Pajero Returns at the Front of the Pack: Mitsubishi Doubles Down on Off-Roaders Instead of EVs

© A. Krivonosov

Mitsubishi has laid out a long-term growth plan stretching into the 2030s. The company is preparing 13 new models over the next six years, will invest around 1 trillion yen, or $6.3 billion, and will focus on markets where SUVs, pickups, and hybrids remain in strong demand.

The cornerstone of the strategy will be the new Pajero. Its world premiere is scheduled for autumn 2026, and the model will later evolve into an entire series. For Mitsubishi this is a logical move: the brand is once again leaning on what it’s most strongly associated with — off-road capability, utility, and markets beyond Europe.

The bulk of resources will go toward strategic models for ASEAN and the off-road lineup. The Philippines, Vietnam, and Japan are in focus, alongside the Middle East and Latin America. These are regions where demand for combustion engines and hybrids remains more resilient than for pure electric vehicles.

The financial targets are ambitious: operating profit of 160 billion yen by fiscal 2029 and 200–250 billion yen after fiscal 2030. The operating margin is expected to rise from 4.5% to 5.5% and beyond, return on equity to 10% and then over 12%. Shareholders are promised about 100 billion yen in returns.

What stands out is something else: the strategy contains almost no specific targets for electric vehicles. Mitsubishi names no timeline for mass electrification, no EV sales goals, no battery investments. This looks less like forgetfulness and more like a deliberate choice: the company is heading where its current strengths can still be monetized.

In this picture, Pajero is more than nostalgia. It’s a test of whether Mitsubishi can once again sell the world not a promise of the future, but a vehicle with clear, practical value today.