Difference between revisions of "Mitsubishi" - New World Encyclopedia

From New World Encyclopedia
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{{Refimprove|date=September 2007}}
 
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{{dablink|For information on Mitsubishi brand [[computer monitors]], see [[NEC-Mitsubishi Electronics Display of America Inc.]] For the automotive corporation, see [[Mitsubishi Motors]].}}
 
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{{Infobox_Company |
 
{{Infobox_Company |
 
  company_name = Mitsubishi Group<br>三菱グループ|
 
  company_name = Mitsubishi Group<br>三菱グループ|
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The {{Nihongo|'''Mitsubishi Group'''|三菱グループ|Mitsubishi Gurūpu}}, '''Mitsubishi Group of Companies''', or '''Mitsubishi Companies''' is a [[Japan]]ese [[Conglomerate (company)|conglomerate]] consisting of a range of autonomous businesses which share the Mitsubishi [[brand]], trademark and legacy. The Mitsubishi group of companies form a loose entity, the ''Mitsubishi [[Keiretsu]]'', which is often referenced in US and Japanese media and official reports; in general these companies all descend from the [[zaibatsu]] of the same name. A [[keiretsu]] is a common feature of Japanese corporate governance and refers to a collaborative group of integrated companies with extensive share crossholdings, personnel swaps and strategic co-operation. The top 25 companies are also members of the ''Mitsubishi Kin'yōkai'', or "Friday Club", and meet monthly. The Mitsubishi.com Committee is meant to maintain the overall integrity of the brand through a portal web site.{{Fact|date=April 2008}}
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The {{Nihongo|'''Mitsubishi Group'''|三菱グループ|Mitsubishi Gurūpu}}, '''Mitsubishi Group of Companies''', or '''Mitsubishi Companies''' is a [[Japan]]ese [[Conglomerate (company)|conglomerate]] consisting of a range of autonomous businesses which share the Mitsubishi [[brand]], trademark and legacy. The Mitsubishi group of companies forms a loose entity, the ''Mitsubishi [[Keiretsu]]'', which is often referenced in US and Japanese media and official reports. These companies all descend from the [[zaibatsu]] of the same name, founded in 1870, shortly after the Meiji Restoration, by Iwasaki Yataro. Originally a shipping and trading company, under Iwasaki it developed close ties with the Japanese government and diversified into mining, ship repair, newspapers, marine insurance, and documentary finance.
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Mitsubishi was the second-largest of the family-owned industrial-financial combines that dominated the economic life of Japan in the late 19th and early 20th centuries, and played a central role in the modernization of Japanese industry. Forced to disband by Allied occupation forces after World War II, Mitsubishi Corporation reconstituted itself in 1954, and participated in the unprecedented economic growth of Japan during the 1950s and 1960s. In 2007, Mitsubishi Motors ranked as the sixth largest [[automaker]] in [[Japan]] and the seventeenth largest in the world by global unit sales. As of 2007, Mitsubishi Corporation, a member of the Mitsubishi Group, was Japan's largest general trading company ([[sogo shosha]]), with over 200 bases of operations in approximately 80 countries worldwide. Together with its over 500 group companies, Mitsubishi employs a multinational workforce of approximately 54,000 people.
  
 
==History==
 
==History==
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The first Mitsubishi company was a [[shipping]] firm established by [[Yataro Iwasaki]] (1834–1885) in 1870. In 1873, its name was changed to ''Mitsubishi Shokai'' (三菱商会). The name Mitsubishi ([[wikt:三|三]][[wikt:菱|菱]]) has two parts: "mitsu" meaning "three" and "bishi" meaning "[[water caltrop]]" (also called "water chestnut"), and hence "[[rhombus]]", which is reflected in the company's [[logo]]. It is also translated as "three diamonds".<ref>[http://www.mitsubishi.com/e/group/mark.html The Mitsubishi Mark]</ref>
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===Yataro Iwasaki, founder===
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[[Image:Y Iwasaki.png|thumb|150px|Yataro Iwasaki]]
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Born in a provincial farming family in [[Aki, Kochi|Aki]], [[Tosa Province|Tosa]] province (now [[Kochi prefecture]]), Yataro Iwasaki (1835-1885) studied under the reformist [[Toyo Yoshida]], who influenced him with ideas about opening and developing Japan through industry and foreign trade. Through Yoshida, he found work as a clerk for the Tosa government, and was eventually promoted to financial manager of the Tosa clan's trading office in [[Nagasaki, Nagasaki|Nagasaki]], responsible for trading camphor oil and paper to buy ships, weapons, and ammunition.
  
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The company bought into [[coal mining]] in 1881 by acquiring the [[Takashima mine]], using the produce to fuel their extensive [[steamship]] fleet. They also diversified into shipbuilding, [[bank]]ing, [[insurance]], warehousing, and trade. Later diversification carried the organization into such sectors as [[paper]], [[steel]], [[glass]], electrical equipment, [[aircraft]], [[Petroleum|oil]], and [[real estate]]. As Mitsubishi built a broadly based [[conglomerate (company)|conglomerate]], it played a central role in the modernization of Japanese industry. {{Fact|date=February 2007}}
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Following the [[Meiji Restoration]] in 1868, which forced the disbandment of the [[shogunate]]'s business interests, Iwasaki travelled to [[Osaka]] and leased the trading rights for the Tosa clan's Tsukumo Trading Company. In 1870, the company adopted the name Mitsubishi Commercial Company (Mitsubishi Shokai, 三菱商会) when Iwasaki became president, and in 1873, the company officially changed its name to Mitsubishi. Mitsubishi diversified rapidly, acquiring more ships and expanding its passenger and freight services. Iwasaki supported the new Japanese government, and Mitsubishi provided the ships that carried Japanese troops to [[Taiwan]] and later to put down a rebellion in [[Kyūshū]]. He founded the Mitsubishi Transportation Company, and received more ships and a large annual subsidy from the government in return for carrying mail and other supplies. With government support, he was able to acquire further shipping rights on the lucrative [[Shanghai]] route and drive out two large foreign shipping companies. Iwasaki taught his subordinates to "worship the passengers" because they were sources of revenue. Iwasaki frequently entertained dignitaries and cultivated friends and business connections who later did him many favors.  
  
