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Sep 27, 2023

Daimler, Toyota, & Mitsubishi To Partner On Hydrogen Tech

Daimler, Toyota Hino, and Mitsubishi are hoping their economies of scale will

Daimler, Toyota Hino, and Mitsubishi are hoping their economies of scale will cut down the costs of hydrogen.

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Daimler and Toyota Hino are two of the biggest names in commercial trucking, and they’ve just signed an MOU with Mitsubishi Fuso that will see the acceleration of that company merging with Hino and the development of new, advanced trucking tech (hydrogen).

Mitsubishi Fuso and Toyota's Hino will be merged "as equals," and collaborate in the areas of commercial vehicle development, parts procurement, and production. Together, they’ll build a globally competitive Japanese commercial vehicle manufacturer that will, "strengthen the foundation of the Japanese and Asian automotive industries and contributing to their customers, stakeholders and society."

For their parts, the executives of the two companies seem genuinely hyped by the merger. Karl Deppen, the CEO of Mitsubishi Fuso, says, "This close collaboration will enable us to accelerate the decarbonization of the transportation industry, creating an even stronger Japanese commercial vehicle manufacturer. Under the two well-established brands of FUSO and HINO, we will continue to take a leading role in serving customer needs in Japan, Asia and beyond."

The newly-formed company will collaborate with Daimler on the development of hydrogen and other CASE technologies to support the competitiveness of the new company.

"We at Daimler Truck are very proud of our products, because trucks and buses keep the world moving," says Martin Daum, CEO of Daimler Trucks (who was, I’m told, the "talking head" I referred to in my long-ish ACT screed a few weeks ago). "Soon, they will even do so with zero emissions. So there is a great future ahead — and today's announcement is a crucial step in making that future work economically and in leading sustainable transportation. The planned new company will be a major force in Southeast Asia and an important associate of the Daimler Truck family."

The companies’ MOU says that they intend to promote the use of environmentally friendly vehicles and increase the value of mobility in the world's social systems.

Details on the scope and nature of the final arrangements remain undecided, but the parties are promising the definitive signing of agreements in the first quarter of 2024 and aim to close the transaction by end of 2024. Once the parties reach an agreement, they will move forward based on the approval of the relevant boards of directors, shareholders, and authorities.

As for me? I might be a bit of a cynic, but I’m not sure I’m sold on the hydrogen love-in, and this seems like more of a political/lobbying move to advance that cause than it is a push towards genuine environmentalism — but no one asked me. What do you guys think? Scroll on down to the comments and let us know.

Source | Images: Daimler Truck.

I've been involved in motorsports and tuning since 1997, and have been a part of the Important Media Network since 2008. You can find me here, working on my Volvo fansite, riding a motorcycle around Chicago, or chasing my kids around Oak Park.

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