Trucks and Cars Business Magnates Collide, Leading to a Significant Rearrangement in the Private Business Sector
In a significant move for the automotive industry, Toyota Motor Corporation announced plans for a major private-sector-led reorganisation of Japan's four truck manufacturers, following negotiations with Daimler Truck. The announcement was made at Toyota's General Shareholders' Meeting held on June 12 at the company's headquarters in Toyota City, Aichi.
During the meeting, Chairman Akio Toyoda shared his thoughts on the partnership, including his first encounter with Daimler's former CEO, Martin Daum. However, specific details about Chairman Toyoda's impressions of Martin Daum during their initial meeting were not disclosed in the available information.
The collaboration between Toyota and Daimler Truck began two and a half years ago, based on a shared vision and sense of values, as revealed by Toyota's President Koji Sato at a press conference announcing the move. The reorganisation created two groups, including Toyota and Daimler.
The business alliance between Toyota and Hino Motors, a subsidiary of Toyota, dates back to 1966. Toyota has historically focused on compact passenger cars, while leaving the truck business to Hino. In the partnership with Daimler, Toyota has assured that Hino and Mitsubishi Fuso, another truck manufacturer, will be kept going in the partnership.
Chairman Toyoda also mentioned a joint statement from 1966, stating that both companies, Hino and Toyota, will be responsible for managing operations based on their unique characteristics. Vice President Hiroki Nakajima outlined the history of the Hino-Toyota alliance and the truck business within Toyota during the meeting.
In addition to the partnership with Daimler, Toyota is also working with Isuzu, Volvo, and UD to build various commercial vehicles. At the general meeting, Toyota's leadership fielded 13 questions from 6,752 attendees, covering topics like workplace culture reforms and all-solid-state battery progress.
Interestingly, Daimler's initial impression of Toyota was that they wanted to take control and turn all the other brands into Daimler. However, Daum was found to be a "genuine 'truck guy'" and the collaboration was formed based on mutual respect and shared goals. Vice President Nakajima explained that Toyota's potential involvement in the truck business is limited, especially in heavy-duty trucks.
Definitive agreements for the merger were signed on June 10 between the pair and their respective parent companies, Toyota and Daimler Truck. The partnership is expected to bring significant changes to the truck manufacturing industry, with both companies aiming to leverage their combined expertise and resources for innovation and growth.
- Displaying a shared passion for the truck industry, Toyota and Daimler Truck are collaborating to bring significant changes in the sports of truck manufacturing, combining their expertise and resources for innovation and growth.
- Despite initial apprehensions, Toyota's partnership with Daimler Truck began two and a half years ago, based on a shared vision and values, with both companies respecting each other's unique characteristics and working toward a common goal in the world of sports (truck manufacturing).
