Mitsubishi Says It Can't Afford To Build Its Own EVs

Mitsubishi said it cannot afford to develop its own electric vehicles from scratch, pointing to slowing EV growth and the cost of new platforms. Speaking at the company’s shareholder meeting on June 18, CEO Takao Kato said that creating a bespoke EV would require “massive investment,” and losses from weaker-than-expected sales could become a major management problem. Mitsubishi’s current approach relies on collaboration and badge engineering, illustrated by the Eclipse Sportback, described as a rebadged Nissan Leaf. The company also cited that other Japanese automakers have faced costly setbacks; Honda recently canceled its planned 0 Series EV launch, incurring nearly $16 billion in restructuring costs. Mitsubishi sold 883,828 vehicles in 2025, versus Honda’s 3,396,057. Later this year, Mitsubishi plans another EV built by Foxconn in Taiwan, likely exported to nearby markets rather than the U.S.