- Toyota Motor Corp (NYSE:TM) and Daimler Truck Holding AG (OTC:DTRUY) concluded a memorandum of understanding (MOU) to combine their truck operations in Japan.
- Daimler Truck and Toyota will equally invest in the (listed) holding company of the merged MFTBC and Hino.
- MFTBC and Hino will merge on an equal footing and collaborate in the areas of commercial vehicle development, procurement, and production.
- The parties will collaborate toward achieving carbon neutrality and in developing CASE technologies (Connected / Autonomous & Automated / Shared / Electric).
- Also Read: Toyota To Turn Coal Mine Into Solar Facility As Part Of Carbon-Neutral Initiative
- "This collaboration among our four companies is a partnership for creating the future of commercial vehicles in Japan and the future of mobility society," said Toyota Motor CEO Koji Sato.
- The transaction is expected to be closed by the end of 2024.
- Also Read: Toyota's Soaring April Sales: Hybrids and EVs Stealing the Show
- Price Action: TM shares traded lower by 0.31% at $139.65 on the last check Tuesday.
Toyota Signs MoU With Daimler Truck To Merge Japanese Truck Operations
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