It's official. Daimler Truck, Toyota Motor Corporation, Hino Motors, and Mitsubishi Fuso Truck and Bus Corporation, have signed definitive agreements to merge Hino and Fuso into a new, jointly-held truck company.

The merger will see Fuso and Hino operate under a newly formed holding company based in Tokyo and listed on the Tokyo Stock Exchange. Hino and Fuso will come together as equal partners, as both Daimler Truck and Toyota will own 25% each of the new holding company.

This move ensures fair governance and shared responsibility as the companies look to build a stronger, more competitive truck and bus business in Asia and beyond. Based on the press release, Fuso CEO Karl Deppen is slated to lead the new holding company as its CEO. The executive structure will represent all stakeholders, with board members from Toyota, Daimler Truck, Hino, and Fuso.

“Today is a great day for all our stakeholders. We are shaping the industry by bundling our strengths. With a strong new company we combine our two trusted brands, our resources, competencies and expertise to even better support our customers in their transportation needs in the future. I feel honored and excited to be the designated leader of the new company and am grateful for the trust and encouragement from Toyota and Daimler Truck to make it happen.” Karl Deppen, CEO, Mitsubishi Fuso and designated CEO of the new holding company.

The merger aims to combine both Fuso and Hino’s strengths in economies of scale, development, procurement, and production, especially in CASE (Connected, Autonomous, Shared, and Electric) technologies and carbon-neutral solutions.

“We believe that the future is for us to build together. Today’s final agreement is not the goal but the starting line. Our four companies, aiming to achieve a sustainable mobility society, will continue to create the future of commercial vehicles together.” Said Koji Sato, CEO of Toyota Motor Corporation.

Further details on the scope and nature of the collaboration, including the name of the new holding company, are intended to be announced over the coming months. The deal will proceed to closing subject to approval from the relevant boards, shareholders and authorities like Japan’s Fair Trade Commission.