Toyota, Daimler Truck, Hino and Mitsubishi Fuso join forces

TOKYO — German truckmaker Daimler, Japanese automaker Toyota and two other automakers said on Tuesday they will collaborate on new technologies, including the use of hydrogen fuel, to help fight climate change.

The companies said Mitsubishi Fuso Truck and Bus Corp., whose main stakeholder is Daimler Truck, and Hino Motors, the truck maker in the Toyota group, will merge. Daimler Truck and Toyota Motor Corp. will invest equally in the holding company of the Mitsubishi-Hino merger, they said without giving a dollar amount for the deal.

The companies plan to work together to reduce carbon emissions and develop other technologies such as autonomous driving, internet-connected services and electric vehicles.

“This collaboration between our four companies is a partnership for creating the future of commercial vehicles in Japan and the future of a ‘mobility society,’ said Toyota Motor Corp. Chief Executive Koji Sato.

The two trucking companies will work to develop, acquire and manufacture commercial vehicles to become globally competitive, the executives said.

“We at Daimler Truck are very proud of our products, because trucks and buses keep the world moving. And soon they will even do so with zero emissions,” said Daimler Truck Chief Executive Martin Daum.

“Today’s announcement is a critical step in making that future work economically and leading sustainable transportation.”

Automakers are scrambling to keep up with the global shift to less polluting vehicles and to help fight climate change in other ways. Commercial vehicles such as trucks and buses are major contributors to car emissions. In some cases, rivals join forces to gain a competitive advantage and save costs through “economy of scale” or by sharing knowledge and resources.

“It’s hard to do it alone. Collaboration is key,” said Sato,

Fuel cells power Toyota’s buses in Japan, but its strength lies in hybrids, which have both electric motors like EVs and gasoline engines. Consumer adoption of battery electric cars has come faster than expected, Toyota officials say, and the company is working hard to roll out electric cars in several markets.

Details of the merger, including shareholder ratios, the company name and its structure, will be worked out over the next 18 months, the companies said. They aim to sign a final agreement early next year and complete the transaction by the end of 2024. The deal is subject to shareholder and regulatory approval.

The deal is a chance for a fresh start at Hino, said its CEO, Satoshi Ogiso, after the company’s image was marred by the revelation last year that it had systematically falsified emissions data as far back as 2003.

“We will unite our ambitions to ‘support mobility and contribute to society’ and hand-in-hand accelerate the development of advanced technology to meet the increasingly fierce global competition,” he said.