Thailand's pickup market has collapsed from 388,000 units in 2022 to 144,000 in 2025 — and that collapse is now reshaping product plans at two Japanese OEMs. Honda Motor has agreed to sell Mitsubishi Motors' Thai-made Triton pickup under its own brand across Southeast Asia from 2028, according to reports in Japan citing sources close to the company.

Neither automaker has confirmed the deal publicly. Reports in Japanese media say the agreement covers rebadged versions of the Triton, giving Honda an entry into a segment it abandoned years ago.

Why does Honda want a pickup it doesn't build?

Honda's sales in Southeast Asia have dropped sharply in recent years as Chinese brands surge across the region. A ladder-frame one-ton pickup — a vehicle Honda has no platform for and no plant dedicated to — lets the automaker defend dealer networks and market share in Thailand, Indonesia and neighbouring markets without tooling up itself.

The deal also deepens Honda's collaboration with the Renault-Nissan-Mitsubishi Alliance. Honda and Nissan spent months in 2024-25 exploring consolidation, and this badge-engineering arrangement keeps industrial ties alive even as the two companies' broader tie-up plans shift.

What does Mitsubishi get out of it?

Mitsubishi gains volume at its main global Triton facility in Laem Chabang, east of Bangkok. The plant produced roughly 113,000 Triton pickups last year, exported worldwide, plus about 25,000 Pajero SUVs built on the same ladder chassis.

That output base has been under pressure. Thailand's pickup segment — long the region's profit engine — has shrunk by nearly two-thirds in three years as household debt tightened financing and Chinese EV and hybrid entrants pulled buyers away from diesel trucks. A second brand taking Triton volume would strengthen economies of scale in a segment under severe strain.

Laem Chabang already builds a Triton derivative for another Alliance member: the Nissan Navara Diesel (D27), launched earlier this year in Australia and New Zealand. Adding Honda as a third customer would make the Thai plant a shared pickup hub for three Japanese brands.

What to watch next

The critical markers are timing and confirmation. The reported 2028 launch implies a decision window within the next 12–18 months, given homologation, supplier tooling and dealer preparation lead times in ASEAN markets. Watch for:

• An official announcement from Honda or Mitsubishi confirming the agreement and naming launch markets
• Any capacity adjustment or added shifts at Laem Chabang to cover the additional volume
• Honda's stated sales target for the rebadged truck against the 144,000-unit Thai pickup market

Until Honda confirms, this remains a well-sourced intention rather than a production program — but if it holds, it marks the first time Honda has sold a Mitsubishi-built vehicle under its own badge.