Toyota and Germany’s Daimler Truck have finalised an estimated $6.4bn merger of their heavy goods vehicle businesses in Japan in response to growing competition from Chinese rivals racing ahead on electrification and autonomous driving technology.
The deal brings together Toyota unit Hino Motors with Daimler Truck subsidiary Mitsubishi Fuso Truck and Bus. It creates a Japanese commercial vehicle powerhouse that sells more than 200,000 units annually and has greater scale to invest in hydrogen trucks and buses.
The merger comes as the global commercial vehicle industry undergoes a rapid transition towards electric and hydrogen-powered drivetrains and autonomous driving, with China taking the lead.
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