Daimler Truck AG, Mitsubishi Fuso Truck and Bus Corporation, Hino Motors Ltd. and Toyota Motor Corporation updated the progress of the collaboration based on the Memorandum of Understanding signed in May 2023 to accelerate the development of advanced technologies and merge MFTBC and Hino.
The collaboration aims to achieve carbon neutrality and create a prosperous mobility society by developing CASE (Connected/Autonomous & Automated/Shared/Electric) technologies and strengthening the commercial vehicle sector on a global scale.
According to the MoU, MFTBC and Hino intend to merge on equal terms and collaborate in the areas of development, procurement and manufacturing of commercial vehicles. The plan envisages the creation of a globally competitive Japanese commercial vehicle manufacturer, with Daimler Truck and Toyota investing equally in the (listed) holding company of the merger between MFTBC and Hino.
While the definitive agreement for the merger between MFTBC and Hino was expected to be signed by the end of March 2024 and the integration completed by the end of 2024, the process of obtaining the necessary regulatory clearances and approvals required by laws and regulations competition and other matters, as well as ongoing investigations into Hino’s engine certification issues, are still ongoing. For this reason, the original calendar was extended.
The expected timing of the execution of the Definitive Agreement and the implementation of the business integration will be announced as soon as a reliable timeline is available for the ongoing investigations. Once all parties involved have reached an agreement, it will proceed subject to the approval of the boards of directors, shareholders and relevant authorities.