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The merchant fleet entered into a period of diversification that would eventually result in the creation of three entities:
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Iwasaki began to diversify, investing in mining, ship repair, newspapers, marine insurance, and documentary finance, and establishing the businesses that formed the foundation for the Mitsubishi organization. The company bought into [[coal mining]] in 1881 by acquiring the [[Takashima mine]], using the produce to fuel their extensive [[steamship]] fleet. Mitsubishi Kawase-ten, a financial exchange house that also engaged in warehousing business, was the forerunner of today's Mitsubishi Bank and Mitsubishi Warehouse & Transportation.  In 1884 he leased the Nagasaki Shipyard and renamed it Nagasaki Shipyard & Machinery Works, allowing the company to venture into full-scale shipbuilding.  Iwasaki purchase copper and coal mines, and participated in establishing the insurance company that is now Tokyo Marine and Fire. He also led the school that became the Tokyo University of Mercantile Marine.
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In 1885, Iwasaki lost control of his shipping company in the wake of a political struggle that had buffeted Japan's marine transport industry. The company merged with a rival and became Nippon Yusen (NYK Line), which later returned to the ranks of the Mitsubishi companies. The same year, Iwasaki died of stomach cancer at the age of 50.
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===Diversification and decentralization===
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Yanosuke Iwasaki (1851-1908) succeeded his brother as head of the Mistsubishi organization in 1885.  Under his autocratic leadership, Mitsubishi continued to grow. He incorporated Mitsubishi as a modern corporation, rebuilt the organization around its mining and shipbuilding businesses, and expanded its interests in banking, insurance and warehousing. In 1890, he purchased 80 acres of the land next to the Imperial Palace in Tokyo, now known as Marunouchi.
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In 1893, Iwasaki Hisaya (1865 – 1955), son of Iwasaki Yataro, assumed the presidency of Mitsubishi. He had graduated from the University of Pennsylvania, and he restructured Mitsubishi to support increasingly diverse business operations, setting up divisions for banking, real estate, marketing, and administration, as well as for the original mining and shipbuilding businesses. Iwasaki Hisaya believed in the observance of firm ethical principles in business dealings, and, after the outbreak of World War I in 1914, called on all Mitsubishi employees to up hold their commitment to integrity and fairness. He donated, to the city of Tokyo, two expansive Japanese gardens, Rikugien and Kiyosumi-Teien, and established an oriental library, Toyo Bunko.
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===Modernization===
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Koyata Iwasaki (1879 – 1945), the son of Iwasaki Yanosuke, took over the presidency of Mitsubishi in 1916. He had also studied abroad, and had graduated from Cambridge University. For almost 30 years, he played an important role in shaping Japanese industry. Under his leadership, the various divisions of Mitsubishi were incorporated into semiautonomous companies. The organization ventured into industries such as [[paper]], [[steel]], [[glass]], electrical equipment, [[aircraft]], [[Petroleum|oil]], and [[real estate]]. Automobiles, aircraft, tanks, and buses were developed by the companies that later became Mitsubishi Heavy Industries. Mitsubishi Electric grew into an industry leader in electrical machinery and in home appliances. The Iwasaki family made a public offering of shares in the core Mitsubishi holding company, and by the end of World War II, outside investors held nearly half of its equity. As Mitsubishi built a broadly based [[conglomerate (company)|conglomerate]], it played a central role in the modernization of Japanese industry.
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The organization  entered into a period of diversification that would eventually result in the creation of three entities:
  
 
*[[Mitsubishi Bank]] (now a part of the [[Mitsubishi UFJ Financial Group]]) was founded in 1919.  After its mergers with the Bank of Tokyo in 1996, and [[UFJ Holdings]] in 2004, this became Japan's largest bank.
 
*[[Mitsubishi Bank]] (now a part of the [[Mitsubishi UFJ Financial Group]]) was founded in 1919.  After its mergers with the Bank of Tokyo in 1996, and [[UFJ Holdings]] in 2004, this became Japan's largest bank.
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[[Image:Mitsubishi Zero-Yasukuni.jpg|thumb|right|Mitsubishi A6M "Zero" fighter]]
 
[[Image:Mitsubishi Zero-Yasukuni.jpg|thumb|right|Mitsubishi A6M "Zero" fighter]]
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The [[A6M Zero|Mitsubishi Zero]] was a primary Japanese naval fighter in [[World War II]]. It was used by [[Imperial Japanese Navy]] pilots in the attack on Pearl Harbor and in [[kamikaze]] attacks until the end of the war. [[Allies of World War II|Allied]] pilots were astounded by its maneuverability, and it was very successful in combat until the Allies devised tactics to utilize their advantage in firepower and diving speed. Mitsubishi also built the "[[Mitsubishi J2M|Raiden]]", a land-based interceptor.
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The [[A6M Zero|Mitsubishi Zero]], built by Mitsubishi, was a primary Japanese naval fighter in [[World War II]]. It was used by [[Imperial Japanese Navy]] pilots in the attack on Pearl Harbor and in [[kamikaze]] attacks until the end of the war. [[Allies of World War II|Allied]] pilots were astounded by its maneuverability, and it was very successful in combat until the Allies devised tactics to utilize their advantage in firepower and diving speed. Mitsubishi also built the "[[Mitsubishi J2M|Raiden]]", a land-based interceptor.
  
