Toyota Signs MoU With Daimler Truck To Merge Japanese Truck Operations

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).
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"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.
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Price Action: TM shares traded lower by 0.31% at $139.65 on the last check Tuesday.