Who owns which truck and bus brand: the groups behind the badges

Daimler Truck’s brands are BharatBenz, Freightliner, Mercedes-Benz, Setra, Thomas Built Buses and Western Star. The TRATON GROUP, in which a Volkswagen company held 87.52% of the voting interest at the end of 2025, has Scania, MAN, International and Volkswagen Truck & Bus. The Volvo Group has Volvo, Renault Trucks, Mack, Prevost and Nova Bus, and PACCAR has Kenworth, Peterbilt and DAF. Iveco Group has been part of Tata Motors since 30 October 2026. Mitsubishi Fuso and Hino sit under the holding company ARCHION, and the Volvo Group sold UD Trucks to Isuzu Motors in 2021.

Status as at 5 November 2026. The group and brand pages under Sources were read on that day, apart from Temsa’s North American page, read on 27 October 2026. The reports and releases carry their own dates, the latest being Iveco Group’s release of 30 October 2026. Tata Motors’ offer for Iveco Group was still in its reopened period on 5 November 2026.

The groups and their brands

Unit sales by group are in the largest truck manufacturers in the world. Plants and production are in who builds trucks in Europe and who builds buses and coaches in Europe, market entrants in new truck brands entering Europe, and trailer makers in trailer manufacturers in Europe.

Who holds the groups, and who holds stakes in whom

Several of these groups are themselves held by another company, and some hold part of another maker.

The chain above TRATON continues in Sinotruk’s report: at 31 December 2025 Familie Porsche Beteiligung GmbH held 55.46% of the voting interest in Porsche Automobil Holding SE, and at the head of the chain stands Ferdinand Porsche Familien-Privatstiftung, an Austrian private foundation.

The TRATON and Sinotruk rows meet. TRATON’s history records that in 2018 “TRATON AG and CNHTC Group Corp., Ltd., significantly expand their strategic partnership”, and Sinotruk’s report gives the shareholding. CNHTC and SDHi are state-owned enterprises; CNHTC became Sinotruk’s immediate holding company on 2 April 2025, and SDHi is its ultimate holding company. The same report says the truck and bus activities of the SDHi and Porsche foundation groups “constitute competing businesses to the Group”, and that the CNHTC Group and the Weichai Group are both subsidiaries of SDHi. Weichai’s engines have a page of their own.

Some companies are held by two or three of these groups together. The Volvo Group’s report gives cellcentric, formed by Daimler Truck AG and the Volvo Group in 2021 as a 50:50 joint venture for fuel-cell systems; Coretura, established by the same two in 2025 as a 50:50 joint venture for a software-defined vehicle platform; and the charging company Milence, created in 2022 by the Volvo Group, Daimler Truck and the TRATON Group, of which the Volvo Group owns 33.3%.

Japan: ARCHION, and Isuzu with UD Trucks

Daimler Truck, Mitsubishi Fuso, Hino and Toyota concluded definitive agreements on integrating the two makers on 10 June 2025, according to Hino’s site. Daimler Truck’s release of 12 March 2026 describes the planned structure: a new holding company, ARCHION Corporation, registered in Tokyo and planned to be listed on the Tokyo Stock Exchange, “which will own 100% of Mitsubishi Fuso and Hino”, with Daimler Truck AG and Toyota each intending to hold 25%. The release targets 1 April 2026 for closing, subject to the necessary conditions, and for the deconsolidation of Mitsubishi Fuso from Daimler Truck.

On 5 November 2026 Hino’s site says “Hino Motors shares were delisted on April 1, 2026”, Fuso’s site carries the line “An ARCHION Group Company”, and Daimler Truck’s list of brands does not name Fuso. ARCHION’s news list includes “ARCHION Announces the Closing of Secondary Offering of Shares” on 29 July 2026 and its first-quarter results on 12 August 2026. The headlines do not give the shareholdings after that offering.

The Volvo Group’s report records the sale of UD Trucks to Isuzu Motors in 2021. UD Trucks’ site lists a press release of 13 May 2026 headed “Isuzu begins review of merger with UD Trucks”, and another of 12 February 2026 on moving Isuzu’s heavy-duty truck production from its Fujisawa plant to UD Trucks’ Ageo plant.

Iveco Group and Tata Motors

Tata Motors’ voluntary tender offer for all common shares of Iveco Group, at EUR 14.4 per share in cash (cum dividend), was made through TML CV Holdings B.V. After settlement on 30 October 2026 the offeror held 238,157,212 common shares, and the joint release of Tata Motors and Iveco Group states: “As a result, Iveco Group has become part of Tata Motors.” The offer reopened for the sessions of 2 to 6 November 2026, with settlement of those shares on 13 November 2026. Further steps, “the Voluntary Purchase Procedure, the Dutch Legal Squeeze-Out or the Post-Offer Demerger and Liquidation”, are to be communicated by the offeror “in due course”. Iveco Group’s brands and the run-up to the offer are in who builds trucks in Europe.

Same name, different owner

• Volvo. “AB Volvo and Volvo Car Corporation jointly own the Volvo brand and trademarks through Volvo Trademark Holding AB.” Each has the exclusive right to use the name and trademarks for its own products and services, AB Volvo under a licence agreement.
• Renault. The Volvo Group’s rights to the Renault brand and trademarks “are related to the truck operations only and are regulated by a license from Renault s.a.s., which owns the Renault brand and trademarks”.
• Volkswagen Truck & Bus. Volkswagen AG created Volkswagen Truck & Bus GmbH in 2015 to bundle MAN, Scania and Volkswagen Caminhões e Ônibus, and in 2018 it became the TRATON GROUP. The name now belongs to one of TRATON’s four brands, which TRATON describes as present in South America, Mexico, Africa and Asia. Sinotruk’s report lists TRATON’s brands with Volkswagen Caminhões e Ônibus beside Scania, International Motors and MAN.
• International and Navistar. TRATON’s page says of International: “Formerly known as Navistar”. Its history gives the steps: 16.6% of the shares of Navistar Inc. in 2017, the merger completed in 2021.
• Isuzu in Türkiye. Anadolu Isuzu began producing Isuzu vehicles after a licence agreement with Isuzu Motors in 1983. Its about page calls it a joint venture and lists Isuzu Motors Ltd. among three named shareholders.

Bus and coach makers outside those groups

Inside the groups, Daimler Buses, a Daimler Truck segment, “is responsible for the global activities of the bus, coach and service brands Mercedes-Benz, Setra, OMNIplus and BusStore”, and the Volvo Group’s Buses segment is Volvo Buses and Prevost. Six other makers have an owner or shareholders named in the documents read:

Two arrangements in these documents are not presented as ownership. Under an agreement announced on 11 September 2025, Otokar was to build the conventionally powered Mercedes-Benz Conecto for Daimler Buses at Sakarya from September 2026, in what the release calls a “contract manufacturing arrangement”, with Daimler Buses supplying the major components. Alexander Dennis’s history records a partnership with BYD from 2016 for electric buses. Neither text mentions a shareholding.

What changed, when

Not verified