 
As well as building prominent fighters, Mitsubishi also built many of Japan's most famous bombers of the war, such as the [[Mitsubishi G3M|G3M]], the [[Mitsubishi G4M|G4M]], the [[Mitsubishi Ki-21|Ki-21]], and the [[Mitsubishi Ki-67|Ki-67]].  During the 1930s, Mitsubishi had also built the single-engined Ki-35.<ref>[[Tachikawa Ki-36]]</ref>
 
As well as building prominent fighters, Mitsubishi also built many of Japan's most famous bombers of the war, such as the [[Mitsubishi G3M|G3M]], the [[Mitsubishi G4M|G4M]], the [[Mitsubishi Ki-21|Ki-21]], and the [[Mitsubishi Ki-67|Ki-67]].  During the 1930s, Mitsubishi had also built the single-engined Ki-35.<ref>[[Tachikawa Ki-36]]</ref>
  
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During the Second World War, Mitsubishi manufactured aircraft, including the famous Zero that was used in the attack on Pearl Harbor on December 7, 1941 and many other occasions. Also, like many other large Japanese corporations at that time, it made use of slave labor from Allied POWs and the Japanese captured territories, like Korea and China. With poor working conditions, many people died during this period. Approximately twenty thousand Korean slave laborers died in the atomic bombings of Hiroshima and Nagasaki by the United States.
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===After World War II: new beginning===
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After World War II, the Allied occupation forces demanded that Japan's big industrial groups disband. Koyata Iwasaki, resisted conforming to these demands, but passed away in 1945. Mitsubishi Headquarters disbanded on September 30, 1946. The Mitsubishi holding company was dissolved, and the trading house fragmented into hundreds of independent enterprises. Most of these companies abandoned the Mitsubishi name and emblem under pressure from the occupation forces.
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In 1952, when the San Francisco Peace Treaty was concluded, Japan regained a place in the international community. In 1954, more than 100 companies that had been part of the Mitsubishi trading house, merged to reestablish Mitsubishi Corporation. The principal components of Mitsubishi Heavy Industries reunited in 1964. Companies that had abandoned the Mitsubishi name after the war began using it, and the three-diamond mark, again.
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Mitsubishi was part of Japan’s unprecedented economic growth during the 1950s and 1960s. As Japan modernized its energy and materials industries, the Mitsubishi organization created Mitsubishi Petrochemical, Mitsubishi Atomic Power Industries, Mitsubishi Liquefied Petroleum Gas, and Mitsubishi Petroleum Development. Mitsubishi’s traditional emphasis on technological development into fields such as space exploration, aviation, oceanography, data communications, computers, and semiconductors. Mitsubishi companies also became large-scale providers of consumer goods and services.
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In 1969, the Mitsubishi Foundation was established to commemorate the centennial anniversary of the founding of the first Mitsubishi company. Individual Mitsubishi companies also support worthy causes through their own charitable foundations. Mitsubishi pavilions have been highlights of expositions in Japan since the historic EXPO'70 in Osaka in 1970. Mitsubishi companies take part actively in the lives of the communities they serve.
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As of 2007, Mitsubishi Corporation, a member of the Mitsubishi Group, was Japan's largest general trading company ([[sogo shosha]]), with over 200 bases of operations in approximately 80 countries worldwide. Together with its over 500 group companies, Mitsubishi employs a multinational workforce of approximately 54,000 people. Mitsubishi has long been engaged in business with customers around the world in many industries, including energy, metals, machinery, chemicals, food and general merchandise.
  
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In a statement, the Mitsubishi Corporation says that forced labor is inconsistent with the company's values, and that the various lawsuits targeting Mitsubishi are misdirected. Instead, a spokesman says the Mitsubishi of World War II is not the same Mitsubishi of today. The conglomerate also rejected a Chinese slave labor lawsuit demand by saying it bore no responsibility since it was national policy to employ Chinese laborers."
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Mitsubishi Motors reached total production of 1.3 million cars in 2007.
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==Mitsubishi name and logo==
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The name Mitsubishi ([[wikt:三|三]][[wikt:菱|菱]]) has two parts: "mitsu" meaning "three" and "bishi" meaning "[[water caltrop]]" (also called "water chestnut"), and hence "[[rhombus]]", or “diamond,” which is reflected in the company's [[logo]]. It is also translated as "three diamonds".<ref>[http://www.mitsubishi.com/e/group/mark.html The Mitsubishi Mark]</ref>
  
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===New era===
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The Mitsubishi emblem was a combination of the Iwasaki family crest (three stacked rhombuses) and the oak-leaf crest of the Yamanouchi family, leaders of the Tosa clan which controlled the part of Shikoku where Iwasaki Yataro was born. Maintaining the value of the logo as a symbol of quality and reliability in products and services is a top priority at every Mitsubishi company. The Mitsubishi companies have established the Mitsubishi Corporate Name and Trademark Committee and an affiliated liaison group to establish and enforce guidelines for proper use of the Mitsubishi logo. The Mitsubishi.com Committee is meant to maintain the overall integrity of the brand through a portal web site. Mitsubishi companies have secured nearly 5,500 registrations for the three-diamond logo in more than 140 nations.  
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Mitsubishi participated in Japan's unprecedented economic growth of the 1950s and 1960s. For example, as Japan modernized its energy and materials industries, the Mitsubishi companies created Mitsubishi Petrochemical, Mitsubishi Atomic Power Industries, Mitsubishi Liquefied Petroleum Gas, and Mitsubishi Petroleum Development.
 
  
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The traditional Mitsubishi emphasis on technological development was in new ventures in such fields as space development, aviation, ocean development, data communications, computers, and semiconductors. Mitsubishi companies also were active in consumer goods and services.
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==Mitsubishi companies==
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The Mitsubishi group of companies forms a loose entity, the ''Mitsubishi [[Keiretsu]]'', which is often referenced in US and Japanese media and official reports; in general these companies all descend from the [[zaibatsu]] of the same name. A [[keiretsu]] is a common feature of Japanese corporate governance, and refers to a collaborative group of integrated companies with extensive share crossholdings, personnel swaps and strategic co-operation. The top 25 companies are also members of the ''Mitsubishi Kin'yōkai'', or "Friday Club," and meet monthly.  
  
