Latest news with #Deppen
Yahoo
24-06-2025
- Automotive
- Yahoo
Toyota, Daimler ink deal to merge truck companies
This story was originally published on Automotive Dive. To receive daily news and insights, subscribe to our free daily Automotive Dive newsletter. Toyota Motor Corp. and Daimler Truck have agreed to merge their subsidiaries Mitsubishi Fuso and Hino Motors as equals to create a 'Japanese truck powerhouse,' according to a June 10 press release. The deal will lead to a new holding company — which will be listed on the Tokyo Stock Exchange — that is expected to start operations in April 2026. Toyota and Daimler will each aim to own a quarter of the holding company, which will be led by Karl Deppen, current CEO of Mitsubishi Fuso. This isn't the first time Toyota and Daimler have tried merging their respective commercial vehicle subsidiaries. In May 2023, the companies announced an almost identical deal that would have resulted in a 2024 integration of Mitsubishi Fuso and Hino. However, Hino's U.S. emissions scandal stalled the transaction. Earlier this year, Hino agreed to plead guilty to the decades of emissions testing violations and pay over $1.6 billion in criminal and civil penalties, according to a Department of Justice release. The OEM also reported a 217.8 billion yen ($1.5 billion) net loss in relation to its North American certification in fiscal 2025, per its annual report. Following the plea agreement, Hino is also not allowed to import any of its diesel engines into the U.S. for a five-year probation period. Notably, automotive industry challenges like carbon neutrality and logistics efficiency will be one of the focus areas for the newly combined company. 'We are bringing together two strong partners to form an even stronger company and to successfully shape the decarbonization of transportation,' said Karin Rådström, CEO of Daimler Truck, in the release. '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.' Through the integration, Mitsubishi Fuso and Hino will look to improve business efficiency in development, procurement and production, therefore enhancing the competitiveness of Japan-based commercial vehicle manufacturers. Additionally, the company seeks to strengthen the global commercial vehicle industry through the development of connected, autonomous, shared and electric technologies, including hydrogen. 'We are shaping the industry by bundling our strengths,' Deppen said in the release. A longtime veteran of Daimler Truck, Deppen was named president and CEO of Mitsubishi Fuso in 2022. The parties say that additional details about the collaboration are forthcoming, including the name of the holding company. Recommended Reading Mitsubishi weighs decision to be part of Honda, Nissan merger Sign in to access your portfolio
The Mainichi
11-06-2025
- Automotive
- The Mainichi
Toyota, Daimler ink Japanese truck units merger deal for April 2026
TOKYO (Kyodo) -- Toyota Motor Corp. and Daimler Truck Holding AG said Tuesday they concluded an agreement to merge their Japanese truck subsidiaries under a new holding company, aiming to boost competitiveness and better respond to challenges posed by energy transition and technological innovation. Hino Motors Ltd., a subsidiary of Toyota Motor, and Mitsubishi Fuso Truck and Bus Corp., a unit of Daimler, will operate under the holding company to be set up in April 2026 and listed on the Tokyo Stock Exchange's Prime Market, with the parent companies each holding a 25 percent stake in the new firm. The holding company yet to be named will have more than 40,000 employees and be led by Mitsubishi Fuso Truck CEO Karl Deppen, Toyota Motor and Daimler Truck said. In terms of voting rights, Daimler Truck will hold 26.7 percent and Toyota Motor will have 19.9 percent, they said. "With our combined expertise, passion and resources, this new company will provide new levels of quality, efficiency and technology to our customers," Deppen said at a press conference on the same day. Satoshi Ogiso, president of Hino Motors, said, "The industry for commercial vehicles has numerous issues that need to be addressed. We will require even more speed, flexibility and investment." The merger plan originally announced in May 2023, and initially slated to be finalized in March 2024, had stalled due to a fraudulent emissions data scandal by Hino Motors. Hino Motors has reported a record net loss of 217.7 billion yen ($1.5 billion) in the business year through this March due to settlement costs related to the data falsification. The issue came to light in 2022 as the company admitted to submitting fabricated emissions and fuel economy data to transport authorities. It has agreed to settle class action lawsuits in Australia, the United States and Canada.
