Toyota, Daimler near merger deal for truck units

Toyota Motor unit Hino Motors, and Mitsubishi Fuso Truck and Bus, a subsidiary of Germany’s Daimler Truck, are nearing a merger agreement, Nikkei Asia reported Tuesday.

The companies plan to establish a holding company for their truck units and list it on the Tokyo Stock Exchange’s Prime market in April 2026, according to the report, which did not cite a source.

Toyota and Daimler initially agreed in May 2023 to merge their truck operations by the end of 2024. However, the final deal was postponed indefinitely in February 2024.

The merger agreement could be finalized as early as May, Nikkei reported, noting that an antitrust review by the Japan Fair Trade Commission is nearing completion.

Following the transaction, the new holding company would fully own both Hino Motors and Mitsubishi Fuso. Toyota and Daimler have not commented on the negotiations.