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In 1970, Mitsubishi companies established the Mitsubishi Foundation to commemorate the centennial anniversary of the founding of the first Mitsubishi company. The companies also individually maintain charitable foundations. Mitsubishi pavilions have been highlights of expositions in Japan since the historic EXPO'70 in Osaka in 1970.
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===Core members===
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＝＝＝{{nihongo|'''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.<ref>[http://oica.net/wp-content/uploads/2007/07/ranking06.pdf Organisation Internationale des Constructeurs d'Automobiles, World Motor Vehicle Production by manufacturer (2006)], OICA.net</ref> 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]].<ref name="fund">[http://www.fundinguniverse.com/company-histories/Mitsubishi-Motors-Corporation-Company-History.html History of Mitsubishi], Funding Universe (subscription required)</ref>
  
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As of 2007, Mitsubishi Corporation, a member of the Mitsubishi Group, is Japan's largest general trading company ([[sogo shosha]]) with over 200 bases of operations in approximately 80 countries worldwide. Together with its over 500 group companies, Mitsubishi employs a multinational workforce of approximately 54,000 people. Mitsubishi has long been engaged in business with customers around the world in many industries, including energy, metals, machinery, chemicals, food and general merchandise.
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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 a joint-venture platform with Mitsubishi Motors with its [[Dodge Caliber]], and [[Jeep Patriot]] and [[Jeep Compass|Compass]]. Long term joint manufacturing and technology licensing deals with the [[Hyundai Motor Company]] in [[South Korea]] and [[Proton (company)|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.<ref name="awr">[http://www.automotiveworld.com/VMSI/about.asp?profileid=4 Mitsubishi Motors Corporation Vehicle Manufacturer Strategic Insight], Automotive World (subscription required)</ref> Recently, Mitsubishi Motors has made an alliance with [[PSA Peugeot Citroen]].
  
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Mitsubishi Motors reached 1.3 million cars of total production in 2007.
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Mitsubishi benefited strongly from these alliances in the 1970s and 1980s, increasing its annual production from 250,000 to over 1.5&nbsp;million units. 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.<ref name="awr"/>
  
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==Mitsubishi companies==
 
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===Core members===
 
 
*[[3 Diamonds Seafood Co.]]
 
*[[3 Diamonds Seafood Co.]]
 
*[[Asahi Glass Co.]]  
 
*[[Asahi Glass Co.]]  
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*[[Seikei University]]
 
*[[Seikei University]]
  
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== References ==
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== Notes ==
 
<references/>
 
<references/>
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 +
==References==
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*Mishima, Yasuo. 1989. The Mitsubishi: its challenge and strategy. Industrial development and the social fabric, v. 11. Greenwich, Conn: JAI Press. ISBN:1559380314 : 9781559380317
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*Rudlin, Pernille. 2000. The history of Mitsubishi Corporation in London: 1915 to present day. Routledge advances in Asia-Pacific business. London: Routledge. ISBN:0415228727 9780415228725
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*Tanaka, Kenzō. 2004. Challengers, pioneers, and innovators: the front lines of the Mitsubishi Corporation Group. Tokyo: Mitsubishi Corporation.
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*Weston, Mark. 2002. Giants of Japan: the lives of Japan's greatest men and women. New York: Kodansha International. ISBN:1568363249 9781568363240
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* {{cite book | last = Woy | first = Jean L. | title = "The Human Record: Sources of Global History" | publisher = Houghton Mifflin Company | date = 2005 | location = Boston | pages = pp.353-356 | isbn = 0618042474 }}
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* [http://www.mitsubishi.or.jp/e/h/feature1/intr_sph.html "The Man Who Started It All"], Mitsubishi.or.jp
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* [http://www.mhi-ir.jp/shokai/history_e.html "The origin of MHI can be traced all the way back to 1884"], MHI-ir.jp
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* {{Citation | last = Yamamura | first = Kozo | title = "The Founding of Mitsubishi: A Case Study in Japanese Business History." | journal = JSTOR | volume = 41 | issue = 2 | pages = pp.141-160 | date = Summer 1967 | url = http://links.jstor.org/sici?sici=0007-6805(196722)41%3A2%3C141%3ATFOMAC%3E2.0.CO%3B2-8 }}
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* [http://www.mitsubishi.com/e/group/mark.html "The Mitsubishi Mark"], Mitsubishi.com
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==External links==
 
==External links==
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{{Infobox_Company
 
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| company_name  = Mitsubishi Motors Corporation<br>三菱自動車工業株式会社
 
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| company_logo  = [[Image:Mitsubishi Motors.png|180px|Mitsubishi Motors Logo]]
 
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| company_type  = [[Public company|Public]] ({{tyo|7211}})
 
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| foundation    = [[April 22]] [[1970]]
 
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| location      = 33-8, Shiba 5-chome, [[Minato-ku, Tokyo]] 108-8410 [[Japan]]
 
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| key_people    = Takashi Nishioka ''(Chairman)''<br> Osamu Masuko ''(President)''<br>Heki Kasugai ''(EVP)''
 
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| area_served    = Global
 
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| industry      = [[Automobile]] manufacturing
 
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| products      = [[Automobile]]s and [[light truck]]s
 
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| revenue        = ¥2,682,103&nbsp;million (2007)<ref name="finance07">[http://www.mitsubishi-motors.com/corporate/ir/share/pdf/e/kessan/080425-3.pdf "FY2007 Full Year Results: Consolidated Financial Statements"], Mitsubishi Motors press release, [[April 25]] [[2008]]</ref>
 
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| net_income    = ¥34,710&nbsp;million (2007)<ref name="finance07"/>
 
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| num_employees  = 33,739
 
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| company_slogan = ''"We are committed to providing the utmost driving pleasure and safety for our valued customers and our community. On these commitments we will never compromise. This is the Mitsubishi Motors way."''<ref>[http://www.mitsubishi-motors.com/corporate/e/message.html "Top Message & Corporate Philosophy"], Mitsubishi Motors website</ref>
 
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| homepage      = [http://www.mitsubishi-motors.com Mitsubishi-Motors.com]
 
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}}
 
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{{nihongo|'''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.<ref>[http://oica.net/wp-content/uploads/2007/07/ranking06.pdf Organisation Internationale des Constructeurs d'Automobiles, World Motor Vehicle Production by manufacturer (2006)], OICA.net</ref> 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]].<ref name="fund">[http://www.fundinguniverse.com/company-histories/Mitsubishi-Motors-Corporation-Company-History.html History of Mitsubishi], Funding Universe (subscription required)</ref>
 
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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 [[Jeep Compass|Compass]].  Long term joint manufacturing and technology licencing deals with the [[Hyundai Motor Company]] in [[South Korea]] and [[Proton (company)|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.<ref name="awr">[http://www.automotiveworld.com/VMSI/about.asp?profileid=4 Mitsubishi Motors Corporation Vehicle Manufacturer Strategic Insight], Automotive World (subscription required)</ref> Recently, Mitsubishi Motors has made an alliance with [[PSA Peugeot Citroen]].
 
