Daimler Truck AG and Toyota Motor Corporation, together with Mitsubishi Fuso Truck and Bus Corporation and Hino Motors, have finalized definitive agreements to integrate Mitsubishi Fuso and Hino Motors on an equal footing—marking a major step toward reshaping Japan’s commercial vehicle industry.
The proposed integration will bring Mitsubishi Fuso and Hino under a single listed holding company, jointly backed by Daimler Truck and Toyota, with the aim of building a globally competitive commercial vehicle group headquartered in Tokyo. The new structure is expected to begin operations in April 2026, pending regulatory and shareholder approvals.
Under the agreed framework, Mitsubishi Fuso and Hino will be merged into a unified entity focused on commercial vehicle development, procurement, and production efficiencies. The holding company will own 100% of both subsidiaries, while Daimler Truck and Toyota are each expected to hold approximately 25% of the listed holding company.
Leadership of the new structure is set to be entrusted to Karl Deppen, currently of Mitsubishi Fuso, who will serve as CEO of the holding company. The company will be listed on the Prime Market of the Tokyo Stock Exchange, reinforcing its ambition to operate at global scale while remaining rooted in Japan’s industrial base.
The four companies framed the agreement as a strategic response to structural shifts in the global transport sector, where electrification, hydrogen adoption, autonomous systems, and digital connectivity are rapidly redefining competitiveness. The collaboration is intended to accelerate development across CASE technologies (Connected, Autonomous, Shared, Electric), with a strong emphasis on zero-emission solutions, including hydrogen fuel cell applications.
By combining Mitsubishi Fuso and Hino, the partners expect to unlock significant efficiencies in engineering, sourcing, and manufacturing, while strengthening Japan’s position in the global commercial vehicle value chain. The new group is also expected to benefit from scale advantages critical to competing in an industry undergoing rapid technological transformation.
Company leaders described the agreement as both a strategic milestone and a foundational shift for the sector.
Karl Deppen, CEO of Mitsubishi Fuso and incoming CEO of the holding company, said the integration represents a decisive step toward building a stronger platform for customers and stakeholders, combining complementary capabilities and resources to better meet future transport demands.
Satoshi Ogiso, CEO of Hino Motors, described the collaboration as a rare opportunity to merge different corporate cultures and strengths, noting its potential to create a resilient and socially impactful commercial vehicle leader rooted in Japan.
Karin Rådström, CEO of Daimler Truck, emphasized that scale will be critical in driving the industry’s technological transition, adding that the combined strengths of Mitsubishi Fuso and Hino provide a strong foundation to advance decarbonization in transport.
Koji Sato, CEO of Toyota Motor Corporation, described the agreement as the beginning rather than the destination, highlighting the shared ambition among the four companies to co-create a sustainable mobility ecosystem.
The partners are expected to release additional details, including the name of the new holding company and further governance structures, in the coming months.
