Hino Motors Shares Jump on Merger Plan with Mitsubishi Fuso Truck and Bus
31 Mai 2023 - 4:39AM
Dow Jones News
By Kosaku Narioka
Hino Motors shares rose sharply Wednesday morning following news
of a merger plan with Daimler Truck-owned Mitsubishi Fuso Truck and
Bus.
The Hino shares were recently 12% higher at 619 yen after rising
as much as 15% earlier.
Hino said Tuesday after market close that it agreed to merge
with Mitsubishi Fuso Truck and Bus on an equal footing by the end
of 2024.
Hino's earnings have deteriorated since it acknowledged in March
2022 the falsification of engine performance data and suspended the
sale in Japan of vehicles equipped with certain engines. The truck
unit of Toyota Motor posted a net loss of Y117.66 billion ($841.7
million) for the fiscal year ended in March.
In late April, the company projected net profit of Y10.00
billion for this fiscal year as it started resuming shipping of the
vehicles affected after receiving the government's safety
certificates.
Toyota and Daimler Truck said Tuesday that they would equally
invest in the holding company of the merged company to be listed in
Japan and work together on the development of hydrogen-fuel,
autonomous-driving and electric-vehicle technologies.
Write to Kosaku Narioka at kosaku.narioka@wsj.com
(END) Dow Jones Newswires
May 30, 2023 22:24 ET (02:24 GMT)
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