Toyota’s Hino and Daimler’s Fuso Near Merger Amid EV Race and Trade Tensions

Toyota’s Hino Motors and Mitsubishi Fuso Truck and Bus, a Daimler Truck subsidiary, are reportedly close to finalizing a long-delayed merger, according to the Nikkei Asian Review. The companies aim to form a holding company and list it on the Tokyo Stock Exchange by April 2026, a move seen as crucial to staying competitive in a rapidly evolving truck industry.

The merger was originally announced in May 2023, when Toyota (NYSE: TM) and Daimler (OTC: MBGAF) agreed to consolidate their truck businesses. However, the deal was postponed indefinitely in February 2024 due to Hino’s involvement in an emissions scandal. That roadblock now appears to be largely resolved following Hino’s recent $1.2 billion settlement with U.S. regulators, which addressed most of its compliance issues.

Both companies are joining forces as the commercial vehicle sector faces mounting pressure from electrification, rising Chinese competition, and potential U.S. trade tariffs. A unified truck division would help streamline operations, accelerate development of electric and next-generation trucks, and better position the firms globally.

The planned listing on the Tokyo Stock Exchange also signals a strategic pivot, providing access to capital markets and enhancing visibility in the global automotive space. The merger would combine Hino’s domestic market strength with Fuso’s global presence under Daimler, one of the world’s leading truck manufacturers.

As the industry continues to shift toward zero-emissions vehicles and digital logistics solutions, the proposed alliance reflects a broader trend of consolidation and innovation among legacy automakers seeking to survive the fast-changing mobility landscape.