Mitsubishi Motors has experienced a significant shift in its top earning market, with North America surpassing Southeast Asia just as the carmaker prepares to introduce an electric vehicle sourced from Nissan and a new mid-sized pickup truck.
While Southeast Asia has historically been Mitsubishi’s most profitable region, challenges such as high interest rates and a strong Thai baht have impacted its local business. In contrast, favorable foreign exchange rates and the weakening of the Yen have bolstered its performance in North America. This change in fortunes aligns with Mitsubishi’s recent confirmation of new products in development for the North American market.
Among these new offerings, a key model will be an electric vehicle sourced from Nissan. Mitsubishi’s CEO, Takao Kato, mentioned in an earnings call that this project is still in the study phase, providing no further details about the EV.
Another significant development is the introduction of a new mid-sized pickup truck, developed in partnership with Nissan and manufactured in Mexico. This move enables Mitsubishi to avoid a 25% tariff on imported pickups into the U.S. and positions the brand against competitors like the Ford Ranger. It remains unclear if this new model will resemble the Triton pickup sold in Southeast Asia and other overseas markets.
In March, Nissan and Honda announced a memorandum of understanding to explore sharing and procuring key electric vehicle components. While Mitsubishi has not been approached by Nissan or Honda for collaboration on this project, Kato expressed the brand’s openness to such partnerships, stating, “One thing for sure is that it would be extremely difficult for an automaker of our size to survive all on its own. I think exploring collaboration with partners is the best strategy.”
In return for providing Mitsubishi with an electric vehicle, Nissan will leverage Mitsubishi’s plug-in hybrid technology in its future models. This exchange underscores the increasing trend of collaboration among automakers to navigate the rapidly evolving automotive landscape.
