Robert Besser
26 Apr 2025

TOKYO, Japan: Toyota's Hino Motors and Daimler Truck's Mitsubishi Fuso are edging closer to a long-awaited merger of their truck operations, according to a report by Nikkei Asia.

The Japanese and German auto groups are expected to finalise an agreement as early as May, the report said. This will set the stage for the creation of a new holding company that will be listed on the Tokyo Stock Exchange's Prime market by April 2026.

The move comes nearly a year after the companies first announced plans to merge their truck units. The original goal was to complete the deal by the end of 2024. However, the final agreement was postponed indefinitely in February.

Despite the delay, momentum appears to have returned, with Japan's Fair Trade Commission close to concluding its antitrust review, Nikkei said. Once approved, the new holding company would fully own both Hino and Mitsubishi Fuso.

In statements this week, both companies said that while discussions were ongoing, no final decisions had yet been made regarding the agreement, listing timeline or ownership structure.

Under the merger, the companies have agreed to keep their global sales organisations separate while pursuing collaboration in development, procurement and production. Overseas, the Hino and Mitsubishi Fuso brands will remain distinct.

The proposed tie-up reflects broader shifts in the global truck and automotive sectors as manufacturers grapple with rising costs, technological disruption and the need for scale in areas such as electric vehicles and autonomous driving systems.

Truck makers, like car and motorcycle manufacturers, are under pressure to adapt quickly to new emissions standards and develop alternative fuel technologies while managing fluctuating demand and global supply chain challenges.

Both Hino and Mitsubishi Fuso have extensive international operations. More than two-thirds of Hino's global sales—out of approximately 95,000 vehicles in the first nine months of fiscal 2024—came from overseas markets. Mitsubishi Fuso reported that 60 percent to 70 percent of its vehicle sales were also outside Japan.