World News | Toyota, Daimler Trucks, Hino, Mitsubishi Fuso join hands with Eco-Tech

TOKYO, May 30 (AP) – German truck maker Daimler, Japan’s top automaker Toyota and two other automakers said Tuesday they will collaborate on new technologies, including the use of hydrogen fuel, to help cope with the climate change.

Mitsubishi Fuso Truck & Bus Co, whose largest shareholder is Daimler Trucks, will merge with Toyota Group’s truck maker Hino Motor Co, the companies said.

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Daimler Trucks and Toyota Motor Corp will invest equally in the holding company of the Mitsubishi-Hino merger, they said without giving a deal amount.

The two companies plan to collaborate on reducing carbon emissions and developing other technologies such as autonomous driving, connected services and electric vehicles.

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“This collaboration between our four companies is to create the future of commercial vehicles and the future of mobility society in Japan,” said Koji Sato, CEO of Toyota Motor Corporation.

The two truck companies will focus on the development, procurement and production of commercial vehicles to be globally competitive, executives said.

“We at Daimler Trucks are very proud of our products, because trucks and buses make the world go round. Soon they will even be emission-free,” said Daimler Trucks CEO Martin Daum.

“Today’s announcement is a critical step in enabling the future of economic development and leading sustainable mobility.”

Automakers are scrambling to keep up with the global shift to less polluting vehicles and help fight climate change in other ways.

Commercial vehicles such as trucks and buses are a major source of automotive emissions. In some cases, rivals join forces to gain a competitive advantage and cut costs through “economies of scale” of shared knowledge and resources.

“It’s hard to do it alone. Working together is crucial,” Sato said.

Fuel cells power Toyota’s buses in Japan, but its advantage lies in hybrids, which have both an electric motor like an electric car and a gasoline engine.

Consumer acceptance of battery-powered electric vehicles has been faster than expected, Toyota officials said, and the company is working to roll out electric vehicles in various markets.

Details of the merger, including stake, company name and structure, will be finalized within the next 18 months, the companies said.

They aim to sign a definitive agreement early next year and close the deal by the end of 2024.

The deal still needs shareholder and regulatory approval.

Chief Executive Satoshi Ogiso said the deal was a chance for a fresh start for Hino after its image was damaged by revelations last year that it had systematically falsified emissions data as far back as 2003.

“We will unite in our ambition to support mobility and contribute to society, and work together to accelerate the development of advanced technologies to overcome increasing global competition,” he said. (Associated Press)

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