Daimler Truck and Toyota establish joint venture in Asia

Commercial Vehicle Market Daimler Truck and Toyota Finalize Merger of Fuso and Hino

2025-06-16 Source: dpa 2 min Reading Time

Related Vendor

Two industry giants are joining forces: Daimler Truck and Toyota are establishing a joint venture in Asia. It is set to launch in April 2026 after delays.

Fuso "Canter" light truck(Image: Daimler Truck AG) — Fuso "Canter" light truck
(Image: Daimler Truck AG)

The commercial vehicle manufacturer Daimler Truck and the Japanese car manufacturer Toyota are merging the truck businesses of their subsidiaries Mitsubishi Fuso and Hino as planned. The groups intend to each hold 25 percent of the shares in a new listed holding company. Around 50 percent of the company is therefore to go to investors. The holding company is to be launched in April 2026 and listed on the Tokyo stock exchange.

The new joint venture will have over 40,000 employees and will be headed by Karl Deppen, Head of Asia at Daimler Truck, according to a joint statement. The aim is to work together in the areas of development, procurement and production.

Analyst Michael Aspinall from Jefferies anticipates a cash inflow of around one billion euros for the German truck manufacturer at the time of the listing. Although earnings before interest and taxes will be slightly lower after the deal, the Group's operating margin will be around 0.5 percentage points higher.

Decarbonization of Transport

"We are bringing together two strong partners to form an even stronger company and successfully shape the decarbonization of transport," said Daimler Truck CEO Karin Radström according to the press release. The integration of Mitsubishi Fuso and Hino is "truly historic".

Toyota CEO Koji Sato said: "We believe that we must shape the future together." Radström went on to explain that together, the Daimler subsidiary Mitsubishi Fuso and Hino Motors have the opportunity to exploit economies of scale - these economies of scale are the key to success in the technological transformation of the industry.

Memorandum of Understanding Signed Two Years Ago

The two companies had already signed a letter of intent for the project two years ago. However, problems with the emissions certification of engines at Hino, among other things, had delayed the plans.

According to the company, Daimler Truck Asia sold a good 100,000 commercial vehicles last year. Turnover was reported at 4.9 billion euros. Earnings before interest and taxes (EBIT) amounted to 225 million euros. A spokesperson pointed out that the Indian market with the Bharat Benz brand and China are not included in the figures because both divisions have belonged to Mercedes-Benz Trucks since the beginning of the year.

Subscribe to the newsletter now

Don't Miss out on Our Best Content

Business E-mail

Please enter a valid mailadress.

By clicking on „Subscribe to Newsletter“ I agree to the processing and use of my data according to the consent form (please expand for details) and accept the Terms of Use. For more information, please see our Privacy Policy. The consent declaration relates, among other things, to the sending of editorial newsletters by email and to data matching for marketing purposes with selected advertising partners (e.g., LinkedIn, Google, Meta)

Date: 08.12.2025

Naturally, we always handle your personal data responsibly. Any personal data we receive from you is processed in accordance with applicable data protection legislation. For detailed information please see our privacy policy.

Consent to the use of data for promotional purposes

I hereby consent to Vogel Communications Group GmbH & Co. KG, Max-Planck-Str. 7-9, 97082 Würzburg including any affiliated companies according to §§ 15 et seq. AktG (hereafter: Vogel Communications Group) using my e-mail address to send editorial newsletters. A list of all affiliated companies can be found here

Newsletter content may include all products and services of any companies mentioned above, including for example specialist journals and books, events and fairs as well as event-related products and services, print and digital media offers and services such as additional (editorial) newsletters, raffles, lead campaigns, market research both online and offline, specialist webportals and e-learning offers. In case my personal telephone number has also been collected, it may be used for offers of aforementioned products, for services of the companies mentioned above, and market research purposes.

Additionally, my consent also includes the processing of my email address and telephone number for data matching for marketing purposes with select advertising partners such as LinkedIn, Google, and Meta. For this, Vogel Communications Group may transmit said data in hashed form to the advertising partners who then use said data to determine whether I am also a member of the mentioned advertising partner portals. Vogel Communications Group uses this feature for the purposes of re-targeting (up-selling, cross-selling, and customer loyalty), generating so-called look-alike audiences for acquisition of new customers, and as basis for exclusion for on-going advertising campaigns. Further information can be found in section “data matching for marketing purposes”.

In case I access protected data on Internet portals of Vogel Communications Group including any affiliated companies according to §§ 15 et seq. AktG, I need to provide further data in order to register for the access to such content. In return for this free access to editorial content, my data may be used in accordance with this consent for the purposes stated here. This does not apply to data matching for marketing purposes.

Right of revocation

I understand that I can revoke my consent at will. My revocation does not change the lawfulness of data processing that was conducted based on my consent leading up to my revocation. One option to declare my revocation is to use the contact form found at https://contact.vogel.de. In case I no longer wish to receive certain newsletters, I have subscribed to, I can also click on the unsubscribe link included at the end of a newsletter. Further information regarding my right of revocation and the implementation of it as well as the consequences of my revocation can be found in the data protection declaration, section editorial newsletter.