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Thanks to these alliances it benefitted strongly in the 1970s and '80s, increasing its annual production from 250,000 to over 1.5&nbsp;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.<ref name="awr"/>
 
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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).<ref>[http://www.mitsubishi.com/e/group/mark.html "The Mitsubishi Mark"], Mitsubishi.com</ref>
 
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==History==
 
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[[Image:Mitsubishi_model_a_and_workers.jpg|thumb|right|Workers at Mitsubishi Shipbuilding Co., Ltd alongside one of the prototype [[Mitsubishi Model A]] automobiles.]]
 
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Mitsubishi's automotive origins date back as far as 1917, when the Mitsubishi Shipbuilding Co., Ltd. introduced the [[Mitsubishi Model A|Model A]], Japan's first series-production automobile.<ref name="mmcoverview">[http://media.mitsubishicars.com/detail?mid=MIT2004101847524&mime=ASC "Mitsubishi Motors Corporation - Overview"], Mitsubishi Motors North America website</ref> An entirely hand-built seven-seater [[sedan]] based on the ''[[Fiat|Fiat Tipo 3]]'', it proved expensive compared to its American and European mass-produced rivals, and was discontinued in 1921 after only 22 had been built.<ref>[http://www.forbes.com/2001/04/23/0423feat_2.html "The Greatest Japanese Cars Of All Time"], Michael Frank, Forbes.com, [[April 23]] [[2001]]</ref>
 
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In 1934, Mitsubishi Shipbuilding was merged with the Mitsubishi Aircraft Co., a company established in 1920 to manufacture aircraft engines. The unified company was known as [[Mitsubishi Heavy Industries]] (MHI), and was the largest private company in Japan.<ref name="mhi">[http://www.mhi-ir.jp/shokai/history_e.html "The origin of MHI can be traced all the way back to 1884"], Mitsubishi Heavy Industries History</ref> MHI concentrated on manufacturing [[aircraft]], [[ship]]s, [[railroad car]]s and machinery, but in 1937 developed the [[Mitsubishi PX33|PX33]], a prototype sedan for military use. It was the first Japanese-built passenger car with full-time [[four-wheel drive]], a technology the company would return to almost fifty years later in its quest for motorsport and sales success.<ref>[http://www.mitsubishi-motors.com/corporate/museum/history/1870/e/index.html "History of Mitsubishi, 1870-1939], Mitsubishi Motors website</ref>
 
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[[Image:Mitsubishi_PX33.jpg|thumb|left|A 1937 [[Mitsubishi PX33]] on display at the [[Mondial de l'Automobile]] in September 2006.]]
 
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Immediately following the end of the [[Second World War]], the company returned to manufacturing vehicles. Fuso bus production resumed, while a small [[three wheeler|three-wheeled]] cargo vehicle called the [[Mitsubishi Mizushima|Mizushima]] and a [[scooter (motorcycle)|scooter]] called the [[Mitsubishi Silver Pigeon|Silver Pigeon]] were also developed. However, the ''[[zaibatsu]]'' (Japan's family-controlled industrial conglomerates) were ordered to be dismantled by the [[Allies of World War II|Allied powers]] in 1950, and Mitsubishi Heavy Industries was split into three regional companies, each with an involvement in motor vehicle development: West Japan Heavy-Industries, Central Japan Heavy-Industries, and East Japan Heavy-Industries.
 
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East Japan Heavy-Industries began importing the [[Henry J]], an inexpensive American sedan built by [[Kaiser Motors]], in [[Complete knock down|knockdown kit]] (CKD) form in 1951, and continued to bring them to Japan for the remainder of the car's three year production run. The same year, Central Japan Heavy-Industries concluded a similar contract with [[Willys]] (now owned by Kaiser) for CKD-assembled [[Jeep CJ|Jeep CJ-3B]]s. This deal proved more durable, with licensed Mitsubishi Jeeps in production until 1998, thirty years after Willys themselves had replaced the model.
 
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By the beginning of the 1960s Japan's economy was gearing up; wages were rising and the idea of family motoring was taking off. Central Japan Heavy-Industries, now known as Shin Mitsubishi Heavy-Industries, had already re-established an automotive department in its headquarters in 1953. Now it was ready to introduce the [[Mitsubishi 500]], a mass market [[sedan]], to meet the new demand from consumers. It followed this in 1962 with the [[Mitsubishi Minica|Minica]] ''[[kei car]]'' and the ''Colt 1000'', the first of its [[Mitsubishi Colt|Colt]] line of family cars, in 1963.
 
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West Japan Heavy-Industries (now renamed Mitsubishi Shipbuilding & Engineering) and East Japan Heavy-Industries (now Mitsubishi Nihon Heavy-Industries) had also expanded their automotive departments in the 1950s, and the three were re-integrated as Mitsubishi Heavy Industries in 1964. Within three years its output was over 75,000 vehicles annually. Following the successful introduction of the first [[Mitsubishi Galant|Galant]] in 1969 and similar growth with its commercial vehicle division, it was decided that the company should create a single operation to focus on the automotive industry. Mitsubishi Motors Corporation (MMC) was formed on [[April 22]] [[1970]] as a wholly owned subsidiary of MHI under the leadership of Tomio Kubo, a successful engineer from the aircraft division.
 
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==Chrysler connection==
 
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===1970s===
 
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Part of Kubo's expansion strategy was to increase exports by forging alliances with well-established foreign companies. Therefore, in 1971 MHI sold [[United States|U.S.]] automotive giant [[Chrysler]] a 15 percent share in the new company. Thanks to this deal, Chrysler began selling rebadged Galants in the United States as [[Dodge Colt]]s, pushing MMC's annual production beyond 250,000 vehicles.  In 1976, the Galant was sold as the [[Chrysler Scorpion]] in Australia.[[Image:Mitsubish_Galant_Yellow_on_a_driveway.jpg|thumb|right|A 1973 [[Mitsubishi Galant]], the basis for the company's first [[captive import]] deal with Chrysler.]]
 
