According to the companies, the merger will lead to cooperation in development, purchasing and production. It is to be completed in April next year and placed in a special company owned in equal parts.
Today is a big day for all our stakeholders. We are shaping the industry by gathering our strengths, says Karl Deppen, CEO of Mitsubishi Fuso, which is a division within Daimler's truck manufacturing.
Toyota's CEO Koji Sato also says he looks to the future with confidence.
Today's final agreement is not the goal but the starting shot, he says.
The jointly owned company – which still needs to be approved by the boards, shareholders and competition authorities – will have approximately 40,000 employees and is intended to be listed on the Tokyo Stock Exchange.
The two companies already aired thoughts about a merger two years ago.
