 150,000 units sold in 2022.
A characteristic of Hino is to lead in the segment of medium and heavy trucks, offering a wide range of options that adapt to the needs of various industrial sectors.
Mitsubishi Fuso, for its part, has a rich history dating back more than 85 years in the design and manufacture of light, medium and heavy trucks.
The company has a strategy focused on sustainability and efficiency, and was also a pioneer in the development of electric and low-emission trucks.
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