Latest news with #KarlDeppen
The Mainichi
2 days ago
- Automotive
- The Mainichi
Toyota, Daimler ink Japanese truck units merger deal for April 2026
TOKYO (Kyodo) -- Toyota Motor Corp. and Daimler Truck Holding AG said Tuesday they concluded an agreement to merge their Japanese truck subsidiaries under a new holding company, aiming to boost competitiveness and better respond to challenges posed by energy transition and technological innovation. Hino Motors Ltd., a subsidiary of Toyota Motor, and Mitsubishi Fuso Truck and Bus Corp., a unit of Daimler, will operate under the holding company to be set up in April 2026 and listed on the Tokyo Stock Exchange's Prime Market, with the parent companies each holding a 25 percent stake in the new firm. The holding company yet to be named will have more than 40,000 employees and be led by Mitsubishi Fuso Truck CEO Karl Deppen, Toyota Motor and Daimler Truck said. In terms of voting rights, Daimler Truck will hold 26.7 percent and Toyota Motor will have 19.9 percent, they said. "With our combined expertise, passion and resources, this new company will provide new levels of quality, efficiency and technology to our customers," Deppen said at a press conference on the same day. Satoshi Ogiso, president of Hino Motors, said, "The industry for commercial vehicles has numerous issues that need to be addressed. We will require even more speed, flexibility and investment." The merger plan originally announced in May 2023, and initially slated to be finalized in March 2024, had stalled due to a fraudulent emissions data scandal by Hino Motors. Hino Motors has reported a record net loss of 217.7 billion yen ($1.5 billion) in the business year through this March due to settlement costs related to the data falsification. The issue came to light in 2022 as the company admitted to submitting fabricated emissions and fuel economy data to transport authorities. It has agreed to settle class action lawsuits in Australia, the United States and Canada.
Asahi Shimbun
2 days ago
- Automotive
- Asahi Shimbun
Truck units of Toyota and Daimler reach merger deal, first announced two years ago
Logos of Hino Motors Ltd. and Mitsubishi Fuso Truck and Bus Corp. (Asahi Shimbun file photo) The truck divisions of Japan's Toyota and Daimler of Germany have agreed to merge to form 'a new strong Japanese truck powerhouse' to work together in vehicle development, procurement and production. Details, including the scope and specifics of the collaboration, were still undecided. But Hino Motors and Mitsubishi Fuso Truck and Bus Corp. plan to form a listed holding company by April 2026, the companies said Tuesday. A tentative such deal was announced two years ago. Under the integration, which will be 'on an equal footing,' Daimler Truck and Toyota Motor Corp. will each own 25% of the holding company. The Tokyo-based holding company will own 100% of Mitsubishi Fuso and Hino, and list on the Tokyo Stock Exchange. The chief executive will be Karl Deppen, now CEO of Mitsubishi Fuso, a division of Daimler Truck AG. 'Today is a great day for all our stakeholders. We are shaping the industry by bundling our strengths,' Deppen said. 'With a strong new company, we combine our two trusted brands, our resources, competencies and expertise to even better support our customers in their transportation needs in the future.' The new company, which still needs approval from boards, shareholders and regulatory authorities, will employ more than 40,000 workers. The companies share the common desire to work on future commercial vehicles, strengthening the auto industry in Japan and Asia, and work on ecological innovation, including the use of hydrogen energy, the companies said. Toyota Chief Executive Koji Sato expressed hopes the companies working together will contribute toward building a better future. 'Today's final agreement is not the goal but the starting line. Our four companies, aiming to achieve a sustainable mobility society, will continue to create the future of commercial vehicles together,' he said. Collaboration and the pooling of resources, including money, are becoming widespread in the auto industry, as pressures grow to develop various technology in ecology, autonomous driving, connectivity and safety. And scale can help reduce costs and boost competitiveness.
Qatar Tribune
2 days ago
- Automotive
- Qatar Tribune
Decarbonization focus as Daimler, Toyota merge truck biz
Agencies German-based commercial vehicle maker Daimler Truck and Japan's automotive giant Toyota have agreed to merge the truck businesses of their Japanese subsidiaries Mitsubishi Fuso and Hino as planned, according to a joint press release on Tuesday. The groups intend to each hold 25% of the shares in a new listed holding company set to launch in April 2026, it said. The holding company will be listed on the Tokyo stock exchange and is set to employ over 40,000 people, led by Karl Deppen, head of Asia at Daimler Truck, according to the aim of the merger is to 'cooperate in the areas of commercial vehicle development, procurement, and production.' 'We are bringing together two strong partners to form an even stronger company and to successfully shape the decarbonization of transportation,' Karin Radstrom, chief executive at Daimler Truck, said, calling the integration of the two businesses 'truly historic.' 'Today's final agreement is not the goal but the starting line,' said Toyota chief executive Koji Sato. 'Our four companies, aiming to achieve a sustainable mobility society, will continue to create the future of commercial vehicles together.' The companies had signed a letter of intent for the project two years ago. However, problems with the emissions certification of engines at Toyota's subsidiary Hino had delayed the plans. Daimler Truck Asia sold 102,870 commercial vehicles last year, according to the company, with turnover reported at 4.9 billion euros ($5.6 billion). A spokesperson noted that the Indian market and China are not included in the figures because both divisions have belonged to Mercedes-Benz Trucks since the beginning of the year.
