Hino Motors Company, the commercial vehicle unit of Toyota Motor Corporation, and Mitsubishi Fuso Truck and Bus Corporation (MFTBC) are moving forward with their merger plans, according to reports in Japan citing sources close to the deal.
The two Japan-based commercial vehicle manufacturers originally signed a Memorandum of Understanding (MoU) to merge their operations under a single equally-owned holding company in May 2023, with plans to integrate their commercial vehicle development, production and component procurement operations. The aim was to create a “globally competitive Japanese commercial vehicle manufacturer” capable of taking on the challenge of China’s fast-expanding commercial vehicle industry.
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The two companies had aimed to complete the merger by the end of 2024, but in early 2024 they jointly announced that the merger would be postponed indefinitely.
According to local reports, the merger talks are back on, with the two companies now planning to establish a jointly-owned holding company and list it on Tokyo’s main stock exchange in April 2026.
The two companies have agreed to keep their respective global sales operations separate, while their R&D and production operations and supply chains will be integrated to improve manufacturing efficiency and enhance overall economies of scale.
Details of the new merger plans are now expected to be officially released in May, to allow time for the necessary regulatory and legal processes to be completed. According to reports, the Japan Fair Trade Commission is close to completing its fair-trade review.
Both Hino and Mitsubishi Fuso have denied that they have reached a final agreement on the deal, including their respective shareholdings and timing of the listing.
Hino delivered a total of 125,556 commercial vehicles globally in 2024, most of which in Asia, while Mitsubishi Fuso’s parent company, Daimler Truck, reported 125,234 commercial vehicle sales by its Asia Truck division – mostly comprising vehicles sold by its Japanese subsidiary.
