After months of uncertainty and setbacks, Japan’s Hino Motors and Mitsubishi Fuso Truck and Bus Corp. are reportedly closing in on a long-anticipated merger deal that could reshape the commercial vehicle landscape.
According to reports from Nikkei Asia and other sources, the two truckmakers – backed by automotive giants Toyota and Daimler Truck respectively – are expected to finalise a merger agreement as early as May.
The plan involves establishing a holding company to oversee both truck units, which will be listed on the Tokyo Stock Exchange’s Prime Market in April 2026.
Toyota and Daimler Truck are expected to hold equal stakes in the new venture.
This merger, first agreed upon in principle back in May 2023, aims to pool resources and accelerate investment in future technologies, especially electric and zero-emission vehicles.
The goal is to boost competitiveness globally while meeting increasing decarbonisation demands.
However, the road to integration hasn’t been smooth.
A major hurdle emerged with the fallout from Hino’s engine certification scandal, where fraudulent emissions data led to a class-action lawsuit in North America.
Concerns over potential compensation costs and reputational damage forced the companies to postpone the merger indefinitely in February 2024.
Added to that were delays caused by antitrust reviews, especially given both companies’ dominant positions in Japan and Southeast Asia.
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But with the legal disputes now nearing resolution and regulatory approval reportedly close, the path to finalising the merger seems clearer.
If the deal goes through, Japan’s commercial vehicle sector will effectively split into two major camps: Hino-Mitsubishi Fuso and Isuzu Motors-UD Trucks.
Analysts say this consolidation is expected to intensify competition both domestically and abroad.
Both Toyota and Daimler have yet to comment officially on the latest reports.
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