Asahi Shimbun
10-06-2025
- Automotive
- Asahi Shimbun
Truck units of Toyota and Daimler reach merger deal, first announced two years ago
Logos of Hino Motors Ltd. and Mitsubishi Fuso Truck and Bus Corp. (Asahi Shimbun file photo) The truck divisions of Japan's Toyota and Daimler of Germany have agreed to merge to form 'a new strong Japanese truck powerhouse' to work together in vehicle development, procurement and production. Details, including the scope and specifics of the collaboration, were still undecided. But Hino Motors and Mitsubishi Fuso Truck and Bus Corp. plan to form a listed holding company by April 2026, the companies said Tuesday. A tentative such deal was announced two years ago. Under the integration, which will be 'on an equal footing,' Daimler Truck and Toyota Motor Corp. will each own 25% of the holding company. The Tokyo-based holding company will own 100% of Mitsubishi Fuso and Hino, and list on the Tokyo Stock Exchange. The chief executive will be Karl Deppen, now CEO of Mitsubishi Fuso, a division of Daimler Truck AG. 'Today is a great day for all our stakeholders. We are shaping the industry by bundling our strengths,' Deppen said. '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.' The new company, which still needs approval from boards, shareholders and regulatory authorities, will employ more than 40,000 workers. The companies share the common desire to work on future commercial vehicles, strengthening the auto industry in Japan and Asia, and work on ecological innovation, including the use of hydrogen energy, the companies said. Toyota Chief Executive Koji Sato expressed hopes the companies working together will contribute toward building a better future. 'Today's final agreement is not the goal but the starting line. Our four companies, aiming to achieve a sustainable mobility society, will continue to create the future of commercial vehicles together,' he said. Collaboration and the pooling of resources, including money, are becoming widespread in the auto industry, as pressures grow to develop various technology in ecology, autonomous driving, connectivity and safety. And scale can help reduce costs and boost competitiveness.
The Star
10-06-2025
- Automotive
- The Star
Toyota, Daimler to merge truck units in Japan in April 2026
TOKYO, June 10 (Xinhua) -- Toyota Motor Corp. and Daimler Truck Holding AG said Tuesday they have reached an agreement to merge their Japanese truck subsidiaries under a new holding company, aiming to better respond to increasing challenges from lowering carbon emissions to competing with emerging overseas rivals. Under the agreement, Hino Motors Ltd., a unit of Toyota Motor, and Mitsubishi Fuso Truck and Bus Corp., a subsidiary of Daimler, will operate under the holding company to be set up in April 2026 and listed on the prime market of the Tokyo Stock Exchange. The new firm, in which Toyota and Daimler Truck will each hold a 25 percent stake, will have more than 40,000 employees and be led by Mitsubishi Fuso Truck CEO Karl Deppen. "Scale matters in our industry," Deppen said at a press conference on the same day, adding, "The Japanese market cannot support so many commercial vehicle manufacturers." Satoshi Ogiso, president of Hino Motors, said, "The industry for commercial vehicles has numerous issues that need to be addressed. We will require even more speed, flexibility and investment." Toyota Motor and Daimler Truck plan to announce further details, including the name of the new holding company and specific area of collaboration, over the coming months. The companies reached an initial agreement in May 2023 that called for them to integrate their operations by the end of 2024, but the merger plan had stalled due to a fraudulent emissions data scandal by Hino Motors.
The Hill
10-06-2025
- Automotive
- The Hill
Truck units of Toyota and Daimler reach merger deal, first announced two years ago
TOKYO (AP) — The truck divisions of Japan's Toyota and Daimler of Germany have agreed to merge to form 'a new strong Japanese truck powerhouse' to work together in vehicle development, procurement and production. Details, including the scope and specifics of the collaboration, were still undecided. But Hino Motors and Mitsubishi Fuso Truck and Bus Corp. plan to form a listed holding company by April 2026, the companies said Tuesday. A tentative such deal was announced two years ago. Under the integration, which will be 'on an equal footing,' Daimler Truck and Toyota Motor Corp. will each own 25% of the holding company. The Tokyo-based holding company will own 100% of Mitsubishi Fuso and Hino, and list on the Tokyo Stock Exchange. The chief executive will be Karl Deppen, now CEO of Mitsubishi Fuso, a division of Daimler Truck AG. 'Today is a great day for all our stakeholders. We are shaping the industry by bundling our strengths,' Deppen said. '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.' The new company, which still needs approval from boards, shareholders and regulatory authorities, will employ more than 40,000 workers. The companies share the common desire to work on future commercial vehicles, strengthening the auto industry in Japan and Asia, and work on ecological innovation, including the use of hydrogen energy, the companies said. Toyota Chief Executive Koji Sato expressed hopes the companies working together will contribute toward building a better future. 'Today's final agreement is not the goal but the starting line. Our four companies, aiming to achieve a sustainable mobility society, will continue to create the future of commercial vehicles together,' he said. Collaboration and the pooling of resources, including money, are becoming widespread in the auto industry, as pressures grow to develop various technology in ecology, autonomous driving, connectivity and safety. And scale can help reduce costs and boost competitiveness. ___ Yuri Kageyama is on Threads:
