In international news, four major OEMs have announced Mitsubishi Fuso and Hino will officially merge in the next year to create a new Japanese truck powerhouse.
In a definitive agreement that involves Daimler Truck, Mitsubishi Fuso, Hino and Toyota Motor Corporation, Mitsubishi Fuso and Hino will merge on equal footing to create a new company.
The combined business will integrate more than 40,000 employees together, with the aim being for the newly listed holding company to begin operating in April next year.
The two companies will cooperate on commercial vehicle development, procurement and production, with Daimler Truck and Toyota each aiming to own 25 per cent of the integrated company.
The business will then be listed on the Tokyo Stock Exchange, with current Mitsubishi Fuso CEO Karl Deppen being named the CEO of the new holding company.
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“Today is a great day for all our stakeholders. We are shaping the industry by bundling our strengths,” Deppen says.
“With a strong new company we combine our two trusted brands, our resources, competencies and expertise to even better support our customers in their transportation needs in the future. I feel honoured and excited to be the designated leader of the new company and am grateful for the trust and encouragement from Toyota and Daimler Truck to make it happen.”
The four OEMs say further details of the business, including its name, will be announced “over the coming months”.
The companies say the integration of Mitsubishi Fuso and Hino Motors together aims to improve business efficiency when it comes to development, procurement and production to create a competitive player in the Japanese commercial vehicle market.
“The now decided integration of Mitsubishi Fuso and Hino Motors is truly historic,” Daimler Truck CEO Karin Rådström says.
“We are bringing together two strong partners to form an even stronger company and to successfully shape the decarbonisation of transportation. Together, Mitsubishi Fuso and Hino Motors have great potential to leverage scale – and scale is key to win in the technological transformation of our industry.
“Karl Deppen is an experienced and strong leader who comprehends the whole value chain of our business, and I’m therefore convinced that he can bring the new company to the next level.”
From an Australian perspective, Daimler Truck Australia Pacific president and CEO Daniel Whitehead has welcomed the news.
“Fuso has an incredible Australian line-up of advanced diesel and electric trucks, as well as the popular Rosa bus, that are safe, efficient and economical. The new structure will ensure Fuso is able to continue to offer such fantastic products to local customers well into the future,” he says.
“Fuso has been getting the job done for Australians since 1971 and this new development means it will continue to do so for many years to come. We are excited to see what Fuso can achieve with this new structure and congratulate Karl Deppen on his appointment as CEO of the new holding company.”
Toyota CEO Koji Sato says the final agreement revealed today isn’t the goal, but only “the starting line”, while Hino CEO Satoshi Ogiso has described the cooperation among the four companies as a “once-in-a-lifetime opportunity”.
“In addition to operational synergy, we can expect immeasurable synergy affection from synthesising different culture and climate of us,” Ogiso says.
“Under commonly aimed aspiration, we are confident with building strong and resilient team to empathising with each other and contributing to society. As a new commercial vehicle company rooted in Japan, we collaboratively create ever better future.”
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