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By 1977, a network of "Colt"-branded distribution and sales dealerships had been established across [[Europe]], as Mitsubishi sought to begin selling vehicles directly. Annual production had by now grown from 500,000 vehicles in 1973 to 965,000 in 1978, when Chrysler began selling the Galant as the [[Dodge Challenger]] and the [[Plymouth Sapporo]]. However, this expansion was beginning to cause friction; Chrysler saw their overseas markets for [[subcompact car|subcompacts]] as being directly encroached by their Japanese partners, while MMC felt the Americans were demanding too much say in their corporate decisions.
 
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===1980s & MMAL===
 
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Mitsubishi finally achieved annual production of one million cars in 1980, but by this time its ally was not so healthy; As part of its battle to avoid [[bankruptcy]], Chrysler was forced to sell its [[Australia]]n manufacturing division to MMC that year. The new Japanese owners renamed it [[Mitsubishi Motors Australia Ltd]] (MMAL), and since then it has stood as one of the largest car production facilities in the country.
 
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In 1982, the Mitsubishi brand was introduced to the American market for the first time. The [[Mitsubishi Tredia|Tredia]] [[sedan]], and the [[Mitsubishi Cordia|Cordia]] and [[Mitsubishi Starion|Starion]] [[coupé]]s, were initially sold through 70 dealers in 22 states, with an allocation of 30,000 vehicles between them. This quota, restricted by mutual agreement between the two countries' governments, had to be included among the 120,000 cars earmarked for Chrysler. Toward the end of the 1980s, as MMC initiated a major push to increase its U.S. presence, it aired its first national television advertising campaign, and made plans to increase its dealer network to 340 dealers. By 1989, Mitsubishi's worldwide production, including its overseas affiliates, had reached 1.5&nbsp;million units.
 
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===Diamond-Star Motors===
 
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:''Main article: [[Diamond-Star Motors]]
 
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Despite the ongoing tensions between Chrysler and Mitsubishi, they agreed to unite in a vehicle manufacturing operation in [[Normal, Illinois]]. The 50/50 venture provided a way to circumvent the voluntary import restrictions, while providing a new line of [[Compact car|compact]] and [[subcompact car]]s for Chrysler. [[Diamond-Star Motors]] (DSM) — from the parent companies' logos: three ''diamonds'' (Mitsubishi) and a penta''star'' (Chrysler) — was incorporated in October 1985, and in April 1986 ground was broken on a 1.9&nbsp;million square-foot (177,000&nbsp;m²) production facility. In 1987, the company was selling 67,000 cars a year in the U.S., but when the plant was completed in March 1988 it offered an annual capacity of 240,000 vehicles. Initially, three platform-sharing compact 2+2 coupés were released, the [[Mitsubishi Eclipse]], [[Eagle Talon]] and [[Plymouth Laser]], with other models being introduced in subsequent years.
 
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===1988 IPO===
 
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[[Image:Mitsubishi Pajero LF.jpg|thumb|right|A 1982 [[Mitsubishi Pajero]], the company's most successful [[SUV]].]]
 
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Mitsubishi Motors went public in 1988, ending its status as the only one of Japan's eleven auto manufacturers to be privately held. Mitsubishi Heavy Industries agreed to reduce its share to 25 percent, retaining its position as largest single stockholder. Chrysler, meanwhile, increased its holding to over 20 percent. The capital raised by this initial offering enabled Mitsubishi to pay off part of its debts, as well as to expand its investments throughout south-east [[Asia]] where it was by now operating in the [[Philippines]], [[Malaysia]], and [[Thailand]].
 
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===1990s===
 
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Hirokazu Nakamura became president of Mitsubishi in 1989 and steered the company in some promising directions. Sales of the company's new [[Mitsubishi Pajero|Pajero]] were bucking conventional wisdom by becoming popular even in the crowded streets of Japan. Although sales of [[SUV]]s and light trucks were booming in the U.S., Japan's car manufacturers dismissed the idea that such a trend could occur in their own country. Nakamura, however, increased the budget for sport utility product development, and his gamble paid off; Mitsubishi's wide line of [[four-wheel drive]] vehicles, from the [[Mitsubishi Pajero Mini]] ''[[kei car]]'' to the [[Mitsubishi Delica|Delica Space Gear]] passenger van, rode the wave of SUV-buying in Japan in the early to mid-1990s, and Mitsubishi saw its overall domestic share rise to 11.6 percent in 1995.
 
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===Independence===
 
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In 1991, Chrysler sold its equity stake in Diamond-Star Motors to its partner, and from then on they continued to share components and manufacturing on a contractual basis only. Chrysler decreased its interest in Mitsubishi Motors to less than 3 percent in 1992, and announced its decision to divest itself of all its remaining shares on the open market in 1993. The two companies nevertheless continued their close alliance, with Chrysler supplying engines and transmissions for DSM, and Mitsubishi marketing Chrysler products overseas.
 
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DSM was officially renamed Mitsubishi Motor Manufacturing of America on [[July 1]] [[1995]], and Mitsubishi Motors North America, Manufacturing Division in 2002.
 
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==Other alliances==
 
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===Hyundai===
 
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[[Hyundai Motor Company|Hyundai]] of [[South Korea]], now one of the most successful [[tiger economy]] auto-makers, built the [[Hyundai Pony]] in 1975 using MMC's [[Mitsubishi Saturn engine|Saturn engine]] and transmissions. Korea's first car, it remained in production for thirteen years. Mitsubishi held up to a 10 percent stake in the company, until disposing of the last of its remaining shares in March 2003.<ref>[http://findarticles.com/p/articles/mi_m3012/is_11_182/ai_95614071 "Mitsubishi to sell stake in Hyundai"], Andrea Wielgat, ''Automotive Industries'', November 2002</ref>
 
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===Proton===
 
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[[Proton (company)|Proton]] of [[Malaysia]] was even more dependent on the Japanese company, initially only assembling their 1985 [[Proton Saga]] using MMC components at a newly established facility in [[Shah Alam]]. Subsequent models like the [[Proton Wira|Wira]] and [[Proton Perdana|Perdana]] were based on the [[Mitsubishi Lancer|Lancer]]/[[Mitsubishi Colt|Colt]] and [[Mitsubishi Galant|Galant/Eterna]] respectively, before the company finally produced an entirely self-developed vehicle with 2001's [[Proton Waja|Waja]]. At its peak, this joint venture controlled 75 percent of its domestic market, although Mitsubishi ended their 22-year partnership in 2005, selling their 7.9 percent stake for [[Malaysian ringgit|RM]]384&nbsp;million.<ref>[http://www.iht.com/articles/2005/01/12/bloomberg/sxmitsu.php "Mitsubishi sells entire stake in Proton"], Yoshifumi Takemoto & Chan Tien Hin, Bloomberg News, [[January 13]] [[2005]]</ref>
 
