Most of the competitors have had 3-4 generations/facelifts in the same time period.
Civic for example.
2005-2011: 8th gen
2012: 9th gen
2013-2015: 9th gen emergency facelift
2016: 10th generation
VW Golf
2007-2009: 5th gen
2010-2013: 6th gen
2015- 7th gen
Mitsubishi:
2007- infinity: Mitsubishi Lancer
And Mitsubishi stated they won't be developing sedans anymore, so nothing is in the pipeline. There must still be enough people with poor credit who are willing to finance these cars over 7-8 years, otherwise they wouldn't be selling any.