Latest news with #KarlDeppen
Forbes
9 hours ago
- Automotive
- Forbes
Mitsubishi Fuso And Hino Motors Integration – CEO Karl Deppen's Views On The Future Of The Trucking Giant
The global trucking industry is a tight knit, closed industry so when news of a merger between Mitsubishi Fuso and Toyota's Hino Motors first surfaced, I knew I had to hear the reasons behind the merger myself and, more importantly, understand the focus and potential of the new entity. I recently had some time to speak in person with Karl Deppen, the president and CEO of Mitsubishi Fuso, and asked him about this significant step for both companies and his vision of the future of trucking industry and the new entity. Karl's views are clear, concise, and demonstrate a deep understanding of the truck and bus market. We discussed in detail some of the game-changing technologies present today and how they could influence one of the world's largest truck and bus manufacturers, as well as the future of the new organization. You can read the full interview transcript on the MarketsandMarkets site under the Future of Mobility section. If there's one word I could take away from this interview, it would be loyalty. Karl Deppen is very clear on what comes first: customers. Sure, other things matter, but according to Karl, not at the expense of customers. That is something I deeply resonate with. Many companies start out being very customer-focused but somehow lose their way. Ultimately, providing customers with what they want will make you successful, even if that's not what you initially expected. Karl emphasizes that the merger will not impact individual products and will allow both companies to maintain their own branding instead of creating something new that might alienate customers. The Perfect Storm: Megatrends Driving Change There's been rapid progress in technology over the past decade. While the world has mainly used AI to solve minor problems and boost productivity, some fields —like cloud computing, quantum computing, and Generative AI —have quietly reached levels that seemed impossible a few years ago. Global advancements have also shifted, moving from decarbonization and climate change to AI and ML. Karl believes that besides AI, other trends are also important, and maintaining a good balance is crucial. He sees decarbonization and AI as the two key megatrends that will shape the future of the automotive industry, even connecting decarbonization to the huge energy needs of GenAI. According to Deppen, the future will focus on renewable energy as more manufacturers shift away from fossil fuels, and decarbonizing the auto industry will give it a clear advantage. Fuso is already working on this—decarbonizing powertrains for on-road transportation. Deppen also encourages manufacturers to make even more ambitious use of the digital tools available today, which is a big ask when you stop to look at the gadgets and technology available in today's vehicles. However, he stresses that the same technology is accessible to customers, raising their expectations and prompting changes in both their environment and the environment of their customers. From same-day delivery, something we have grown accustomed to, to on-demand availability, customer preferences are shifting, requiring changes in transportation options as well. And Deppen wants Fuso to be part of the solution. As he likes to say, 'Modern society needs modern transportation.' Deppen also foresees a significant change in public transportation or mobility. He says that increasing urbanization will lead to more densely packed cities, requiring better transport options. He believes that BRT, or Bus Rapid Transit systems, will reemerge as a solution for public mobility, alongside other options like subways, buses, and shuttle services. Despite advances in digital tools and on-demand services, Deppen emphasizes that transportation is a vital part of modern life, and people want to travel—whether to meet friends, visit the hospital, or contact local authorities to resolve issues—and this need must be met and optimized just as freight transportation has been optimized. He also discussed interesting ideas such as Japan's aging population—which might require more flexible on demand transportation solutions instead of rigid schedules—and the importance of organized public transit in densely populated urban areas to reduce individual car use and improve traffic flow. The Future of Fuso and Hino: Birth of a New Entity While we're not exactly sure what the holding company emerging from the Fuso-Hino integration will be called, Deppen expects the identities of both brands to stay the same. He says the merger will have to address decarbonizing, efficient transportation, software-based architectures for products, and, of course, changing customer needs. He's also aware that different countries in Asia, South Africa, and South America might not be able to switch to electric mobility overnight. For customers in these regions, maintaining and sometimes even improving current products will be very important. Deppen also mentions scale—Mitsubishi Fuso, as part of Daimler Truck, has good scale on the heavy-duty side and a unique product portfolio in Asia on the light-duty side, but he thinks they will need to build scale for future tech investments. While he knows the Japanese market is consolidating—with this merger, they'll be down to two main competitors—he's also very aware that the market has shrunk to a fraction of what it was thirty years ago—one of the key challenges the Fuso-Hino merger must face to stay successful. Add the challenge of Chinese competitors, who focus on low costs, high capacity, and aggressive pricing, and