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===PSA Peugeot Citroen===
 
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In 2006, Mitsubishi entered into an alliance with [[PSA Peugeot Citroen]] of [[France]]. The first results of this alliance are the [[Peugeot 4007]] and the [[Citroen C-Crosser]] [[SUV]s. The 4007 and C-Crosser are badge-engineered variants of the [[Mitsubishi Outlander]]. These PSA SUVs are the first vehicles sold by a French automaker which have been built in Japan. They also mark one of PSA's first few collaboration projects with Japanese automakers (the first being the joint manufacturing [[TCPA]] facility in the [[Czech Republic]]). Thus far, there has been no news of future joint ventures.
 
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===Volvo===
 
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Mitsubishi participated in a joint venture with rival car-maker [[Volvo]] and the [[Netherlands|Dutch]] government at the former [[DAF_Trucks#Car_business|DAF]] plant in [[Sittard-Geleen#Born|Born]] in 1991. The operation, branded [[NedCar]], began producing the first generation [[Mitsubishi Carisma]] alongside the [[Volvo S40|Volvo S40/V40]] in 1996.
 
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The Dutch government sold out to its partners in 1999 and Volvo, by now owned by [[Ford Motor Company|Ford]], sold its stake to Mitsubishi in early 2001 to leave the Japanese company as the only remaining shareholder.
 
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The factory currently produces the latest [[Mitsubishi Colt]] and [[Smart Forfour]] [[Supermini car|superminis]], although [[DaimlerChrysler]] has cancelled production of the Smart and recent output has been declining. One local union has ''"[resigned] itself to mass layoffs"'' after April 2007, while Mitsubishi has refused to guarantee that the successor to its Colt will be built at the plant.<ref>[http://www.expatica.com/source/site_article.asp?subchannel_id=19&story_id=29525&name=Agreement+ends+strikes+at+NedCar "Agreement ends strikes at NedCar"], Expatica.com, [[April 25]] [[2006]]</ref>
 
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===Colt & Lonsdale===
 
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The Colt name appears frequently in Mitsubishi's history since its introduction as a rear-engined 600cc [[sedan]] in the early 1960s. Today, it most commonly refers to the [[Mitsubishi Colt]] subcompact in the company's line-up, but is also the name of MMC's import/distribution company in the United Kingdom, the [[Colt Car Company]], established in 1974. For the first decade of its existence, before Far Eastern auto manufacturers had established their reputations, its cars carried the "Colt" badge in Britain instead of "Mitsubishi".
 
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In 1982 & '83, Mitsubishi introduced the Australian-built [[Chrysler Sigma]] to the UK as the [[Lonsdale Sigma]] in an attempt to circumvent British import quotas, but the new brand was unsuccessful. It then carried [[Mitsubishi Sigma]] badges in 1983–84 before abandoning this operation entirely.
 
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==Recent troubles==
 
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===Asian economic downturn===
 
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The benefits Mitsubishi had seen because of its strong presence in south-east Asia reversed themselves as a result of the [[East Asian financial crisis|economic crisis in the region]] which began in 1997. In September of that year the company closed its Thai factory in response to a crash in the country's currency and plummeting consumer demand. The large truck plant, which had produced 8,700 trucks in 1996, was shut down indefinitely. In addition, Mitsubishi had little support from sales in Japan, which slowed considerably throughout 1997 and were affected by that country's own economic uncertainty into 1998. Other Japanese automakers, such as [[Toyota]] and [[Honda]], bolstered their own slipping domestic sales with success in the U.S. However, with a comparatively small percentage of the American market, the impact of the turmoil in the [[Asian Economy|Asian economy]] had a greater effect on Mitsubishi, and the company's 1997 losses were the worst in its history. In addition, it lost both its rank as the third largest automaker in Japan to [[Mazda]], and market share overseas. Its stock price fell precipitously, prompting the company to cancel its year-end dividend payment.<ref>[http://media.mitsubishi-motors.com/pressrelease/e/corporate/detail242.html "Revision of Business Result & Dividend Forecasts for Term Ending March 1998"], Mitsubishi Motors press release, [[March 11]] [[1998]]</ref>
 
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In November 1997, Mitsubishi hired [[Katsuhiko Kawasoe]] to replace [[Takemune Kimura]] as company president. Kawasoe unveiled an aggressive restructuring program that aimed to cut costs by ¥350&nbsp;billion in three years, reduce personnel by 1,400, and return the company to profitability by 1998. But while the program had some initial success, the company's sales were still stagnant as the Asian economy continued to sputter. In 1999, Mitsubishi was forced once again to skip dividend payments. Its interest-bearing debt totalled ¥1.7&nbsp;trillion.
 
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===Vehicle defect cover-up===
 
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In what was referred to as "one of the largest corporate scandals in Japanese history",<ref>[http://www.canadiandriver.com/articles/rr/05galant.htm "Mitsubishi's corporate woes tarnish image"], Richard Russell, ''Canadian Car & Driver'', [[July 18]] [[2005]]</ref><ref>[http://www.autosafety.org/article.php?scid=93&did=946 "Safety Scandal Shames Mitsubishi"], Anthony Faiola, ''Washington Post'' Foreign Service, [[July 6]] [[2004]]</ref> Mitsubishi was twice forced to admit to systematically covering up defect problems in its vehicles. Four defects were first publicized in 2000, but in 2004 it confessed to 26 more going back as far as 1977, including failing brakes, fuel leaks and malfunctioning clutches. The effect on the company was catastrophic, forcing it to recall 163,707 cars (156,433 in Japan and 7,274 overseas) for free repair.<ref>[http://www.autosafety.org/article.php?scid=93&did=932 "Mitsubishi Motors Admits Decades-Long Defect Cover-Up"] Autosafety.org / Associated Press, [[June 2]] [[2004]]</ref> Further recalls by [[Mitsubishi Fuso Truck and Bus Corporation|Fuso truck & bus]] brought the total number of vehicles requiring repair to almost one million. The affair led to the resignation and subsequent arrest of president Kawasoe, along with 23 other employees who were also implicated.<ref>[http://news.bbc.co.uk/1/hi/business/915615.stm "Cover-up forces Mitsubishi boss out"] BBC News, [[September 8]] [[2000]]</ref> Three of them have since been acquitted, with the  judge stating that there was no official request from the Transport Ministry ordering them to submit a defect report.<ref>[http://www.cbsnews.com/stories/2006/12/13/ap/business/mainD8LVU1U80.shtml "Former Mitsubishi Motors Execs Acquitted"] CBS News, [[December 13]] [[2006]]</ref>
 
