MFTBC and Hino will merge on an equal footing and collaborate in the areas of commercial vehicle development, procurement, and production. Together, they will continue to be a globally competitive Japanese commercial vehicle manufacturer, investing on the development of advanced technologies including the use of hydrogen as a fuel source.

Common to the corporate philosophies of all four companies is the desire to contribute to a prosperous society through mobility. To continue to be an essential force of transformation in the world, the four companies intend to promote the use of environmentally friendly vehicles and increase the value of mobility in the world's social systems.

Both Daimler Truck and Toyota count global full line-ups tailored to local needs among their corporate strengths and―toward achieving carbon neutrality―value multi-pathways that provide diverse options based on local conditions and how their customers use vehicles.

Details on the scope and nature of the collaboration including the name, location, shareholding ratio, and corporate structure of the new holding company will be decided over the course of the next 18 months. The parties foresee signing of definitive agreements in the first quarter of 2024 and aim to close the transaction by the end of 2024. Once all parties involved reach an agreement, they will move forward based on the approval of the relevant boards of directors, shareholders, and authorities.