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Daimler Truck AG (President and CEO: Karin Rådström, hereafter “Daimler Truck”) Mitsubishi Fuso Truck and Bus Corporation (President and CEO: Karl Deppen, hereafter “Mitsubishi Fuso”), Hino Motors Ltd. (President and CEO: Satoshi Ogiso, hereafter “Hino”) and Toyota Motor Corporation (President and CEO: Koji Sato, hereafter “Toyota”) today concluded Definitive Agreements for the integration of Mitsubishi Fuso and Hino.
Collaboration Details (main points):
Further details on the scope and nature of the collaboration, including the name of the new holding company, are intended to be announced over the coming months. The deal will proceed to closing subject to approval from the relevant boards, shareholders and authorities.
Commercial vehicles support daily life through the movement of people and goods and are an important form of mobility that can be considered "social infrastructure”. With this collaboration, the four companies have been seeking a meaningful way to create the future of commercial vehicles. Based on the common desire to “contribute to an affluent society through mobility”, the four companies are proceeding with their collaboration and are now pleased to announce the exciting next stage.
By integrating Mitsubishi Fuso and Hino Motors, the companies aim to improve business efficiency in areas such as development, procurement and production. With this, they expect to significantly enhance the competitiveness of Japanese commercial vehicle manufacturers and strengthen the foundation of the automotive industry in Japan and Asia.
The new holding company shall proudly contribute to customers, various stakeholders, and the automotive industry by helping to solve issues surrounding commercial vehicles, such as carbon neutrality and logistics efficiency, while striving to realize a sustainable and prosperous mobility society and to strengthen the commercial vehicle business globally through the development of CASE technologies (Connected, Autonomous, Shared, Electric), including hydrogen.
Statements from each company
Karin Rådström, CEO, Daimler Truck: “The now decided integration of Mitsubishi Fuso and Hino Motors is truly historic. We are bringing together two strong partners to form an even stronger company and to successfully shape the decarbonization of transportation. Together, Mitsubishi Fuso and Hino Motors have great potential to leverage scale – and scale is key to win in the technological transformation of our industry. Karl Deppen is an experienced and strong leader who comprehends the whole value chain of our business, and I’m therefore convinced that he can bring the new company to the next level.”
Koji Sato, CEO, Toyota: “We believe that the future is for us to build together. 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.”
Karl Deppen, CEO, Mitsubishi Fuso and designated CEO of new holding company: “Today is a great day for all our stakeholders. We are shaping the industry by bundling our strengths. 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. I feel honored and excited to be the designated leader of the new company and am grateful for the trust and encouragement from Toyota and Daimler Truck to make it happen.”
Satoshi Ogiso, CEO, Hino: “Cooperation among these 4 companies is truly “once-in-a-lifetime opportunity”. In addition to operational synergy, we can expect immeasurable synergy affection from synthesizing 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.”
Further information on Daimler Truck is available at:
newsroom.daimlertruck.com and daimlertruck.com
Forward-looking statements:
This document contains forward-looking statements that reflect our current views about future events. The words “aim”, “ambition”, “anticipate”, “assume”, “believe”, “estimate”, “expect”, “intend”, “may”,” can”, “could”, “plan”, “project”, “should” and similar expressions are used to identify forward-looking statements. These statements are subject to many risks and uncertainties, including an adverse development of global economic conditions, in particular a decline of demand in our most important markets; a deterioration of our refinancing possibilities on the credit and financial markets; events of force majeure including natural disasters, pandemics, acts of terrorism, political unrest, armed conflicts, industrial accidents and their effects on our sales, purchasing, production or financial services activities; changes in currency exchange rates, customs and foreign trade provisions; a shift in consumer preferences; a possible lack of acceptance of our products or services which limits our ability to achieve prices and adequately utilize our production capacities; price increases for fuel or raw materials; disruption of production due to shortages of materials, labor strikes or supplier insolvencies; a decline in resale prices of used vehicles; the effective implementation of cost-reduction and efficiency-optimization measures; the business outlook for companies in which we hold a significant equity interest; the successful implementation of strategic cooperations and joint ventures; changes in laws, regulations and government policies, particularly those relating to vehicle emissions, fuel economy and safety; the resolution of pending government investigations or of investigations requested by governments and the conclusion of pending or threatened future legal proceedings; and other risks and uncertainties, some of which are described under the heading “Risk and Opportunity Report” in the current Annual Report. If any of these risks and uncertainties materializes, or if the assumptions underlying any of our forward-looking statements prove to be incorrect, the actual results may be materially different from those we express or imply by such statements. We do not intend or assume any obligation to update these forward-looking statements since they are based solely on the circumstances at the date of publication.
Daimler Truck at a glance
Daimler Truck Holding AG ("Daimler Truck") is one of the world's largest commercial vehicle manufacturers, with over 40 main locations and more than 100,000 employees around the globe. The founders of Daimler Truck have invented the modern transportation industry with their trucks and buses a good 125 years ago. Unchanged to this day, the company's aspirations are dedicated to one purpose: Daimler Truck works for all who keep the world moving. Its customers enable people to be mobile and get goods to their destinations reliably, on time, and safely. Daimler Truck provides the technologies, products, and services for them to do so. This also applies to the transformation to CO2-neutral driving. The company is striving to make sustainable transport a success, with profound technological knowledge and a clear view of its customers' needs. Daimler Truck's business activities are structured in five reporting segments: Trucks North America (TN) with the truck brands Freightliner and Western Star and the school bus brand Thomas Built Buses. Trucks Asia (TA) with the FUSO and RIZON commercial vehicle brands. Mercedes-Benz Trucks (MBT) with the truck brand of the same name and BharatBenz. Daimler Buses (DB) with the Mercedes-Benz and Setra bus brands. Daimler Truck's new Financial Services business (DTFS) constitutes the fifth segment. The product range in the truck segments includes light, medium and heavy trucks for long-distance, distribution and construction traffic and special-purpose vehicles used mainly in the municipal and vocational sector. The product range of the bus segment includes city buses, school buses and intercity buses, coaches and bus chassis. In addition to the sale of new and used commercial vehicles, the company also offers aftersales services and connectivity solutions.
