Toyota e Daimler (Mercedes-Benz Group) team up on trucks. The two companies have signed a memorandum of understanding to merge the businesses of Mitsubishi Fuso Truck and Bus Corporation (Daimler) and Hino Motors (Toyota) in Japan. A note announces it, adding that the two companies will be grouped into one holding, which will then be listed on the main market of Tokyo stock exchange. The new company will have access to Daimler's heavy truck technology.
The financial details of the transaction have not yet been disclosed: they will be defined in subsequent agreements. The operation is subject to the approval of the respective boards and will also require the go-ahead from the competent authorities. Therefore, the two companies declare that the signing of the definitive agreement will take place in the first quarter of 2024 and to close the transaction by the end of next year.
But the news doesn't move the shares of the two companies much. The title Toyota closed trading on the Nikkei up 0,6%. While the Daimler title instead it rises by 0,46% in Frankfurt.
The terms of the agreement
MFTBC and Hino will merge on an equal footing and will collaborate in the areas of commercial vehicle development, procurement and manufacturing while the global sales organization will remain separate. Thus they will build a globally competitive Japanese manufacturer. In addition, the two companies developing the'hydrogen and other technologies in key areas such as connectivity and guide independent.
Comments from the CEOs
“We at Daimler Truck are very proud of our products, because trucks and buses make the world move. And soon they will also do it with zero emissions”. As Martin Daum, CEO of Daimler Truck commented on the deal. “So there is a great future ahead of us and today's announcement is a crucial step to make that future work economically and to drive sustainable transport – continued the CEO -. The new company will be a major force in Southeast Asia and an important partner in the Daimler Truck family."
“This collaboration between our four companies is a partnership to create the future of commercial vehicles in Japan and the future of the mobility society,” he said. koji sato, CEO of Toyota Motor Corporation –. Our four companies will work together with a shared vision of achieving carbon neutrality, strengthening CASE technologies and changing the future of commercial vehicles and building the future together by solving social problems."
