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I'd bet Pikmin 4 wasn't in development at all. Miyamoto forced development of Pikmin 3 by announcing it at e3 a few years ago which forced Nintendo into making it. Pikmin 3 did not sell well and there is no reason to put resources into Pikmin over other game series (I'm a Pikmin fan btw).

This was probably Miyamotos attempt to force Nintendo to make another Pikmin title since he really loves the series. But this time management said no.