A new heavyweight is emerging in the truck industry under the compulsion for climate-friendly drives: the head of the world’s largest truck manufacturer Daimler trucks, Martin Daum (63), wants large parts of his Asian business with the competitor Toyota fold. The Daimler truck subsidiary Mitsubishi Fuso Truck and Bus is to merge with the Toyota subsidiary Hino in a holding company, as the Swabians announced on Tuesday. Both companies are said to be equally involved.
A declaration of intent has been signed for this, details are still being negotiated. A significant portion of the combined company’s shares, which will be listed on the Tokyo Stock Exchange, will be held by third parties. Daimler Truck did not give any financial details.
Daimler Truck and Toyota have also agreed to consider potential risks related to the Hino emissions manipulation scandal when evaluating the Toyota subsidiary.
The potential alliance was well received by Daimler Truck investors on Tuesday morning. The Papers from the commercial vehicle manufacturer
increased by around 1.6 percent to almost 29 euros with comparatively high sales. Just above that, the downward trend that has been intact since the beginning of March awaits Xetra.
The partners stated that they want to promote CO2 neutrality. To this end, investments should also be made in technologies for networking vehicles and automated driving (CASE). The planned company, whose name has not yet been decided, will be a major player in Southeast Asia and an important partner in the Daimler truck family, explained Daimler truck boss Daum. Koji Sato (53), who controls the world’s largest car manufacturer Toyota, added that the alliance will change the future of commercial vehicles.
The joint project is intended to support the restructuring of the commercial vehicle business. Daimler Truck had recently felt the effects of the great competition in Asia. Last year, adjusted operating profit in the division fell by 60 percent, although sales and revenue increased.
A total of four companies are working together to form the truck association: Daimler Truck, its subsidiary Mitsubishi Fuso Truck & Bus, in which the Stuttgart-based company holds an 89.3 percent stake, and Toyota and its listed truck subsidiary Hino. Details of the scope and nature of the collaboration, including name, location and ownership structure, are to be determined over the next 18 months. Daimler Truck and Toyota want to seal the final contracts at the beginning of next year, and the transaction should be completed by the end of 2024.