Honda and Mitsubishi agree to build pickup based on Triton
Automologist Atherton shares insights on the pickup market in Southeast Asia
Honda has entered into a memorandum of understanding (MOU) with Mitsubishi to develop a new pickup truck based on the Mitsubishi Triton. The Japanese automakers, together with Mitsubishi’s alliance partner Nissan, have reportedly been in discussions about potential collaboration since August 2024.
These automotive giants signed a tripartite Memorandum of Understanding (MOU) to explore collaboration in electric vehicle development, automotive software, and complementary product supply in 2024
Under the agreement, the automakers aim to leverage their existing vehicle platforms to fill gaps in their product portfolios across major global markets. Through this route, sharing resources and technologies, they could minimise direct competition and reduce the significant costs associated with developing similar vehicle platforms independently.
Japanese carmakers previously held a commanding presence in Thailand and Indonesia, accounting for a combined market share of about 90%.
However, the growing presence of Chinese brands such as BYD has seen their combined share decline to approximately 70%–80%. Honda appears to be one of the most affected, recording a 20% year-on-year drop in sales across Malaysia, Thailand and Indonesia during the first eight months of the year, with total sales falling to around 110,000 units.
Should the plan proceed to cater to Southeast Asia’s market in 2028, Honda’s upcoming pickup would be the third vehicle based on the Triton platform, joining the latest Nissan Navara. All three models are set to be built at Mitsubishi’s manufacturing facility in Laem Chabang, Thailand.
Adopting an existing vehicle platform would allow Honda to broaden its lineup, enter the market quickly while minimising development costs and risks amid stiff competition from brands from China
The partnership would allow Honda to strengthen its presence in the ASEAN market by adding a pickup truck to its lineup in a faster and more cost-efficient manner. Meanwhile, Mitsubishi would benefit from higher production volumes and better utilisation of its manufacturing capacity in Thailand.
So, would you buy one?
