Top Page | English | 简体中文 | 繁體中文 | 한국어 | 日本語
Friday, 1 March 2024, 20:30 HKT/SGT
Share:
    

Source: Toyota Motor Corporation
Daimler Truck, Mitsubishi Fuso, Hino and Toyota Motor Corporation report progress on the collaboration based on the Memorandum of Understanding

Tokyo / Japan and Leinfelden-Echterdingen / Germany, Mar 1, 2024 - (JCN Newswire) - Daimler Truck AG ("Daimler Truck"), Mitsubishi Fuso Truck and Bus Corporation ("MFTBC"), Hino Motors Ltd. ("Hino") and Toyota Motor Corporation ("Toyota") today gave an update on the progress on the collaboration based on the MoU.

In May 2023, Daimler Truck, Toyota, MFTBC, and Hino concluded a Memorandum of Understanding (MoU) on accelerating the development of advanced technologies and merging MFTBC and Hino. The planned collaboration is aimed toward achieving carbon neutrality and creating a prosperous mobility society by developing CASE technologies (Connected / Autonomous & Automated / Shared / Electric) and strengthening the commercial vehicle business on a global scale.

According to the MoU, MFTBC and Hino plan to merge on an equal footing and collaborate in the areas of commercial vehicle development, procurement, and production. The plan is to build a globally competitive Japanese commercial vehicle manufacturer, with Daimler Truck and Toyota investing equally in the (listed) holding company of the merged MFTBC and Hino.

While the Definitive Agreement for merging MFTBC and Hino was targeted to be signed by the end of March 2024 and integration complete by the end of 2024, the process of obtaining necessary regulatory clearances and approvals under competition and other laws and regulations, as well as the pending investigations related to Hino's engine certification issues, are still ongoing. As such, the original schedule has been extended.

The timing of the envisaged execution of the Definitive Agreement and the implementation of the business integration will be announced as soon as a reliable timeline for the pending investigations is available. Once all parties involved reach an agreement, they will move forward based on the approval of the relevant boards of directors, shareholders, and authorities.

Based on the common desire to "contribute to a prosperous society through mobility", the four companies have been discussing how MFTBC and Hino can work together to improve business efficiency and enhance competitiveness, and how Daimler Truck and Toyota can work together to further enhance their technology development capabilities and promote CASE technology in order to contribute to customers and stakeholders in Japan and Asia, as well as the Japanese automotive industry. Through the discussion based on integrity, mutual respect, and diversity and by understanding each other's strengths and corporate culture, the parties confirm that the merger discussions are progressing on a positive note and that the strategic objectives and logic of the proposed transaction continues to be valid.




Topic: Press release summary
Source: Toyota Motor Corporation

Sectors: Automotive
http://www.acnnewswire.com
From the Asia Corporate News Network


Copyright © 2024 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.


Toyota Motor Corporation Links

http://www.toyota-global.com

https://plus.google.com/+toyotaglobal

https://www.facebook.com/ToyotaMotorCorporation/

https://twitter.com/TOYOTA_PR/

https://www.youtube.com/user/toyotajpchannel/

https://linkedin.com/company/toyota

Toyota Motor Corporation
Apr 16, 2024 17:49 HKT/SGT
Lexus presents Time at the 2024 Milan Design Week
Apr 15, 2024 16:21 HKT/SGT
New circuit challenge for TOYOTA GAZOO Racing
Apr 12, 2024 18:36 HKT/SGT
TOYOTA GAZOO Racing back on asphalt for Croatian challenge
Apr 8, 2024 12:37 HKT/SGT
Daihatsu and Toyota to Reform Structures towards the Revitalization of Daihatsu
Apr 2, 2024 10:28 HKT/SGT
Toyota Completes Toyota Technical Center Shimoyama Research and Development Facility for Making Ever-better Cars
Apr 1, 2024 09:47 HKT/SGT
TOYOTA GAZOO Racing roars to fourth successive Safari triumph
Mar 28, 2024 12:35 HKT/SGT
Toyota Releases Sales, Production, and Export Results for February 2024
Mar 27, 2024 14:13 HKT/SGT
PEVE to change name to TOYOTA BATTERY Co., Ltd. and produce batteries for a wide range of electric vehicles
Mar 22, 2024 15:15 HKT/SGT
Toyota to Open New Tokyo Head Office in Shinagawa in FY2030
Mar 21, 2024 15:47 HKT/SGT
Toyota: Clarification of the Roles of and Expectations for Outside Executives, Revision of the Independence Assessment Criteria, and the Changes to Members of the Board of Directors and the Audit and Supervisory Board Members following the 120th Ordinary General Shareholders' Meeting
More news >>
 News Alerts
Copyright © 2024 ACN Newswire - Asia Corporate News Network
Home | About us | Services | Partners | Events | Login | Contact us | Privacy Policy | Terms of Use | RSS
US: +1 214 890 4418 | Beijing: +86 400 879 3881 | Hong Kong: +852 8192 4922 | Singapore: +65 6549 7068 | Tokyo: +81 3 6859 8575

Connect With us: