In commercial vehicle revamp
Tokyo-based truck makers Mitsubishi Fuso and Hino Motors have formally agreed to integrate under a new holding company, in a move backed equally by Toyota Motor Corporation and Daimler Truck AG.
The merger, expected to take effect by April 2026, aims to consolidate operations across the development, procurement, and production of commercial vehicles, as manufacturers face increasing pressure to adapt to decarbonisation and digitalisation in the transport sector.
The new holding company, which will be listed on the prime market of the Tokyo Stock Exchange, will be jointly owned by Toyota and Daimler, with each holding a 25 per cent stake.
Karl Deppen, current CEO of Mitsubishi Fuso, has been named to lead the yet-to-be-named entity. The company will be headquartered in Tokyo and will own 100% of both Mitsubishi Fuso and Hino Motors.
The agreement, signed in Japan and Germany, still requires approval from shareholders, corporate boards and regulatory authorities. Full details, including the company’s name, are expected to be released in the coming months.
This consolidation is designed to help the Japanese commercial vehicle sector remain competitive in Asia and globally, with plans to focus on future mobility technologies such as hydrogen fuel, electrification, and autonomous systems. These technologies, often referred to as CASE (Connected, Autonomous, Shared and Electric), are central to the company’s strategic direction.
The announcement comes at a time when global supply chains are under strain and regional governments, including those in the Middle East, are accelerating efforts to decarbonise freight transport.
Gulf nations have increased their investment in electric and hydrogen mobility infrastructure, aligning with international goals for carbon neutrality. The merger could provide new opportunities for Japan to export its next-generation commercial vehicle technology to the Middle East, where demand for sustainable logistics is increasing.
Executives involved in the deal highlighted the strategic importance of pooling expertise to weather global industry changes. The four companies emphasised that the integration is designed to support a sustainable transportation future and address challenges such as logistics efficiency and emissions reduction.
Karl Deppen expressed confidence in the merged company’s ability to meet transport demands more effectively. Hino’s Satoshi Ogiso noted the cultural synergies expected to emerge from the partnership.
Daimler Truck CEO Karin Rådström emphasised that scale will be crucial in navigating the industry’s transformation. At the same time, Toyota’s Koji Sato framed the agreement as the beginning of a long-term mission to reshape mobility.
Image: (L-R) Koji Sato, President and CEO, Toyota Motor Corporation; Satoshi Ogiso, President and CEO, Hino Motors; Karl Deppen, President and CEO, Mitsubishi Fuso Truck and Bus Corporation and designated CEO of new holding company; Karin Rådström, CEO, Daimler Truck Holding AG. Credit: Toyota
