Hino and Fuso merge officially, new listed company to follow

Japanese commercial brands Mitsubishi Fuso operated by Daimler Trucks and Toyota subsidiary Hino have concluded their plan to integrate on an equal footing and co-operate in the areas of commercial vehicle production.

The announcement was confirmed by both parties in a joint media release on June 10 2025. The initial talks began in 2023 with a signed memorandum of understanding (MOU) to collaborate on developing advanced technologies and potentially merge MFTBC and Hino.

By integrating Mitsubishi Fuso and Hino Motors, the companies aim to improve business efficiency in development, procurement and production to significantly enhance the competitiveness of Japanese commercial vehicle manufacturers. The development of CASE technologies (connected, autonomous, shared, electric), including hydrogen, will also be shared.

The bundling of the Japanese truck makers will result in a new and combined company with more than 40,000 employees with the scale, resources and technology to shape the future of the commercial vehicle landscape in the Asia-Pacific region and beyond.

The intention is to list the new holding company on the Tokyo Stock Exchange, with the start operations earmarked in April 2026. Daimler Truck and Toyota will each own 25% of the listed holding company shares, while the holding company plans to own 100% of Mitsubishi Fuso and Hino.

Karl Deppen, the incumbent Mitsubishi Fuso CEO, will be the president and CEO of the new venture to be headquartered in Tokyo, Japan. Further details on the scope and nature of the collaboration, including the name of the new holding company, will be announced over the coming months. The deal will proceed to closing subject to approval from the relevant boards, shareholders and authorities.

Statements from each company

“We are bringing together two strong partners to form an even stronger company and to successfully shape the decarbonisation 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,” said Karin Rådström, CEO of Daimler Truck.

Satoshi Ogiso, CEO of Hino, said: “Co-operation among these four companies is truly a ‘once-in-a-lifetime opportunity’. In addition to operational synergy, we can expect immeasurable synergy affection from synthesising different culture and climate of us. As a new commercial vehicle company rooted in Japan, we collaboratively create ever better future.”

Koji Sato, CEO of Toyota, said: “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.”

“Toyota Motor SA looks forward to the opportunities brought about by the merger between Hino and Fuso. While these opportunities will certainly benefit Hino dealers and customers in SA, these brands will continue to compete via separate distribution channels, with TSAM focusing on the distribution of Toyota, Lexus and Hino products,” said Anton Falck, Hino SA vice-president.