Toyota’s Hino Motors and Mitsubishi Fuso, the truck division of Germany’s Daimler, are nearing a merger agreement, according to a report by the Nikkei Asian Review.
The two manufacturers are said to be working towards forming a joint holding company, with plans to list the new entity on the Tokyo Stock Exchange by April 2026. The report did not cite a source.
Toyota and Daimler first announced plans to merge their truck operations in 2023, but the deal was put on hold in early 2024 after Hino became embroiled in an emissions testing scandal.
The renewed talks follow Hino’s $1.2 billion settlement with US authorities, which has helped resolve key compliance concerns. The merger would bring together two of Japan’s major truck makers as they seek to stay competitive amid a shift to electric vehicles, rising Chinese competition, and growing pressure from potential US trade tariffs.
In response to the report, Toyota confirmed it is considering a potential business integration involving one of its subsidiaries but added that “nothing has been decided at this time".