it's clear that Karl Deppen has a lot on his plate. However, he believes the merger can handle all this and more, while benefiting both companies, saying, 'We created the trust in the discussion with each other, and now we have finally made it to an agreement that we will integrate the two companies and bundle our strengths. Both companies are strong, enjoy strong brands, so this is why we said we need to do it now, before we engage in the future investment cycle, to tap the full benefit.' Dual-band Strategy: Strength in Diversity Deppen is convinced that the strength of both companies will overcome these challenges by offering better solutions for customers and helping them succeed in their businesses. And I dare say he's right—the company not only has state-of-the-art products at competitive prices along with future-oriented drivetrain technologies with all-electric eCanters offered in over 35 countries, but is also seeking to promote hydrogen-based technologies for heavy-duty trucks in regions where battery electric mobility may be difficult to establish, like Asia. Deppen firmly believes that the Fuso-Hino merger can provide customers with better products and support them with the entire ecosystem, from charging, financing, leasing, and vehicle maintenance solutions to working with municipalities on grid connections. He feels that supporting customers is very important, especially during the shift from diesel to zero-emission drivetrains. Under Deppen, Mitsubishi Fuso offers customers full service and lease packages for up to 8 years, believing that customer peace of mind is essential. He says, 'You switch to battery electric, don't worry. You can have certainty and confidence in the product because we do have confidence in the product. You can have peace of mind with operations.' And while Deppen is unsure if all of this can be integrated into one offering, he believes the merger can help scale with broader leverage thanks to Hino's and Fuso's complementary product mix and regional outlook. Once merged, the company will also explore innovative idea like battery swapping. As always, Deppen aims to solve customer problems and openly acknowledges that some users might need extra range without sacrificing payload. He believes battery swapping could make a lot of sense for these customers and is willing to push the boundaries to assist them. He does not see battery swapping as a competing solution but as a complementary one. Under Deppen, Fuso completed the proof of concept for battery swapping (last year in Kyoto) and plans to start the pilot in Tokyo on a larger scale this year. Deppen's opinion on Chinese offerings is also distinctive. He believes that battery technology is largely similar due to the limited number of battery suppliers and modestly states that the best state-of-the-art batteries originate from Asia or Asian suppliers, specifically Korea and China. He does, however, acknowledge that the Chinese benefit from large scale, competitive costs, and rapid modification and development. Nevertheless, he points out that trucks are quite different from cars, requiring a strong service and support network as well as reliable infrastructure for service, parts, support, advice, and vehicle mechanics—areas where Fuso is particularly strong. Mitsubishi Fuso has long been a key player in Europe. In fact, their Portugal assembly plant has been operating for over 40 years, holding a strong position in the European light-duty truck market. Over time, they've managed to transfer some of that respectability to the electric truck sector as well, becoming a trusted name for electric light-duty vehicles in the industry. Besides the European market, Fuso also has a solid presence in the Middle East and South America. Meanwhile, Toyota's Hino is a major player in the US market and has a significant presence in parts of New Zealand and Australia. Both companies have Japanese roots but serve customers worldwide, adapting to the different vehicle sizes and regulations across Asia and Europe. In the US, heavy-duty and long-haul segments dominate, whereas the transportation structure in Asia varies greatly. This allows both companies to serve many versatile markets, a strength few can match. Deppen aims to elevate this further and make the brand a household name worldwide. And he has the pedigree to do so—he's lived and worked in several countries, experiencing various cultures, environments, and business challenges. He has extensive experience with trucks as well as passenger cars, which he shares openly with his teams. His mantra to success is simple: listen to what people, including customers, have to say before making decisions, and avoid the common mistake of finding solutions before understanding the problem. Deppen emphasizes the importance of engaging and communicating with people, while also giving them the freedom to operate and progress. He says, 'I think people need freedom to operate to get things done—this is how the organization can create speed, how the organization can create commitment and also determination to get things done.' Karl Deppen loves everything with wheels, which I believe has helped him succeed. He enjoys reading in his free time (although he has not read my last book Innovating to Zero yet) and exploring different industries, problems, and how others handle those challenges, believing he can learn a lot from them. On a positive note, he emphasizes that the merger won't lead to downsizing; instead, the new company plans to hire the right talent to stay competitive, giving more people the chance to be part of the journey. I wish Karl Deppen all the best in the future. And of course, to take the time to read my book.
