Hino Motors divests subsidiaries, eyes integration benefits

Hino Motors, Ltd. resolved on December 18, 2025, to transfer managerial control of five consolidated subsidiaries—Higashi Hokkaido Hino Motors, Ltd., Hokkaido Hino Motors, Ltd., Miyagi Hino Motors, Ltd., Fukushima Hino Motors, Ltd., and Minami Kanto Hino Motors, Ltd.—to HO TAI MOTOR CO., LTD. by transferring 80.0% of their shares. Managerial control of Shizuoka Hino Motors, Ltd., also a consolidated subsidiary, will be transferred to Aichi Hino Motors, Ltd. by transferring 88.5% of its shares. These transfers are intended to strengthen management, enhance competitiveness, and achieve sustainable growth, while addressing potential competition law concerns related to Hino's business integration with Mitsubishi Fuso Truck and Bus Corporation.

The total transfer price for the shares of the five subsidiaries transferred to HO TAI MOTOR CO., LTD. is a planned JPY 27,026 million. The transfer price for Shizuoka Hino Motors, Ltd. will not be disclosed due to confidentiality. Hino Motors expects to record an extraordinary gain on the sale of shares of affiliated companies amounting to JPY 27,349 million (estimated, consolidated basis) in or after April 2026.

The implementation of these transfers is conditional on the completion of the closing under the Business Integration Agreement and the necessary competition law procedures, with a target completion date of April 1, 2026. The company also plans to convert a portion of its retained shares in these subsidiaries into non-voting shares, reducing its voting rights ownership to 19.9% or less post-transfer for each entity.