"Major Truck Industry Collaboration: Daimler, Mitsubishi Fuso, Hino, and Toyota Merge and Accelerate Advanced Technology Development"

Daimler Truck, MFTBC, Hino, and Toyota are collaborating to achieve carbon neutrality and enhance the global commercial vehicle business. MFTBC and Hino will merge, creating a competitive Japanese manufacturer, while Daimler Truck and Toyota will invest in the merged company. The goal is to develop CASE technologies and promote environmentally friendly vehicles. This collaboration strengthens the Japanese and Asian automotive industries and benefits customers and society.

Martin Daum, CEO of Daimler Truck: "We at Daimler Truck are very proud of our products, because trucks and buses keep the world moving. And soon they will even do so with zero emissions. So there is a great future ahead―and today's announcement is a crucial step in making that future work economically and in leading sustainable transportation. The planned new company will be a major force in Southeast Asia and an important associate of the Daimler Truck family."

Koji Sato, CEO of Toyota Motor Corporation: "This collaboration among our four companies is a partnership for creating the future of commercial vehicles in Japan and the future of mobility society. Our four companies will work together with a shared vision of achieving carbon neutrality by strengthening CASE technologies and of changing the future of commercial vehicles and building the future together by solving social issues."

Karl Deppen, CEO of MFTBC: "This close collaboration will enable us to accelerate the decarbonization of the transportation industry, creating an even stronger Japanese commercial vehicle manufacturer. Under the two well-established brands of FUSO and Hino, we will continue to take a leading role in serving customer needs in Japan, Asia and beyond."

Satoshi Ogiso, CEO of Hino: "We will unite our aspirations to 'support mobility and contribute to society' and, hand in hand, accelerate advanced technology development in order to overcome the increasingly fierce global competition. Through these efforts, we will strive to tackle societal challenges such as achieving carbon neutrality."

Over the next 18 months, the extent and form of the collaboration, including the name, location, shareholding ratio, and corporate structure of the new holding company, will be determined. The parties intend to execute formal agreements in the first quarter of 2024, with the deal expected to close by the end of 2024. Once all parties have reached an agreement, they will proceed with the permission of the necessary boards of directors, shareholders, and authorities.