Daimler Truck AG, Mitsubishi Fuso Truck and Bus Corporation, Hino Motors Ltd and Toyota Motor Corporation concluded Definitive Agreements for the integration of Mitsubishi Fuso and Hino.
Mitsubishi Fuso and Hino to Merge Under New Holding Company in Strategic Alliance
This landmark collaboration sets the stage for a new era in Japan’s commercial vehicle industry, aiming to strengthen competitiveness, drive innovation, and enhance operational efficiency.
The agreement will see Mitsubishi Fuso and Hino join forces on equal footing, uniting their capabilities in commercial vehicle development, procurement, and production. The integration will be overseen by a new listed holding company, scheduled to begin operations in April 2026. Headquartered in Tokyo, the new company will be led by Karl Deppen, currently CEO of Mitsubishi Fuso, who has been appointed as its future CEO.
Both Daimler Truck and Toyota plan to hold a 25 per cent stake in the new holding company, which will, in turn, own 100 per cent of Mitsubishi Fuso and Hino. The company also aims to list on the Prime Market of the Tokyo Stock Exchange. Further details, including the name and structure of the new entity, will be revealed in the coming months as the integration progresses through the necessary regulatory and shareholder approvals.
At the heart of this strategic partnership is a shared vision to reimagine the future of commercial vehicles. The companies aim to tackle industry challenges such as carbon neutrality and logistics efficiency, while accelerating the development of next-generation CASE technologies—Connected, Autonomous, Shared, and Electric, including hydrogen mobility. Together, the four companies hope to lay a stronger foundation not only for Japan’s automotive industry but also for the broader Asian market.
This integration reflects a unified commitment to building a more sustainable, efficient, and resilient commercial vehicle ecosystem. With commercial vehicles being vital to the movement of people and goods, and functioning as key pillars of social infrastructure, this collaboration is seen as a bold step toward long-term mobility solutions that benefit society as a whole.
Karl Deppen expressed his excitement about the venture, stating, “We are shaping the industry by bundling our strengths. With a strong new company, we combine our two trusted brands, resources, and expertise to better support our customers’ transportation needs. I feel honoured and excited to lead this next chapter.”
Satoshi Ogiso, CEO of Hino, described the integration as a once-in-a-lifetime opportunity. “Beyond business synergies, the cultural exchange and shared aspirations will make us a resilient and united team. As a new commercial vehicle company rooted in Japan, we are committed to creating a better future together.”
Karin Rådström, CEO of Daimler Truck, highlighted the significance of the move, stating, “This integration is truly historic. By bringing Mitsubishi Fuso and Hino together, we are creating a stronger company that is well-positioned to lead 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, and Karl Deppen’s leadership will be instrumental in taking the new company to the next level.”
Koji Sato, CEO of Toyota Motor Corporation, added, “We believe that the future is for us to build together. This final agreement is just the starting line. We are committed to shaping the future of commercial vehicles through this collaboration.”