Japan Today
2 days ago
- Automotive
- Japan Today
Truck units of Toyota and Daimler reach merger deal
By YURI KAGEYAMA The truck divisions of Japan's Toyota and Daimler of Germany have agreed to merge to form 'a new strong Japanese truck powerhouse' to work together in vehicle development, procurement and production. Details, including the scope and specifics of the collaboration, were still undecided. But Hino Motors and Mitsubishi Fuso Truck and Bus Corp plan to form a listed holding company by April 2026, the companies said Tuesday. A tentative such deal was announced two years ago. Under the integration, which will be 'on an equal footing,' Daimler Truck and Toyota Motor Corp. will each own 25% of the holding company. The Tokyo-based holding company will own 100% of Mitsubishi Fuso and Hino, and list on the Tokyo Stock Exchange. The chief executive will be Karl Deppen, now CEO of Mitsubishi Fuso, a division of Daimler Truck AG. 'Today is a great day for all our stakeholders. We are shaping the industry by bundling our strengths,' Deppen said. 'With a strong new company, we combine our two trusted brands, our resources, competencies and expertise to even better support our customers in their transportation needs in the future.' The new company, which still needs approval from boards, shareholders and regulatory authorities, will employ more than 40,000 workers. The companies share the common desire to work on future commercial vehicles, strengthening the auto industry in Japan and Asia, and work on ecological innovation, including the use of hydrogen energy, the companies said. Toyota Chief Executive Koji Sato expressed hopes the companies working together will contribute toward building a better future. 'Today's final agreement is not the goal but the starting line. Our four companies, aiming to achieve a sustainable mobility society, will continue to create the future of commercial vehicles together,' he said. Collaboration and the pooling of resources, including money, are becoming widespread in the auto industry, as pressures grow to develop various technology in ecology, autonomous driving, connectivity and safety. And scale can help reduce costs and boost competitiveness. © Copyright 2025 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
Yahoo
2 days ago
- Automotive
- Yahoo
Toyota and Daimler Just Shocked the Trucking World with a $6.4B Power Play
Toyota (NYSE:TM) and Daimler Truck just sealed a $6.4 billion merger between their Japanese truck divisionsHino Motors and Mitsubishi Fusosetting the stage for a heavyweight in commercial vehicles that could finally give China's EV truck momentum a run for its money. The two companies have been circling this deal since May 2023, but an engine data scandal at Hino and a record $1.2 billion U.S. settlement delayed the closing. Now it's official. The new entity, which will sell over 200,000 units a year, is expected to go live by April 2026, with a planned listing in Japan. Toyota and Daimler Truck will each hold 25% of the holding company, but Toyota's voting rights will be capped at 19.9%. Warning! GuruFocus has detected 3 Warning Sign with TM. This merger could be a defensive playand possibly a hydrogen-powered counterattack. With battery-electric vehicles already dominating cars, Toyota sees trucking as the best shot to scale its hydrogen fuel cell bets. That's key, especially as CATL's Robin Zeng recently projected that half of all new trucks sold in China could be electric by 2028. The combined group, led by Mitsubishi Fuso CEO Karl Deppen, gives Japan a consolidated commercial vehicle force to compete on tech and scale, while leaving Isuzu to lead the other half of the domestic market. Jefferies puts the combined group's equity value at 5.6 billion, pegging it at 11x EBIT. There's more. As part of the deal, Toyota is buying Hino's Hamura plant for 150 billion ($1 billion)a site where it already builds the Hilux and Land Cruiser 250. This adds to the company's broader restructuring, including a planned $33 billion take-private of Toyota Industries. But the road ahead won't be smooth. Both Toyota and Daimler Truck have lost ground in market share, and U.S. tariffs haven't made life easier. Still, in a market shifting fast toward electrification and autonomy, the merger could help them stay in the fightespecially if hydrogen ends up playing a bigger role than expected. This article first appeared on GuruFocus.