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
Mid East Info
17-06-2025
- Automotive
- Mid East Info
Daimler Truck, Mitsubishi Fuso, Hino and Toyota Motor Corporation conclude Definitive Agreements on integrating Mitsubishi Fuso and Hino Motors
Daimler Truck and Toyota Motor Corporation pleased to announce conclusion of Definitive Agreements to integrate Mitsubishi Fuso and Hino on equal footing Bu ndling forces to establish a new strong Japanese truck powerhouse to the benefit of all stakeholders New combined company with over 40,000 employees with the scale, resources, and technology leadership to shape the future of the commercial vehicle landscape in the Asia-Pacific region and beyond Aiming for new listed holding company to start operations in April 2026 Daimler Truck AG (President and CEO: Karin Rådström, hereafter 'Daimler Truck') Mitsubishi Fuso Truck and Bus Corporation (President and CEO: Karl Deppen, hereafter 'Mitsubishi Fuso'), Hino Motors Ltd. (President and CEO: Satoshi Ogiso, hereafter 'Hino') and Toyota Motor Corporation (President and CEO: Koji Sato, hereafter 'Toyota') today concluded Definitive Agreements for the integration of Mitsubishi Fuso and Hino. Collaboration Details (main points): Mitsubishi Fuso and Hino will integrate on an equal footing and cooperate in the areas of commercial vehicle development, procurement, and production. Aiming for new listed holding company to start operations in April 2026. Daimler Truck and Toyota will each aim to own 25% of the (listed) holding company of the integrated Mitsubishi Fuso and Hino. The holding company plans to own 100% of Mitsubishi Fuso and Hino. The intention is to list the holding company on the Prime Market of the Tokyo Stock Exchange. Holding company CEO: Karl Deppen Headquarter location: Tokyo (Japan) Further details on the scope and nature of the collaboration, including the name of the new holding company, are intended to be announced over the coming months. The deal will proceed to closing subject to approval from the relevant boards, shareholders and authorities. Commercial vehicles support daily life through the movement of people and goods and are an important form of mobility that can be considered 'social infrastructure'. With this collaboration, the four companies have been seeking a meaningful way to create the future of commercial vehicles. Based on the common desire to 'contribute to an affluent society through mobility', the four companies are proceeding with their collaboration and are now pleased to announce the exciting next stage. By integrating Mitsubishi Fuso and Hino Motors, the companies aim to improve business efficiency in areas such as development, procurement and production. With this, they expect to significantly enhance the competitiveness of Japanese commercial vehicle manufacturers and strengthen the foundation of the automotive industry in Japan and Asia. The new holding company shall proudly contribute to customers, various stakeholders, and the automotive industry by helping to solve issues surrounding commercial vehicles, such as carbon neutrality and logistics efficiency, while striving to realize a sustainable and prosperous mobility society and to strengthen the commercial vehicle business globally through the development of CASE technologies (Connected, Autonomous, Shared, Electric), including hydrogen. Statements from each company Karin Rådström, CEO, Daimler Truck: 'The now decided integration of Mitsubishi Fuso and Hino Motors is truly historic. We are bringing together two strong partners to form an even stronger company and to successfully shape the decarbonization 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 . ' Koji Sato, CEO, Toyota: 'We believe that the future is for us to build together. 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.' Karl Deppen, CEO, Mitsubishi Fuso and designated CEO of new holding company: 'Today is a great day for all our stakeholders. We are shaping the industry by bundling our strengths. 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 honored 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.' Satoshi Ogiso, CEO, Hino: 'Cooperation among these 4 companies is truly 'once-in-a-lifetime opportunity'. In addition to operational synergy, we can expect immeasurable synergy affection from synthesizing different culture and climate of us. Under commonly aimed aspiration, we are confident with building strong and resilient team to empathizing with each other and contributing to society. As a new commercial vehicle company rooted in Japan, we collaboratively create ever better future.'
