Toyota Motor Corp and Daimler Truck Holding AG have agreed to combine their truck operations in Japan, creating a new company that will be listed on the Tokyo Stock Exchange. The deal, which is still subject to regulatory approval, is expected to close in late 2023.
Under the terms of the agreement, Toyota and Daimler will each hold a 50% stake in the new company. The company will be headquartered in Tokyo and will have a workforce of around 15,000 people.
The new company will produce a range of trucks under the Hino and Mitsubishi Fuso brands. It will also develop and manufacture hydrogen fuel cells for trucks.
The deal is seen as a way for Toyota and Daimler to strengthen their position in the global truck market. The combined company will be the third-largest truck maker in the world, behind Daimler and Volvo.
It is also seen as a way for Toyota to gain access to Daimler's expertise in hydrogen fuel cells. Toyota is a major investor in hydrogen fuel cell technology and sees it as a key part of its strategy for reducing emissions from its vehicles.
The deal is the latest in a series of moves by Toyota to expand its presence in the global truck market. In 2019, Toyota acquired a controlling stake in Hino Motors. The company also has a joint venture with Isuzu Motors to produce trucks in India.
The deal between Toyota and Daimler is a sign of the growing importance of the truck market. The global truck market is worth around $1 trillion and is expected to grow at a compound annual growth rate of 3% over the next five years.
The deal is also a sign of the growing importance of hydrogen fuel cells in the transportation sector. Hydrogen fuel cells are seen as a potential alternative to diesel and gasoline engines for trucks. They are more efficient and produce zero emissions.
The combination of Toyota and Daimler's truck operations is a major development in the global truck market. It will create a new company that is well-positioned to compete in the global market. It will also help Toyota to accelerate its development of hydrogen fuel cell technology.
About Toyota
Toyota Motor Corporation commonly known as simply Toyota is a Japanese multinational automotive manufacturer headquartered in Toyota City, Aichi, Japan. It was founded by Kiichiro Toyoda and incorporated on August 28, 1937. Toyota is one of the largest automobile manufacturers in the world, producing about 10 million vehicles per year.
Toyota's history can be traced back to the early 1900s, when Sakichi Toyoda, Kiichiro's father, founded Toyoda Automatic Loom Works, a company that manufactured textile machinery. In 1933, Kiichiro Toyoda founded a new company, Toyota Motor Company, to produce automobiles. The company's first car, the Model AA, was released in 1936.
Toyota's early years were marked by success. The company's cars were well-received by consumers, and Toyota quickly became one of the leading automobile manufacturers in Japan. In 1950, Toyota began exporting its cars to the United States. The company's success in the United States helped to make Toyota a global brand.
Today, Toyota is one of the most successful automobile manufacturers in the world. The company produces a wide range of vehicles, including cars, trucks, SUVs, and hybrid vehicles. Toyota's cars are known for their quality, reliability, and fuel efficiency.
Toyota is also a leader in the development of new automotive technologies. The company is investing heavily in research and development, and it is working on a number of new technologies, including hydrogen fuel cells and self-driving cars.
Toyota is committed to sustainability. The company is working to reduce its environmental impact, and it is investing in renewable energy. Toyota is also working to develop more fuel-efficient vehicles.
Toyota is a global company with operations in over 100 countries. The company employs over 360,000 people worldwide. Toyota is a major contributor to the global economy, and it is a leader in the automotive industry.
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