Toyota-backed Hino Motors to merge with Daimler-backed MFTBC.

Toyota-backed Hino Motors, a manufacturer of commercial vehicles and diesel engines, agreed to merge with Daimler-backed Mitsubishi Fuso Truck and Bus, a manufacturer of trucks and buses. Financial terms were not disclosed. "Hino Motors and MFTBC will work together to improve operational efficiencies, including in development and production, and hone the competitiveness of Japanese commercial vehicle manufacturers, thereby contributing to the protection of the foundation of the Japanese and Asian automotive industries and contributing to their customers, stakeholders, and the Japanese automotive industry," Hino Motors.