Is Hino Motors still a publicly traded company?

No. Hino shares were delisted from the Tokyo Stock Exchange on March 30, 2026. Since April 1, 2026, Hino has been a 100%-owned subsidiary of newly formed ARCHION Corporation, which itself listed on TSE Prime that day with a market cap of about ¥1.11 trillion.

Who owns Hino Motors now?

Hino is wholly owned by ARCHION Corporation as of April 1, 2026, the holding company formed to integrate Hino and Mitsubishi Fuso. Toyota Motor Corporation and Daimler Truck AG each retain approximately 25% ownership of ARCHION as long-term strategic shareholders.

Is Hino Motors profitable in 2026?

Hino's FY2026 operating profit forecast was raised to ¥65 billion (4.3% margin) as of June 22, 2026, marking its first profitable year since the emissions certification scandal became public (FY2021 domestically, FY2020 in North America), per Toyokeizai reporting.

How bad was Hino's emissions scandal financially?

In FY2025 (ended March 31, 2025), Hino posted a net loss of roughly ¥217.8 to ¥234.9 billion, driven mainly by a ¥258.4 billion North American certification charge, on net sales of ¥1,815.6 billion (down 8.4% year-on-year).

Can Hino sell diesel engines in the United States?

Hino is under a five-year DOJ probation, effective from its March 19, 2025 sentencing, banning import of Hino-manufactured diesel engines into the US through roughly 2030, part of a settlement following the emissions certification scandal.

Who is Hino Motors' biggest competitor?

Domestically, Isuzu Motors leads, with its revenue advantage over Hino widening from 1.1x to 2.2x between FY2018 and FY2025 (Toyokeizai, June 22, 2026). Globally, BYD is an emerging threat, with commercial vehicle sales up 2.6x year-on-year to 57,000 units in 2025.

Automotive companies · subsidiary of ARCHION Corporation · Japan

Hino Motors, Ltd.

hino.com ↗

Japanese truck and bus maker, now a Toyota-Daimler joint subsidiary under ARCHION.

Losing its protection

Assessed 25 July 2026 · Evidence as of 25 July 2026

The structural protection is eroding.

On the recordSince 25 July 2026 · Checkable from Q3 2026 · Every call on the record Checkpoint: Le Series BEV production ramp with disclosed pricing and real fleet orders

The call

Hino now operates as a subsidiary inside ARCHION, kept alive by Toyota and Daimler Truck, while Isuzu and BYD keep pulling ahead in the truck market.

Hino Motors makes commercial trucks and diesel engines in Japan, but it is now fully owned by a partnership between Toyota and Daimler Truck as of April 2026. The company is the weaker player in its home market compared to Isuzu, which earns more than twice as much money, partly because Hino suffered damage from past emissions scandals that customers remember. Three big threats loom: Isuzu is ahead and targeting self-driving trucks by 2027, Chinese company BYD is growing fast and selling cheap electric trucks, and the U.S. ban on diesel engine imports until around 2030 cuts off a key sales channel. What could matter most is whether Hino's new electric truck line launches smoothly in late 2026 with competitive pricing and real customer orders, and whether its parent company decides to merge Hino with its other truck brand instead of keeping it separate.

Why

AI pressure: Isuzu Motors' Level 4 autonomous freight push. Isuzu targets Level 4 autonomous trucks by FY2027; ARCHION has announced no matching autonomy timeline for Hino. Could AI do the core job? Only partly.

Bigger players: BYD commercial vehicles. BYD sold 57,000 commercial vehicles in 2025, up 2.6x year over year, and is pushing into price competition Hino can't easily match. Could a giant copy it? Probably.

What protects it. Toyota and Daimler Truck each hold about 25% of ARCHION, giving Hino capital, shared platforms, and a protected dealer network.

What would change this call

Le Series BEV production ramp begins Q3 2026 with disclosed pricing and order-book numbers. Shows whether Hino can compete on EVs against Freightliner, Volvo, and BYD or falls further behind.
Isuzu's FY2027 revenue lead over Hino widens beyond 2.2x or stabilizes. Indicates whether Hino keeps losing domestic share to Isuzu or stops the slide.
ARCHION completes 5-to-3 domestic plant consolidation by end of 2028. Would show whether Hino is being folded into shared operations with Mitsubishi Fuso rather than run independently.

