Toyota Motor Corp. and Germany’s Daimler Truck Holding AG have reached a definitive agreement to merge their Japanese commercial-vehicle subsidiaries, Hino Motors Ltd. and Mitsubishi Fuso Truck and Bus Corp., into a single holding company. The transaction, first outlined in 2023, is scheduled to close by April 2026. Under the terms announced, Toyota and Daimler Truck will each take a 25% stake in the newly formed company, which intends to seek a listing on the Tokyo Stock Exchange. As part of the restructuring, Hino’s Hamura plant in western Tokyo will be sold to Toyota. The partners said the combination will create a stronger player in the global truck and bus market by pooling development spending on zero-emission technologies, including hydrogen fuel cells and autonomous driving. The move comes as competition intensifies from Chinese and U.S. manufacturers and as regulators tighten emissions rules worldwide.