The Toyota Revo BEV concept car seen at the 44th Bangkok International Motor Show.
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Daimler Trucks Holding AG and Toyota Motor Corp said on Tuesday they had reached a non-binding agreement to combine the operations of their truck divisions in Japan.
Under the memorandum of understanding (MOU), the businesses of Daimler’s Mitsubishi Fuso Truck and Bus Co and Toyota subsidiary Hino Motor Co Ltd will be combined into one holding company, they said in a statement.
Shares of the new company are expected to be listed on the main market of the Tokyo Stock Exchange.
Daimler Trucks and Toyota will invest equally in the company and collaborate on the development of hydrogen and other technologies such as connectivity and autonomous driving, the statement said.
The two companies expect to sign a definitive agreement in the first quarter of 2024 and close the deal by the end of next year, they said.
Last year, a committee investigating the emissions scandal at Hino, which became a Toyota subsidiary in 2001, found the truck and bus maker had falsified emissions data dating back to 2003.
The heads of the four companies will hold a joint news conference in Tokyo at 4:30 pm (0730 GMT).