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About Mitsubishi
Mitsubishi Motors Corporation (三菱自動車工業株式会社 Mitsubishi Jidōsha Kōgyō Kabushiki Kaisha) is the sixth largest automaker in Japan and the seventeenth largest in the world by global unit sales. It is part of the Mitsubishi keiretsu, formerly the biggest industrial group in Japan, and was formed in 1970 from the automotive division of Mitsubishi Heavy Industries.
Throughout its history it has courted alliances with foreign partners, a strategy pioneered by their first president Tomio Kubo to encourage expansion, and continued by his successors. A significant stake was sold to Chrysler Corporation in 1971 which it held for 22 years, while DaimlerChrysler was a controlling shareholder between 2000 and 2005. Chrysler LLC (former DaimlerChrysler) continues to do a joint-venture platform with Mitsubishi Motors on its Dodge Caliber, and Jeep Patriot and Compass. Long term joint manufacturing and technology licencing deals with the Hyundai Motor Company in South Korea and Proton in Malaysia were also forged, while in Europe the company co-owned the largest automobile manufacturing plant in the Netherlands with Volvo for ten years in the 1990s, before taking sole ownership in 2001.
Thanks to these alliances it benefitted strongly in the 1970s and '80s, increasing its annual production from 250,000 to over 1.5 million units. But its strong presence in south-east Asia meant it suffered more than most of its competitors in the aftermath of the 1997 East Asian financial crisis, and since then the company has struggled to consistently increase sales and maintain profitability.
The logo of three red diamonds, shared with over forty other companies within the keiretsu, predates Mitsubishi Motors itself by almost a century. It was chosen by Yataro Iwasaki, the founder of Mitsubishi, as it was suggestive of the emblem of the Tosa Clan who first employed him, and because his own family crest was three rhombuses stacked atop each other. The name Mitsubishi is a portmanteau of mitsu ("three") and hishi (literally, "water chestnut", often used in Japanese to denote a diamond or rhombus).
