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Toyota, Daimler strike deal to combine Japan truck operations

The Toyota Revo BEV concept truck is seen during the 44th Bangkok International Motor Show.

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daimler truck holding and Toyota Motor Corp said on Tuesday they have entered into a non-binding agreement to combine the businesses of their truck units in Japan.

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

The shares of the new company are expected to be listed on the Prime Market of the Tokyo Stock Exchange.

Daimler Trucks and Toyota will invest equally in the company and collaborate on the development of hydrogen and other technologies in areas such as connectivity and autonomous driving, the statement said.

He said the companies expect to sign a definitive agreement in the first quarter of 2024 and close the transaction by the end of next year.

Last year, a committee probing an emissions scandal at Hino, which became a Toyota subsidiary in 2001, found that the truck and bus maker falsified emissions data dating back to 2003.

The heads of the four companies will hold a joint news conference in Tokyo at 4:30 pm (0730 GMT).

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