From left: Hiroki Nakajima, executive vice president Toyota; Takanori Kimata, president, CV Company, Toyota; Koji Sato, CEO Toyota; Norio Yoshida, chief compliance officer, Hino; Satoshi Ogiso, CEO Hino; Karl Deppen, CEO Mitsubishi Fuso and designated CEO new holding company; Hetal Laligi, CFO MFTCB; Karin Rådström, CEO Daimler Truck; Eva Scherer, CFO Daimler Truck.
Daimler Truck, Mitsubishi Fuso, Hino and Toyota Motor Corporation have concluded Definitive Agreements on the Integration of Mitsubishi Fuso and Hino Motors.
The agreement will see Mitsubishi Fuso and Hino integrate on an equal footing and cooperate in the areas of commercial vehicle development, procurement, and production, with a new listed holding company to start operations in April 2026.
A holding company will own 100% of Mitsubishi Fuso and Hino. Daimler Truck and Toyota will each aim to own 25% of the (listed) holding company. It will be headquartered in Toko, Japan, with current president and CEO of Mitsubishi Fuso Truck and Bus Corporation, Karl Deppen, as the CEO.
Further details on the scope and nature of the collaboration, including the name of the new holding company, will be announced over the coming months.
With this collaboration, the four companies have sought a meaningful way to create the future of commercial vehicles, based on the common desire to “contribute to an affluent society through mobility”.
By integrating Mitsubishi Fuso and Hino Motors, the companies aim to improve business efficiency in areas such as development, procurement and production. With this, they expect to significantly enhance the competitiveness of Japanese commercial vehicle manufacturers and strengthen the foundation of the automotive industry in Japan and Asia.
From left: Koji Sato, president and CEO, Toyota Motor Corporation; Satoshi Ogiso, president and CEO, Hino Motors; Karl Deppen, New Holding Company CEO / president and CEO, Mitsubishi Fuso Truck and Bus Corporation; Karin Radstrom, CEO, Daimler Truck Holding AG.
“The now decided integration of Mitsubishi Fuso and Hino Motors is truly historic. We are bringing together two strong partners to form an even stronger company and to successfully shape the decarbonization of transportation. 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,” said Karin Rådström, CEO, Daimler Truck/
Koji Sato, CEO, Toyota, said: “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.”
Karl Deppen, CEO, Mitsubishi Fuso and designated CEO of new holding company said: “Today is a great day for all our stakeholders. 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. 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.”
Satoshi Ogiso, CEO, Hino added: “Cooperation among these four companies is truly a once-in-a-lifetime opportunity. In addition to operational synergy, we can expect immeasurable synergy affection from synthesizing different culture and climate of us. Under commonly aimed aspiration, we are confident with building strong and resilient team to empathizing with each other and contributing to society. As a new commercial vehicle company rooted in Japan, we collaboratively create ever better future.”
