Mitsu don't want to invest in a new generation of a Pajero, evident from the fact the current one is 14 years old now. Already discontinued in Japan
But they gotta do something and soon before even the most die hard fans get bored of this old car and move on.
Now with the recent tie up with Nissan seems like they are looking in the direction of a rebadged Nissan Patrol as the new Pajero. Although I don't see how that would help as the Patrol itself is pretty long in the tooth and starting to suffer the same issues.
https://www.motor1.com/news/387982/nissan-patrol-mitsubishi-pajero-platform/amp/
So if Pajero Patrol and Land Cruiser don't come up with something new. Won't be long before people stop paying 2020 money for a 2006-8 product