Mitsubishi already has links with Honda and Nissan, and now the automaker has joined a wide-ranging partnership that was initially formed between Honda and Nissan in March.
The news was first reported by the Nikkei on Sunday and confirmed by the three automakers on Thursday.
In a joint statement, the automakers said they have signed a memorandum of understanding to jointly explore the potential for collaboration, specifically in the areas of vehicle electrification and software development. They also said Mitsubishi joining the partnership will help provide additional synergies and business opportunities compared to a partnership solely made up of Honda and Nissan.
According to the previous Nikkei report, Mitsubishi teaming up with Honda and Nissan will leave Japan with two dominant auto groups. One will be Toyota and its associated brands and the other will be the alliance between Honda, Nissan, and Mitsubishi. Combined, the two groups last year sold over 19 million vehicles.
CEOs of Honda and Nissan study EV partnership - March 2024
Nissan already owns 34% of Mitsubishi and the two share vehicle platforms and technology via their existing alliance that also includes Renault. Mitsubishi has also collaborated with Honda in the past, most recently in the area of battery leasing for EVs via a joint venture called Altna.
Japanese automakers are consolidating in an effort to reduce costs but also catch up in the EV race after years of promoting hydrogen fuel cells as an alternative. Toyota, Mazda, and Subaru also in May announced plans to collaborate on internal-combustion engines.
The moves are aimed at fending off competition from international rivals, and particularly from China which last year overtook Japan to become the world's largest vehicle exporter.
Separately, Honda and Nissan announced on Thursday plans to jointly explore platforms for next-generation software-defined vehicles. An SDV is a vehicle where both software and hardware features can be enhanced over time through software, typically via over-the-air updates.
