Toyota Motor Corp. and Daimler Truck AG are advancing toward finalizing a merger of their Japanese truck subsidiaries, Hino Motors and Mitsubishi Fuso Truck and Bus Corp., respectively. According to a report by Nikkei Asia, the two companies plan to establish a joint holding company, with intentions to list it on the Tokyo Stock Exchange’s Prime Market by April 2026.
The merger aims to consolidate operations in development, procurement, and production, while maintaining separate global sales organizations and preserving individual brand identities overseas. This strategic move reflects the increasing need for collaboration in the automotive industry, particularly as manufacturers navigate the transition to new technologies and face mounting pressures similar to those in the SUV and motorcycle markets.
Initially announced in May 2023 with a target completion by the end of 2024, the merger faced delays, with the final agreement postponed indefinitely in February 2024. However, recent developments suggest that the companies are expected to finalize the merger agreement as early as May 2025, pending the completion of an antitrust review by the Japan Fair Trade Commission.
Both Hino and Mitsubishi Fuso have significant international market exposure. Data indicates that over two-thirds of Hino’s global vehicle sales of approximately 95,000 units in the first nine months of fiscal 2024 were overseas. Similarly, between 60% and 70% of Mitsubishi Fuso’s vehicle sales occurred outside Japan.
In separate statements, both companies emphasized that no final decisions have been made regarding the merger agreement, the timing of the listing, or the investment ratio of the holding company. Nonetheless, the potential merger signifies a strategic effort to enhance competitiveness and address the evolving challenges within the global truck manufacturing sector.
