Daimler Truck and Toyota Motor Corporation first announced their intention to integrate Mitsubishi Fuso and Hino Motors as equal partners in May 2023. The goal was to improve economic efficiency through close collaboration in development, procurement, logistics, and production—including their electric vehicle ranges, such as the Fuso eCanter and the Hino Dutro ZEV, a fully electric light-duty truck with an ultra-low floor chassis designed to facilitate easier entry and exit for delivery drivers.In October 2025, both parties outlined their final agreement, confirming that they will unite under the new holding company Archion from 1 April 2026, alongside plans for an initial public offering in Tokyo.The partners have now finalised the transaction. Archion, as the holding company, holds 100 per cent of the shares in both Hino and Mitsubishi Fuso.However, Daimler Truck and Toyota do not each hold 50 per cent of Archion, as would typically be the case in a standard joint venture. Instead, the companies used the transaction, alongside the parallel initial public offering, to bring in additional shareholders.Daimler Truck and Toyota stated that they will each retain around 25 per cent of Archion and remain committed as long-term strategic shareholders. No further strategic investors have been disclosed to date; the only additional shareholders named are investment firms including Vanguard and BlackRock.Karin Rådström, CEO of Daimler Truck, described the merger as ‘a significant milestone for the commercial vehicle industry in Asia. With the merger of two of Japan’s most respected brands — Mitsubishi Fuso and Hino — we are bringing together the strengths of both entities to form a powerful new company. ARCHION will be well positioned to capture future opportunities in the region by harnessing substantial synergies and scale, with Daimler Truck continuing as a committed shareholder.’Satyakam Arya, President and CEO of Hino Motors, added: “Guided by our mission ‘We make a better world and future by helping people and goods get where they need to go,’ Hino has been enhancing value to our customers and society through our trucks and buses since our establishment. Looking ahead, as part of ARCHION group, we are excited to collaborate with Mitsubishi Fuso and move forward with a focus on our five key priorities: sound governance and compliance, respect for people and teamwork, reliable products and services, enhanced customer value, and progress toward carbon neutrality. We are committed to redesigning the future of transportation by building trust with our customers, partners, employees and society.”Karl Deppen, a long-serving manager at Daimler Truck and current head of Mitsubishi Fuso, will lead the new Archion holding company as CEO.In addition, Archion will appoint a Chief Technology Officer to develop the group’s technology roadmap and implement synergies. This role will be taken on by Satoshi Ogiso, the former CEO of Hino Motors, who will also serve as Executive Director.daimlertruck.com, hino-global.com
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