Toyota, Daimler Truck Forging New Venture to Bolster Margins
- Hino had been at center of emission scandal since last year
- Combined operations would have $15.7 billion in sales
Hino and Mitsubishi Fuso will be jointly owned by Toyota and Daimler Truck.
Photographer: Mark Kauzlarich/BloombergThis article is for subscribers only.
Toyota Motor Corp. and Daimler Truck have agreed to merge their truck manufacturing subsidiaries, Hino Motors Ltd. and Mitsubishi Fuso Truck & Bus, to boost margins and develop new technologies such as alternative fuels and autonomous driving.
The four companies signed a memorandum of understanding to bring Hino and Mitsubishi Fuso under a single company, jointly owned by Toyota and Daimler Truck, according to a statement Tuesday. Combined, they would have about ¥2.2 trillion ($15.7 billion) in sales, based on results from their latest fiscal years, with a total of roughly 45,000 employees.