The companies said
The companies plan to cooperate in reducing carbon emissions and developing other technologies such as autonomous driving, net-connected services and electric vehicles.
“This collaboration among our four companies is a partnership for creating the future of commercial vehicles in
The two truck companies will work on commercial vehicle development, procurement and production to become globally competitive, the executives said.
“We at
“Today’s announcement is a crucial step in making that future work economically and in leading sustainable transportation.”
Automakers are rushing to keep up with the global shift toward less polluting vehicles and to help in other ways to combat climate change. Commercial vehicles like trucks and buses are major contributors to auto emissions. In some cases rivals are joining forces to gain a a competitive edge and cut costs through “economies of scale” of by sharing knowledge and resources.
“It is hard to go at it alone. Working together is crucial,” Sato said,
Fuel cells power Toyota’s buses in
Details of the merger, including shareholding ratios, the company name and its structure will be worked out over the next 18 months, the companies said. They aim to sign a definitive agreement by early next year and close the transaction by the end of 2024. The deal still needs shareholders’ and regulatory approval.
The deal is a chance for a fresh start at Hino, its chief executive,
“We will unite our aspirations to ‘support mobility and contribute to society’ and hand in hand accelerate advanced technology development to overcome the increasingly fierce global competition,” he said.
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