Latest news with #SatoshiOgiso
Yahoo
3 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.
The Mainichi
24-04-2025
- Automotive
- The Mainichi
Toyota truck arm Hino posts record net loss for FY 2024 on data fraud
TOKYO (Kyodo) -- Hino Motors Ltd., the truck-making subsidiary of Toyota Motor Corp., posted on Thursday a record net loss of 217.75 billion yen ($1.53 billion) for fiscal 2024 due to criminal penalties in the United States over fraudulent emissions data reporting. The Japanese truck maker fell into the red from a 17 billion yen net profit a year earlier, further pressured by class action lawsuits in countries such as Canada seeking damages from the company. In January, Hino reached a settlement with the Department of Justice and other U.S. authorities to pay about $1.2 billion in penalties for the scandal. The issue came to light in 2022 when the company admitted to submitting fabricated emissions and fuel economy data to transport authorities. But Hino expects to return to the black for the current fiscal year ending March 2026, projecting a net profit of 20 billion yen. It forecasts sales to drop 11.6 percent to 1.5 trillion yen. "We are moving steadily toward normalization," President Satoshi Ogiso said in an online press conference.
