Fuso, Hino merger delayed due to ‘engine certification issues’

MANILA: The consolidation of Mitsubishi Fuso Truck and Bus Corporation and Hino Motors Ltd. has been delayed due to the latter’s pending engine certification issues.

Other causes cited by Toyota Motor Corporation — which alongside Daimler Truck Holding AG intends to invest in the merging — include “the process of obtaining necessary regulatory clearances and approvals under competition and other laws and regulations.”

Per Toyota, the original target date of the said merger was by the end of March 2024. However, due to the said reasons, the original schedule has been extended.

On that note, the four industry players plan to announce a new target date soon.

“The timing of the envisaged execution of the Definitive Agreement and the implementation of the business integration will be announced as soon as a reliable timeline for the pending investigations is available. Once all parties involved reach an agreement, they will move forward based on the approval of the relevant boards of directors, shareholders, and authorities,” Toyota wrote in a press release.

Once the consolidation between Fuso and Hino is completed, the two will work on an equal footing and collaborate in the areas of commercial vehicle development, procurement, and production.

The plan — Toyota pointed out — is to build a globally competitive Japanese commercial vehicle manufacturer. The investors (Toyota and Daimler Truck) can work together to further enhance their technology development capabilities and promote CASE technology in order to contribute to customers and stakeholders in Japan and Asia, as well as the Japanese automotive industry.

Further, Toyota noted that the the parties confirmed that the merger discussions are progressing on a positive note and that the strategic objectives and logic of the proposed transaction continue to be valid.

Photos from Toyota Motor Philippines

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