Yahoo
17-06-2025
- Automotive
- Yahoo
Daimler Truck, Mitsubishi Fuso, Hino and Toyota Motor Corporation Conclude Definitive Agreements on Integrating Mitsubishi Fuso and Hino Motors
Daimler Truck and Toyota Motor Corporation pleased to announce conclusion of Definitive Agreements to integrate Mitsubishi Fuso and Hino on equal footing Bundling forces to establish a new strong Japanese truck powerhouse to the benefit of all stakeholders New combined company with over 40,000 employees with the scale, resources, and technology leadership to shape the future of the commercial vehicle landscape in the Asia-Pacific region and beyond Aiming for new listed holding company to start operations in April 2026 TOKYO & LEINFELDEN-ECHTERDINGEN, Germany, June 17, 2025--(BUSINESS WIRE)--Daimler Truck AG (President and CEO: Karin Rådström, hereafter "Daimler Truck") Mitsubishi Fuso Truck and Bus Corporation (President and CEO: Karl Deppen, hereafter "Mitsubishi Fuso"), Hino Motors Ltd. (President and CEO: Satoshi Ogiso, hereafter "Hino") and Toyota Motor Corporation (President and CEO: Koji Sato, hereafter "Toyota") today concluded Definitive Agreements for the integration of Mitsubishi Fuso and Hino. Collaboration Details (main points): Mitsubishi Fuso and Hino will integrate on an equal footing and cooperate in the areas of commercial vehicle development, procurement, and production. Aiming for new listed holding company to start operations in April 2026. Daimler Truck and Toyota will each aim to own 25% of the (listed) holding company of the integrated Mitsubishi Fuso and Hino. The holding company plans to own 100% of Mitsubishi Fuso and Hino. The intention is to list the holding company on the Prime Market of the Tokyo Stock Exchange. Holding company CEO: Karl Deppen Headquarter location: Tokyo (Japan) Further details on the scope and nature of the collaboration, including the name of the new holding company, are intended to be announced over the coming months. The deal will proceed to closing subject to approval from the relevant boards, shareholders and authorities. Commercial vehicles support daily life through the movement of people and goods and are an important form of mobility that can be considered "social infrastructure". With this collaboration, the four companies have been seeking a meaningful way to create the future of commercial vehicles. Based on the common desire to "contribute to an affluent society through mobility", the four companies are proceeding with their collaboration and are now pleased to announce the exciting next stage. By integrating Mitsubishi Fuso and Hino Motors, the companies aim to improve business efficiency in areas such as development, procurement and production. With this, they expect to significantly enhance the competitiveness of Japanese commercial vehicle manufacturers and strengthen the foundation of the automotive industry in Japan and Asia. The new holding company shall proudly contribute to customers, various stakeholders, and the automotive industry by helping to solve issues surrounding commercial vehicles, such as carbon neutrality and logistics efficiency, while striving to realize a sustainable and prosperous mobility society and to strengthen the commercial vehicle business globally through the development of CASE technologies (Connected, Autonomous, Shared, Electric), including hydrogen. Statements from each company Karin Rådström, CEO, Daimler Truck: "The now decided integration of Mitsubishi Fuso and Hino Motors is truly historic. We are bringing together two strong partners to form an even stronger company and to successfully shape the decarbonization 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." Koji Sato, CEO, Toyota: "We believe that the future is for us to build together. 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." Karl Deppen, CEO, Mitsubishi Fuso and designated CEO of new holding company: "Today is a great day for all our stakeholders. We are shaping the industry by bundling our strengths. 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 honored 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." Satoshi Ogiso, CEO, Hino: "Cooperation among these four companies is truly 'once-in-a-lifetime opportunity'. In addition to operational synergy, we can expect immeasurable synergy affection from synthesizing different culture and climate of us. Under commonly aimed aspiration, we are confident with building strong and resilient team to empathizing with each other and contributing to society. As a new commercial vehicle company rooted in Japan, we collaboratively create ever better future." Further information on Daimler Truck is available at: and Forward-looking statements: This document contains forward-looking statements that reflect our current views about future events. The words "aim", "ambition", "anticipate", "assume", "believe", "estimate", "expect", "intend", "may"," can", "could", "plan", "project", "should" and similar expressions are used to identify forward-looking statements. These statements are subject to many risks and uncertainties, including an adverse development of global economic conditions, in particular a decline of demand in our most important markets; a deterioration of our refinancing possibilities on the credit and financial markets; events of force majeure including natural disasters, pandemics, acts of terrorism, political unrest, armed conflicts, industrial accidents and their effects on our sales, purchasing, production or financial services activities; changes in currency exchange rates, customs and foreign trade provisions; a shift in consumer preferences; a possible lack of acceptance of our products or services which limits our ability to achieve prices and adequately utilize our production capacities; price