日经综述：三菱汽车将以帕杰罗等差异化车型转向独立增长，但报道以战略复盘为主、缺少新增财务催化

TOKYO -- As Mitsubishi Motors marks 10 years since coming under Nissan Motor's wing on Tuesday, it is transitioning from a rebuilding period to accelerating growth by concentrating its resources on developing more of the distinctive vehicles it has long been known for.
Until the 2010s, the Mizushima plant in Kurashiki, Okayama prefecture in western Japan was one of Mitsubishi Motors' main production hubs, manufacturing vehicles like the Lancer Evolution sports car. Today, 80% of the plant's output consists of kei mini cars, including Nissan-branded models, symbolizing the results of the two companies' cooperation.
Nissan announced in May 2016 that it would invest in Mitsubishi Motors for a 34% stake, becoming its largest shareholder. "The combination of Nissan, Mitsubishi Motors and Renault ... will be one of the world's three largest automotive groups," then-Nissan President Carlos Ghosn said at the time, referring to the French automaker with which Nissan also has an alliance.
The catalyst that brought the two companies closer was their joint development of kei cars, which began in 2011. They still collaborate in that sector today, with Nissan handling the design and development of core components like platforms and engines, while Mitsubishi Motors manufactures the vehicles on a contract basis at Mizushima.
Mitsubishi Motors maintains a broad product lineup ranging from kei cars to commercial vehicles, but its research and development spending in fiscal 2025 was only around 110 billion yen ($694 million at today's rates), less than rivals with similar sales volumes like Mazda Motor and Subaru.
Mitsubishi Motors has leveraged cooperation with Nissan for investments in areas requiring large-scale spending, like kei cars and driver-assistance systems, while concentrating its own development budget on four-wheel-drive technology, an area of strength.
"The biggest benefit of receiving the investment was being able to utilize cooperation with Nissan in areas where it provided clear advantages," a Mitsubishi Motors executive said.
But not all of the synergies envisioned in 2016 have materialized. "Nissan parts were overengineered in terms of quality, so the cost benefits of parts sharing were limited," said another Mitsubishi Motors executive.
Mitsubishi Motors' primary markets are emerging economies like Southeast Asia. Parts developed primarily for Nissan's developed-market operations in North America and Europe were often too expensive to gain widespread adoption.
Recently, Mitsubishi Motors has increased the number of models developed independently of Nissan. The next-generation Outlander SUV, slated for launch around 2028, will use a platform it developed in-house.
The Outlander had been a flagship example of the collaboration, sharing most major components -- including its platform -- with Nissan, but Mitsubishi Motors concluded that independent development would generate better profitability.
The expansion strategy pursued under Ghosn also failed to deliver lasting results.
Mitsubishi Motors' global sales reached 1.24 million vehicles in the year ended March 2019, the most since fiscal 2007. But distortions from the rapid expansion became apparent during the coronavirus pandemic and other challenges. Heavy discounting eroded brand value, and the company was forced to undertake restructuring measures, including domestic factory closures and withdrawal from the Chinese market.
Thanks to lower development spending and reduced fixed costs, Mitsubishi Motors posted a fifth consecutive year of consolidated net profit in the year ended March 2026, bringing greater stability.
But it sold just 790,000 units that year, the lowest among Japan's automakers.
In its medium-to-long-term vision announced in May, Mitsubishi Motors said it aimed to raise its operating margin to 4.5% in the year ending March 2030, an increase of 1.9 percentage points from last fiscal year.
The question is how it will achieve this while sales volumes continue to decline. "Strengthening the brand through distinctive products will be the cornerstone of our growth," said President Keisuke Kishiura.
A key symbol of that strategy is the all-new Pajero SUV, which will return to the Japanese market in December. At a launch event in September, Kishiura said that "it will serve as the flagship model that drives the Mitsubishi Motors brand."
The starting price is expected to be 6.19 million yen, a sharp increase from 4.53 million yen for the last model launched in 2019.
In Japan, advance orders have already reached 4,000 vehicles, exceeding the company's sales target for fiscal 2026. "By emphasizing toughness and high quality rather than price, more customers are switching from domestic rivals and imported vehicles," said the company's head of domestic sales.
Mitsubishi Motors has long been known for its expertise in four-wheel-drive systems and durability, including through its participation in grueling long-distance rallies. As it refreshes its core lineup, it has steadily increased prices while packing vehicles with off-road capabilities.
With the Outlander and Delica D:5 minivan both priced above competing models, the company's average sales per vehicle rose about 70% over the past decade to 3.63 million yen in the year ended March.
Some dealers have voiced concerns. "Vehicle prices have risen so rapidly that more customers in rural areas can no longer afford to pay in cash even if they wanted to," one dealer said. The automaker will need a way to retain first-time buyers.
To that end, the company is working to expand its used-car business. Trade-in vehicles have up to now been purchased and resold by individual dealerships, which sometimes led to vehicles being sold through auctions at relatively low prices.
Going forward, headquarters will manage the process centrally and sell high-quality used vehicles through its own channels. Keeping trade-in values high will help reduce customers' effective ownership costs even as new-car prices rise.
After Nissan's investment, Mitsubishi Motors' strategy would often move in lockstep with Nissan's. But Nissan's own deteriorating financial condition has left it with less support capacity.
At Mitsubishi Motors' annual shareholders meeting in June, a chairman and president both from the company's own ranks were approved for the first time since the Nissan investment. The two companies' relationship is gradually shifting away from that of parent and subsidiary toward one in which they cooperate loosely while pursuing their own distinct identities.