Toyota, Daimler in deal to combine Japan truck operations

Daimler Truck Holding and Toyota Motor Corp said connected Tuesday they had entered a non-binding statement to harvester the businesses of their motortruck units successful Japan.

Under the memorandum of knowing (MOU), the businesses of Daimler-owned Mitsubishi Fuso Truck and Bus Corp and Toyota subsidiary Hino Motors Ltd would beryllium combined nether a holding company, they said successful a statement.

The shares of the caller institution are expected to beryllium listed connected the Prime Market of the Tokyo Stock Exchange.

Daimler Truck and Toyota volition put successful the institution arsenic and cooperate connected the improvement of hydrogen and different technologies successful areas specified arsenic connectivity and autonomous driving, the connection said.

The companies expect to motion a definitive statement successful the archetypal 4th of 2024 and adjacent the transaction by the extremity of adjacent year, they said.

Last year, a committee tasked with investigating an emissions ungraded astatine Hino, which became a Toyota subsidiary successful 2001, recovered that the motortruck and autobus shaper had falsified emissions information going backmost to 2003.

The heads of the 4 companies volition clasp a associated quality league successful Tokyo astatine 4:30 p.m. (0730 GMT).