increases for fuel or raw materials; disruption of production due to shortages of materials, labor strikes or supplier insolvencies; a decline in resale prices of used vehicles; the effective implementation of cost-reduction and efficiency-optimization measures; the business outlook for companies in which we hold a significant equity interest; the successful implementation of strategic cooperations and joint ventures; changes in laws, regulations and government policies, particularly those relating to vehicle emissions, fuel economy and safety; the resolution of pending government investigations or of investigations requested by governments and the conclusion of pending or threatened future legal proceedings; and other risks and uncertainties, some of which are described under the heading "Risk and Opportunity Report" in the current Annual Report. If any of these risks and uncertainties materializes, or if the assumptions underlying any of our forward-looking statements prove to be incorrect, the actual results may be materially different from those we express or imply by such statements. We do not intend or assume any obligation to update these forward-looking statements since they are based solely on the circumstances at the date of publication. Daimler Truck at a glance Daimler Truck Holding AG ("Daimler Truck") is one of the world's largest commercial vehicle manufacturers, with over 40 main locations and more than 100,000 employees around the globe. The founders of Daimler Truck have invented the modern transportation industry with their trucks and buses a good 125 years ago. Unchanged to this day, the company's aspirations are dedicated to one purpose: Daimler Truck works for all who keep the world moving. Its customers enable people to be mobile and get goods to their destinations reliably, on time, and safely. Daimler Truck provides the technologies, products, and services for them to do so. This also applies to the transformation to CO2-neutral driving. The company is striving to make sustainable transport a success, with profound technological knowledge and a clear view of its customers' needs. Daimler Truck's business activities are structured in five reporting segments: Trucks North America (TN) with the truck brands Freightliner and Western Star and the school bus brand Thomas Built Buses. Trucks Asia (TA) with the FUSO and RIZON commercial vehicle brands. Mercedes-Benz Trucks (MBT) with the truck brand of the same name and BharatBenz. Daimler Buses (DB) with the Mercedes-Benz and Setra bus brands. Daimler Truck's new Financial Services business (DTFS) constitutes the fifth segment. The product range in the truck segments includes light, medium and heavy trucks for long-distance, distribution and construction traffic and special-purpose vehicles used mainly in the municipal and vocational sector. The product range of the bus segment includes city buses, school buses and intercity buses, coaches and bus chassis. In addition to the sale of new and used commercial vehicles, the company also offers aftersales services and connectivity solutions. Source: AETOSWire View source version on Contacts Jörg Howe, + Thomas Hövermann, + Sign in to access your portfolio
Business Wire
17-06-2025
- Automotive
- Business Wire
Daimler Truck, Mitsubishi Fuso, Hino and Toyota Motor Corporation Conclude Definitive Agreements on Integrating Mitsubishi Fuso and Hino Motors
TOKYO & LEINFELDEN-ECHTERDINGEN, Germany--(BUSINESS WIRE)--Daimler Truck AG (President and CEO: Karin Rådström, hereafter 'Daimler Truck') Mitsubishi Fuso Truck and Bus Corporation (President and CEO: Karl Deppen, hereafter 'Mitsubishi Fuso'), Hino Motors Ltd. (President and CEO: Satoshi Ogiso, hereafter 'Hino') and Toyota Motor Corporation (President and CEO: Koji Sato, hereafter 'Toyota') today concluded Definitive Agreements for the integration of Mitsubishi Fuso and Hino. Collaboration Details (main points): Mitsubishi Fuso and Hino will integrate on an equal footing and cooperate in the areas of commercial vehicle development, procurement, and production. Aiming for new listed holding company to start operations in April 2026. Daimler Truck and Toyota will each aim to own 25% of the (listed) holding company of the integrated Mitsubishi Fuso and Hino. The holding company plans to own 100% of Mitsubishi Fuso and Hino. The intention is to list the holding company on the Prime Market of the Tokyo Stock Exchange. Holding company CEO: Karl Deppen Headquarter location: Tokyo (Japan) Further details on the scope and nature of the collaboration, including the name of the new holding company, are intended to be announced over the coming months. The deal will proceed to closing subject to approval from the relevant boards, shareholders and authorities. Commercial vehicles support daily life through the movement of people and goods and are an important form of mobility that can be considered "social infrastructure'. With this collaboration, the four companies have been seeking a meaningful way to create the future of commercial vehicles. Based on the common desire to 'contribute to an affluent society through mobility', the four companies are proceeding with their collaboration and are now pleased to announce the exciting next stage. By integrating Mitsubishi Fuso and Hino Motors, the companies aim to improve business efficiency in areas such as development, procurement and production. With this, they expect to significantly enhance the competitiveness of Japanese commercial vehicle manufacturers and strengthen the foundation of the automotive industry in Japan and Asia. The new holding company shall proudly contribute to customers, various stakeholders, and the automotive industry by helping to solve issues surrounding commercial vehicles, such as carbon neutrality and logistics efficiency, while striving to realize a sustainable and prosperous mobility society and to strengthen the commercial vehicle business globally through the development of CASE technologies (Connected, Autonomous, Shared, Electric), including hydrogen. Statements from each company Karin Rådström, CEO, Daimler Truck: 'The now decided integration of Mitsubishi Fuso and Hino Motors is truly historic. We are bringing together two strong partners to form an even stronger company and to successfully shape the decarbonization 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. ' Koji Sato, CEO, Toyota: 'We believe that the future is for us to build together. 