Toyota’s Hino Motors and Daimler Truck’s Mitsubishi Fuso Truck and Bus Corporation (MFTBC) have embarked on a significant merger which aims at the reshaping of Japan’s commercial vehicle industry.
Timeline of the Hino–Mitsubishi Fuso Merger 意味
- May 30, 2023: Toyota, Daimler Truck, Hino, and MFTBC signed a Memorandum of Understanding (MOU) to merge Hino and Mitsubishi Fuso. The objective was to create an international Japanese commercial vehicle manufacturer and also focusing on the advance features.
- February 2024: They delayed the process of finalizing due to pending regulatory approvals and ongoing investigations related to Hino’s engine certification issues.
- April 2025: Reports indicated that the merger 意味 agreement is nearly going to complete. There were plans to establish a new truck holding company and list it on the Tokyo Stock Exchange’s Prime market by April 2026.
This main purpose was to strengthen Japan’s position in the international commercial vehicle market by merging the expertise and resources of both companies. According to reports, the companies are preparing to finalize the deal as early as May. They plan to establish a new joint holding company and list it on the Tokyo Stock Exchange’s Prime market by April 2026.
Delation of Merger 意味
Initially in May 2023, there was on hold due to Hino’s engine data scandal. It led to a $1.2 billion U.S. penalty. Now, as the issues mostly resolved so the merging is nearing completion. The Japan Fair Trade Commission’s antitrust review is also close to wrap up.
Structure of New Alliance Of Merger
Under the structure, the new holding company would be the owner both Hino and Mitsubishi Fuso. Toyota currently holds 50.1% of Hino, while Daimler Truck holds 89.3% of Mitsubishi Fuso. Toyota and Daimler are mostly liked to have equal stakes in the holding company, Toyota’s voting power would be capped below 20%, likely in response to antitrust concerns due to Toyota’s ties to Isuzu Motors.
The merger is a strategic response to create an international Japanese commercial vehicle manufacturer and also focusing on the advance features like FAW Group. In 2024, Daimler Truck sold over 407,000 medium and heavy-duty trucks globally. Meanwhile Hino sold around 130,000 units across various categories. The combined entity would control roughly 14% of the medium- and heavy-duty truck market.
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