Hino Motors Limited (Hino) – the parent company of Hinopak Motors Limited (PSX: HINO) – Daimler Truck, Mitsubishi Fuso Truck and Bus Corporation (MFTBC), and Toyota Motor Corporation have concluded a Memorandum of Understanding (MoU) on accelerating the development of advanced technologies and merging MFTBC and Hino.
Hino, Toyota, MFTBC and Daimler Truck will collaborate toward achieving carbon neutrality and creating a prosperous mobility society by developing CASE technologies (Connected/Autonomous & Automated/Shared/Electric) and strengthening the commercial vehicle business on a global scale, Hinopak said in a notice issued to the Pakistan Stock Exchange (PSX) on Wednesday.
“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 notice added.
A press release on the US National Association of Securities Dealers Automated Quotations Stock Market (NASDAQ) read: “The parties envisage 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”.
By combining forces, MFTBC and Hino are expected to develop synergies and boost truck manufacturers’ competitiveness, so as to help to reinforce the basis of the Japanese and Asian automotive sectors and benefit their consumers, stakeholders, and society.
Daimler Truck and Toyota both list worldwide comprehensive lineups suited to local demands among their business strengths and appreciate multi-pathways that give different alternatives based on local conditions and how consumers utilize cars as they work towards carbon neutrality.