Truck Titans Unite: Toyota’s Hino and Daimler’s Mitsubishi Fuso Gear Up for 2026 Tokyo Listing

In a move that could reshape Japan’s commercial vehicle landscape, Hino Motors—a subsidiary of Toyota Motor Corporation—and Mitsubishi Fuso Truck and Bus Corporation (MFTB)—backed by Germany’s Daimler Truck—are reportedly close to signing a long-awaited merger deal, according to a report by Nikkei Asia.

The two firms are expected to establish a joint holding company, with plans to list it on the Prime section of the Tokyo Stock Exchange by April 2026, according to Nikkei Asia. While the details remain under wraps and unnamed sources were cited in the report, the companies are said to be aligning their strategies to better navigate the rapidly changing truck manufacturing sector.

This potential deal follows an earlier announcement made in May 2023, when both automakers shared plans to integrate their truck operations by the end of 2024. However, in early 2024, those discussions were put on hold indefinitely.

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Despite the delay, it now appears that momentum is building once again, with the final agreement likely to be concluded by May this year, as per the Japanese newswire agency.

Although Hino and Mitsubishi Fuso are expected to collaborate in areas such as product development, parts procurement, and manufacturing, they will continue to operate their global sales networks independently.

Each brand will also retain its own identity in overseas markets, a spokesperson for Mitsubishi Fuso confirmed.

Meanwhile, Japan’s Fair-Trade Commission is said to be nearing the conclusion of an antitrust review, a key hurdle for the transaction to move forward.

If the merger proceeds as envisioned, the newly formed holding company would take full ownership of both Hino and Mitsubishi Fuso. However, both automakers have stressed that no final decisions have been made yet regarding key aspects such as the structure of the holding firm, equity distribution, or listing schedule.

Both the automakers are well established in global markets. . Hino reported that more than two-thirds of its roughly 95,000 vehicle sales in the first three quarters of fiscal 2024 came from outside Japan. Similarly, Mitsubishi Fuso stated that international markets accounted for 60–70% of its sales volume during the same period.