Daimler Truck Holding AG and Toyota Motor Corp have struck a preliminary deal to combine their truck units in Japan, the companies said on Tuesday.
Under the memorandum of understanding , the businesses of Daimler-owned Mitsubishi Fuso Truck and Bus Corp and Toyota subsidiary Hino Motors LtdThe shares of the new company are expected to be listed on the Tokyo Stock Exchange's prime market.
"We are accelerating towards zero emissions, but there is one major challenge and this is the required funding," Daum said. "There is only one way to make this parallel tech development work: economies of scale." Daimler Truck and Toyota will invest in the company equally and cooperate on the development of hydrogen and other technologies in areas such as connectivity and autonomous driving, their statement said.
The companies expect to sign a definitive agreement in the first quarter of 2024 and close the transaction by the end of next year, they said.
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