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.' Karl Deppen, CEO, Mitsubishi Fuso and designated CEO of new holding company: 'Today is a great day for all our stakeholders. We are shaping the industry by bundling our strengths. 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 honored 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.' Satoshi Ogiso, CEO, Hino: 'Cooperation among these four companies is truly 'once-in-a-lifetime opportunity'. In addition to operational synergy, we can expect immeasurable synergy affection from synthesizing different culture and climate of us. Under commonly aimed aspiration, we are confident with building strong and resilient team to empathizing with each other and contributing to society. As a new commercial vehicle company rooted in Japan, we collaboratively create ever better future.' Further information on Daimler Truck is available at: and Forward-looking statements: This document contains forward-looking statements that reflect our current views about future events. The words 'aim', 'ambition', 'anticipate', 'assume', 'believe', 'estimate', 'expect', 'intend', 'may',' can', 'could', 'plan', 'project', 'should' and similar expressions are used to identify forward-looking statements. These statements are subject to many risks and uncertainties, including an adverse development of global economic conditions, in particular a decline of demand in our most important markets; a deterioration of our refinancing possibilities on the credit and financial markets; events of force majeure including natural disasters, pandemics, acts of terrorism, political unrest, armed conflicts, industrial accidents and their effects on our sales, purchasing, production or financial services activities; changes in currency exchange rates, customs and foreign trade provisions; a shift in consumer preferences; a possible lack of acceptance of our products or services which limits our ability to achieve prices and adequately utilize our production capacities; price increases for fuel or raw materials; disruption of production due to shortages of materials, labor strikes or supplier insolvencies; a decline in resale prices of used vehicles; the effective implementation of cost-reduction and efficiency-optimization measures; the business outlook for companies in which we hold a significant equity interest; the successful implementation of strategic cooperations and joint ventures; changes in laws, regulations and government policies, particularly those relating to vehicle emissions, fuel economy and safety; the resolution of pending government investigations or of investigations requested by governments and the conclusion of pending or threatened future legal proceedings; and other risks and uncertainties, some of which are described under the heading 'Risk and Opportunity Report' in the current Annual Report. If any of these risks and uncertainties materializes, or if the assumptions underlying any of our forward-looking statements prove to be incorrect, the actual results may be materially different from those we express or imply by such statements. We do not intend or assume any obligation to update these forward-looking statements since they are based solely on the circumstances at the date of publication. Daimler Truck at a glance Daimler Truck Holding AG ("Daimler Truck") is one of the world's largest commercial vehicle manufacturers, with over 40 main locations and more than 100,000 employees around the globe. The founders of Daimler Truck have invented the modern transportation industry with their trucks and buses a good 125 years ago. Unchanged to this day, the company's aspirations are dedicated to one purpose: Daimler Truck works for all who keep the world moving. Its customers enable people to be mobile and get goods to their destinations reliably, on time, and safely. Daimler Truck provides the technologies, products, and services for them to do so. This also applies to the transformation to CO2-neutral driving. The company is striving to make sustainable transport a success, with profound technological knowledge and a clear view of its customers' needs. Daimler Truck's business activities are structured in five reporting segments: Trucks North America (TN) with the truck brands Freightliner and Western Star and the school bus brand Thomas Built Buses. Trucks Asia (TA) with the FUSO and RIZON commercial vehicle brands. Mercedes-Benz Trucks (MBT) with the truck brand of the same name and BharatBenz. Daimler Buses (DB) with the Mercedes-Benz and Setra bus brands. Daimler Truck's new Financial Services business (DTFS) constitutes the fifth segment. The product range in the truck segments includes light, medium and heavy trucks for long-distance, distribution and construction traffic and special-purpose vehicles used mainly in the municipal and vocational sector. The product range of the bus segment includes city buses, school buses and intercity buses, coaches and bus chassis. In addition to the sale of new and used commercial vehicles, the company also offers aftersales services and connectivity solutions.
