Print

May 30 2023

Toyota, Daimler strike deal to combine Japanese truck operations

TOKYO - Daimler Truck Holding AG and Toyota Motor Corp have struck a preliminary deal to combine their truck units in Japan, the companies said on Tuesday.

 

Under the memorandum of understanding (MOU), the businesses of Daimler-owned Mitsubishi Fuso Truck and Bus Corp and Toyota subsidiary Hino Motors Ltd would be combined under a holding company, they said in a statement.

 

The shares of the new company are expected to be listed on the Tokyo Stock Exchange's prime market.

 

The companies see the tie-up as an opportunity to achieve the scale they need to make technological advances, Daimler Truck CEO Martin Daum told a press conference in Tokyo.

 

"We are accelerating towards zero emissions, but there is one major challenge and this is the required funding," Daum said. "There is only one way to make this parallel tech development work: economies of scale."

 

The sales organisation globally will remain separate, but the two companies will pursue joint development, procurement and production, he said.  Read more

 

Source: REUTERS