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Toyota Motor Corporation and Daimler Truck to finalize merger of Hino and Mitsubishi Fuso under new holding in 2026.
Toyota Motor Corporation and Daimler Truck have agreed to finalize the merger of their respective truck subsidiaries, Hino Motors Ltd. and Mitsubishi Fuso Truck & Bus, under a new holding company to be established in April 2026. The primary goal of this union is to develop new technologies and strengthen their leadership in the commercial truck manufacturing sector.
According to the agreement announced on June 10, both Toyota and Daimler Truck will each hold a 25% stake in the new entity. As part of the process, Hino will transfer its Hamura plant to Toyota for $1 billion. The new corporate structure will reflect an equal integration between the two brands, emphasizing parity in the merger.
The plan to merge Hino and Mitsubishi Fuso was initially revealed in May 2023. Since then, both companies have stated that the collaboration aims not only to enhance operational efficiency but also to optimize procurement and manufacturing processes, including progress in electrifying their product portfolios.
Toyota and Daimler: a response to carbon neutrality and enhanced logistics efficiency
The final agreement includes the creation of a new holding company that will oversee the merger on equal terms. While the name of the new entity and the exact structure of the integration have yet to be defined, both are expected to be announced in the coming months. It has been confirmed, however, that the holding will be headquartered in Tokyo, with Karl Deppen, former Daimler executive and current CEO of Fuso, appointed as its CEO. Further details on the scope of the collaboration and the official name of the company will be released in due course.
The agreement is still subject to approval by the respective boards of directors, shareholders, and regulatory authorities. If all necessary approvals are obtained, the new holding is expected to begin operations in April 2026, coinciding with the start of Japan’s fiscal year.
According to statements from Daimler Truck and Toyota, the merger aims to address the challenges of achieving carbon neutrality and improving logistics efficiency in the commercial vehicle sector. The objective is to create added value for customers, stakeholders, and the automotive industry as a whole.
The joint strategy will place strong emphasis on developing CASE technologies (Connected, Autonomous, Shared, and Electric), with hydrogen identified as a key pillar in their electrification efforts.
The future of Toyota Motor Corporation and Daimler Truck
At the time the agreement was announced, Hino Motors was still dealing with the aftermath of an emissions data falsification scandal uncovered the previous year, which posed a reputational issue for Toyota, its majority shareholder with over 50% ownership. Meanwhile, for Daimler Truck, the merger could also support more aggressive efforts to improve profit margins, as Mitsubishi Fuso has historically weighed down its profitability.
From the beginning, some questioned why Toyota chose to merge Hino with Mitsubishi Fuso instead of with Isuzu Motor Co., another of its strategic partners. It is worth noting that Isuzu has an alliance with Volvo, which in turn operates a joint venture with Daimler Truck. However, Toyota has stated that this new merger will not affect its relationship with Isuzu or any existing alliances.
Karl Deppen, the future CEO of the holding, stated that the companies are “shaping the industry by combining our strengths.“ According to Deppen, the new company aims to deliver the resources, capabilities, and expertise needed to better support customers in meeting the challenges of future transportation.
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