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Hottest Auto Stock in Asia Surges 84% Thanks to Focus on Asean

  • Mitsubishi Motors’ core market has a cushion from US slowdown
  • Japanese automakers are also benefiting from the weak yen
Employees work on a production line at the Mitsubishi Motors Corp. plant in Cikarang, Indonesia.

Employees work on a production line at the Mitsubishi Motors Corp. plant in Cikarang, Indonesia.

Photographer: Dimas Ardian/Bloomberg
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Mitsubishi Motors Corp. shares have rallied 84% this year, outperforming all Asian peers, spurred by a demand revival for small cars and pickups in Southeast Asia. 

While Japanese car exporters have benefitted from the yen plunging to a 24-year low, Mitsubishi Motors has also been helped by a product mix suited to emerging markets in Asia, where pent-up demand is being turned into purchases as economies reopen after the pandemic’s peak.