Key numbers

FY2025 net loss of about ¥218-235 billion after ¥258.4B US charge (2025-03-31)
Isuzu's revenue lead over Hino widened to 2.2x by FY2025 (2025-03-31)
FY2026 operating profit forecast raised to ¥65 billion, 4.3% margin (2026-06-22)

Named risks

Five-year DOJ probation bars Hino diesel engine imports into US through roughly 2030. Severity: high
Isuzu's revenue lead over Hino has widened from 1.1x to 2.2x, reflecting lasting scandal damage. Severity: high
BYD's fast-growing, lower-cost commercial EVs pressure margins in a commodity industry. Severity: medium
Le Series BEV unproven against already-shipping Freightliner eM2 and Volvo VNR Electric. Severity: medium
Domestic plant consolidation from five to three sites by 2028 risks labor and brand disruption. Severity: low

Rivals, as read in July 2026

Rival	Direction	Evidence
Isuzu Motors	losing to	Revenue lead widened from 1.1x to 2.2x FY2018 to FY2025; Isuzu targets Level 4 autonomy by FY2027
BYD	gaining on	Global commercial vehicle sales up 2.6x YoY to 57,000 units in 2025, entering price competition
Freightliner (Daimler Truck)	gaining on	eM2 BEV already shipping vs Hino's unproven Le Series slated Q3 2026
Volvo Trucks	gaining on	VNR Electric already in market as of 2026 Hino Le Series launch coverage
Mitsubishi Fuso	contesting	eCanter reportedly leads Japan's domestic EV-truck segment per Toyokeizai, June 2026

Questions people ask

Is Hino Motors still a publicly traded company?: No. Hino shares were delisted from the Tokyo Stock Exchange on March 30, 2026. Since April 1, 2026, Hino has been a 100%-owned subsidiary of newly formed ARCHION Corporation, which itself listed on TSE Prime that day with a market cap of about ¥1.11 trillion.
Who owns Hino Motors now?: Hino is wholly owned by ARCHION Corporation as of April 1, 2026, the holding company formed to integrate Hino and Mitsubishi Fuso. Toyota Motor Corporation and Daimler Truck AG each retain approximately 25% ownership of ARCHION as long-term strategic shareholders.
Is Hino Motors profitable in 2026?: Hino's FY2026 operating profit forecast was raised to ¥65 billion (4.3% margin) as of June 22, 2026, marking its first profitable year since the emissions certification scandal became public (FY2021 domestically, FY2020 in North America), per Toyokeizai reporting.
How bad was Hino's emissions scandal financially?: In FY2025 (ended March 31, 2025), Hino posted a net loss of roughly ¥217.8 to ¥234.9 billion, driven mainly by a ¥258.4 billion North American certification charge, on net sales of ¥1,815.6 billion (down 8.4% year-on-year).
Can Hino sell diesel engines in the United States?: Hino is under a five-year DOJ probation, effective from its March 19, 2025 sentencing, banning import of Hino-manufactured diesel engines into the US through roughly 2030, part of a settlement following the emissions certification scandal.
Who is Hino Motors' biggest competitor?: Domestically, Isuzu Motors leads, with its revenue advantage over Hino widening from 1.1x to 2.2x between FY2018 and FY2025 (Toyokeizai, June 22, 2026). Globally, BYD is an emerging threat, with commercial vehicle sales up 2.6x year-on-year to 57,000 units in 2025.

Timeline

2026-06-22Toyokeizai reports FY2026 operating profit forecast raised to ¥65B, first profit since scandal
2026-05-14ARCHION/Hino FY2026 results disclosure; IFRS reporting to begin FY2027
2026-05-05Hino Trucks unveils Le Series BEV at ACT Expo, production slated Q3 2026
2026-04-01ARCHION Corporation begins operations; Hino becomes 100% subsidiary; ARCHION lists on TSE Prime
2026-03-30Hino shares delisted from Tokyo Stock Exchange
2025-10-09Daimler Truck, Fuso, Hino, Toyota update integration plan; 5 plants to consolidate to 3 by 2028
2025-06-10Definitive agreement concluded to integrate Hino and Mitsubishi Fuso under new holding company
2025-06-02ARCHION Corporation legally established
2025-03-31FY2025 results: net sales ¥1,815.6B, net loss roughly ¥217.8 to ¥234.9B
2025-03-19DOJ sentencing imposes five-year probation banning Hino diesel engine imports to US

Revision history

25 July 2026

First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.

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