Latest news with #MitsubishiFuso
NHK
2 days ago
- Automotive
- NHK
Hino, Mitsubishi Fuso to integrate management next April
Two major Japanese truck and bus makers have completed a merger agreement. Hino Motors and Mitsubishi Fuso Truck and Bus announced on Tuesday that they will integrate management on equal footing on April 1st next year. Mitsubishi Fuso CEO Karl Deppen will become the CEO of a new holding company. He said, "Strong competition from new, large volume competitors is more fierce than ever. At the same time, we all have to step up significant investment. This is why our industry scale matters and this is why the Japanese market cannot support so many commercial vehicle manufacturers." Under the agreement, Hino Motors and Mitsubishi Fuso Truck and Bus will become wholly owned subsidiaries of the holding company. Currently, Hino is part of the Toyota Motor group, while Mitsubishi Fuso is owned by Daimler Truck. Toyota and Daimler Truck will each hold a 25 percent stake in the new company. Ogiso Satoshi, President and CEO, Hino Motors said, "By combining the expertise and scale of our firms, we will get synergistic business effects on development, procurement and production. The synergy from combining two different cultures will be immeasurable." The two truck and bus manufacturers will work toward achieving carbon neutrality and co-develop next-generation technologies such as automated driving while sharing expertise from each other's specialties. They are aiming to expand their business in Asia and other markets. The two companies had initially planned to complete the merger by the end of 2024. The earlier plan was postponed as Hino had been involved in a scandal over falsified test data. Through the merger, Japan's commercial vehicle industry is expected to realign into two blocs: The Hino-Mitsubishi Fuso group and the Isuzu Motors group.
Free Malaysia Today
2 days ago
- Automotive
- Free Malaysia Today
Toyota and Daimler to merge truck subsidiaries
The integration of Hino Motors and Daimler Truck's subsidiary Mitsubishi Fuso Truck and Bus is expected to establish a strong Japanese truck powerhouse. (EPA Images pic) TOKYO : Shares in Hino Motors, the truck-making unit of Japanese auto giant Toyota, plunged today after it announced a merger with a subsidiary of Germany's Daimler Truck. The move is seen as an attempt to stay competitive at a time when global automakers are faced with US trade tariff uncertainty and new Chinese rivals. The companies had said yesterday that the integration of Hino and Daimler's subsidiary Mitsubishi Fuso Truck and Bus would 'establish a new strong Japanese truck powerhouse'. They said they aimed to complete the merger, on an equal footing under a listed holding company, by April 2026. Hino Motors shares were down more than 12% in morning trade today. 'Daimler Truck and Toyota will each aim to own 25% of the (listed) holding company of the integrated Mitsubishi Fuso and Hino,' a joint statement said. 'The companies aim to improve business efficiency in areas such as development, procurement and production,' it said. 'They expect to significantly enhance the competitiveness of Japanese commercial vehicle manufacturers and strengthen the foundation of the automotive industry in Japan and Asia,' it added. The new company will work to develop models using new fuels and technologies, from electric trucks and hydrogen-powered trucks to autonomous driving systems. Japanese firms have lost ground in the electric vehicle (EV) market in recent years by focusing more on hybrid vehicles, industry analysts say. China's highly competitive EV market is the largest in the world, led by Shenzhen-based carmaker BYD, which is accelerating its overseas expansion.
Japan Times
2 days ago
- Automotive
- Japan Times
Toyota and Daimler finalize plan to merge truck units in 2026
Toyota Motor and Daimler Truck have agreed to finalize a merger of their truck manufacturing subsidiaries, Hino Motors and Mitsubishi Fuso Truck & Bus, under a new holding company by April 2026 as they seek to boost margins and develop new technologies. Toyota and Daimler will each own a quarter of the holding company, they said in a joint statement Tuesday, confirming their original agreement announced two years ago. Hino will also issue shares and transfer its Hamura plant to Toyota for ¥150 billion ($1 billion). "This means Hino and Fuso will come together on equal footing,' Karl Deppen, the CEO of Mitsubishi Fuso and of the new holding company, told reporters on Tuesday. The combination comes as the commercial vehicle industry faces mounting pressure to adapt as electrification, autonomous driving and emissions compliance reshape global transport. By combining resources, Toyota and Daimler Truck aim to bolster profitability and accelerate innovation in a sector facing labor shortages, stricter environmental standards and rising development costs. "Today's final agreement is not the goal but the starting line,' Koji Sato, Toyota's CEO, said. "Our four companies, aiming to achieve a sustainable mobility society, will continue to create the future of commercial vehicles together.' The name of the fresh holding company, as well as the scope and nature of the combination, will be announced over the coming months. When the deal was announced, Hino Motors was recovering from a scandal the previous year that involved years of misrepresented emissions data during engine tests, making it a major headache for Toyota, which owns just over 50% of the truck and bus maker. The deal could also give Daimler Truck the ability to tackle its margin improvement targets more aggressively, given that Mitsubishi Fuso's earnings have been a drag on profitability. When talk of a merger first surfaced, some questioned why Toyota chose to combine Hino with Mitsubishi Fuso, instead of Isuzu Motor. Toyota is also a major shareholder of Isuzu, which maintains a strategic alliance with Volvo, which in turn holds a joint venture with Daimler Truck. Toyota has said the merger won't have an impact on its relationship with Isuzu, nor will it affect the company formed between Hino and Mitsubishi Fuso.
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.
Yahoo
2 days ago
- Automotive
- Yahoo
Mitsubishi Fuso, Hino finalise deal for new holding company
The integration of Mitsubishi Fuso and Hino Motors is set for completion, with Daimler Truck and Toyota Motor aiming to each hold a 25% stake in the new holding company, which is planned to start operations in April 2026. This strategic move is intended to enhance the competitiveness of Japanese commercial vehicle manufacturers and contribute to a sustainable mobility society. The merger plan was first announced in April this year. The newly formed holding company, which plans to own 100% of both Mitsubishi Fuso and Hino, is expected to be listed on the Prime Market of the Tokyo Stock Exchange. The collaboration is designed to operate on an equal footing, focusing on the development, procurement, and production of commercial vehicles. The companies anticipate announcing further details, including the name of the holding company, in the coming months, contingent upon approval from boards, shareholders, and authorities. Commercial vehicles, considered essential "social infrastructure", are at the heart of this collaboration. The four companies share a vision to "contribute to an affluent society through mobility" and believe that the integration will lead to improved business efficiency and a stronger automotive industry foundation in Japan and Asia. Hino CEO Satoshi Ogiso said: "Cooperation among these 4 companies is truly "once-in-a-lifetime opportunity". In addition to operational synergy, we can expect immeasurable synergy affection from synthesising different culture and climate of us. "Under commonly aimed aspiration, we are confident with building strong and resilient team to empathizing with each other and contributing to society. As a new commercial vehicle company rooted in Japan, we collaboratively create ever better future.' "Mitsubishi Fuso, Hino finalise deal for new holding company" was originally created and published by Just Auto, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
