Daimler Truck, Hino, plan merger to support tech development
By Julian Buckley31 May 2023
Daimler Truck and Toyota Motor have made a preliminary deal to combine their truck units in Japan.
Under the memorandum of understanding, the businesses of Mitsubishi Fuso Truck and Bus (owned by Daimler) and Hino Motors (a subsidiary of Toyota) would combine under a holding company.
The move is expected to deliver the scale needed to support required technology advances, including development of hydrogen powertrains and autonomous driving systems.
Reuters reported Martin Daum, Daimler Truck CEO, as saying: “We are accelerating towards zero emissions, but there is one major challenge and this the required funding. There is only one way to make this parallel tech development work: economies of scale.”
The sales organisations would remain separate, but the two companies would pursue joint development, procurement and production, he added.
The companies are expected to sign a definitive agreement in Q1 2024 and close the transaction by the end of the year.