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===0–0–0===
 
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In an effort to boost sales in the U.S. at the start of the decade, Mitsubishi began offering a "0–0–0" finance offer – 0 percent down, 0 percent interest, and $0 monthly payments (all repayments deferred for 12 months). Initially, sales leapt, but at the end of the year's 'grace period' numerous credit-risky buyers defaulted, leaving Mitsubishi with used vehicles for which they'd received no money and which were now worth less than they cost to manufacture. The company's American credit operation, MMCA, was eventually forced to make a US$454&nbsp;million provision against its 2003 accounts as a result of these losses.<ref>[http://media.mitsubishi-motors.com/pressrelease/e/corporate/detail926.html "Mitsubishi Motors Announces First-Half FY 2003 Results, Gives Forecast for Full-Year FY 2003"] Mitsubishi Motors press release, [[November 11]] [[2003]]</ref>
 
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===Australian production===
 
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In October 2005, [[Mitsubishi Motors Australia Limited|MMAL]] introduced the [[Mitsubishi 380]] to the Australian market as the replacement for its long-running [[Mitsubishi Magna]], and the sole vehicle being built at its Australian assembly plant at [[Clovelly Park]]. Despite an investment of [[Australian dollar|AU$]]600&nbsp;million developing the car, initial sales projections have so far proven optimistic; after only six months Mitsubishi scaled back production from 90/day, and reduced the working week from five days to four.<ref>[http://www.theadvertiser.news.com.au/common/story_page/0,5936,18908437%255E2682,00.html "Mitsubishi cuts back daily 380 output"], Brian Littlely, ''The Advertiser'', [[April 24]] [[2006]]</ref> It  remained an ongoing concern in the Australian auto industry as to whether this would be sufficient to restore the plant to profitability and ensure its long term survival.
 
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The drop in local sales could not be mitigated by exports outside of the Australian and New Zealand market. On [[February 5]], [[2008]] [[Mitsubishi Motors Australia]] announced it would be closing down its Adelaide assembly plant by the end of March. Between 700 and 1000 direct jobs would be lost and up to 2000 jobs will be lost in industries supporting Mitsubishi's local manufacturing operations.<ref name="mmal_close">[http://business.smh.com.au/mitsubishi-plant-to-close-in-march/20080204-1q24.html "Mitsubishi plant to close in March"], ''[[The Sydney Morning Herald]]'', [[February 5]] [[2007]]</ref>
 
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==DaimlerChrysler==
 
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{{Main|DaimlerChrysler-Mitsubishi alliance}}
 
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Two years after the merger of [[DaimlerChrysler|Daimler and Chrysler]] to form DCX, the U.S.-German conglomerate paid US$1.9&nbsp;billion for a controlling 34 percent of MMC, in an effort to fulfil chairman [[Jürgen Schrempp]]'s vision of a ''"Welt AG"'' ("world corporation"). The price reflected a US$200&nbsp;million discount on the originally agreed figure, caused by the public disclosure of the defect cover-up scandal. In March 2001 it increased its stake to 37.3 percent when it acquired [[Volvo]]'s stake in MMC's truck-making operations, further boosting Mercedes' share of a market it already dominated. However, boardroom wrangles at DCX prevented them offering financial assistance as Mitsubishi attempted to reduce its crippling debts.<ref>[http://news.bbc.co.uk/1/hi/world/asia-pacific/3733274.stm "Remodelling Japan Inc"] Sarah Buckley, BBC News, [[October 13]] [[2004]]</ref> When a US$4&nbsp;billion rescue package was agreed with Tokyo-based [[Phoenix Capital Co.|Phoenix Capital]] in May 2004, DCX's stake was reduced to 23 percent, and further recapitalisations subsequently diluted the holding to 12.4 percent. Finally, on [[November 11]] [[2005]], the remaining stock was sold for US$1.1&nbsp;billion — an US$800&nbsp;million loss in five years.<ref>[http://news.bbc.co.uk/1/hi/business/4427416.stm "Daimler sells stake in Mitsubishi"] BBC News, [[November 11]] [[2005]]</ref> Three days later the buyer, investment bank [[Goldman Sachs]] sold the shares on for US$80&nbsp;million profit.<ref>[http://www.automotive-business-review.com/article_news.asp?guid=450D791B-DB19-4444-8A9F-A767BBAD6C7B "Mitsubishi shares make Goldman Sachs $80&nbsp;million in a day"] ''Automotive Business Review'', [[November 18]] [[2005]]</ref>
 
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New major stockholder Phoenix Capital followed suit the following month, selling all but 50&nbsp;million of its 575&nbsp;million shares to [[JPMorgan Chase & Co.|JPMorgan]] on [[December 9]] [[2005]]. Once again, the investment bank offloaded their purchase within a few days for tens of millions in profit. In both cases, the eventual buyers were part of the [[Mitsubishi]] ''keiretsu'', returning MMC to Japanese ownership.
 
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==Revitalization plan==
 
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[[Image:Mitsubishi_i_1.jpg|thumb|right|The [[Mitsubishi i]] at the [[Tokyo Motor Show]] in 2005.]]
 
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After a starvation of new investment caused by lack of cashflow, the company introduced the award-winning [[Mitsubishi i]] ''[[kei car]]'' in 2006, its first new model in 29 months, while a revised [[Mitsubishi Outlander|Outlander]] has been introduced worldwide to compete in the popular [[Crossover SUV|XUV]] market niche.<ref name="autochannel">[http://www.theautochannel.com/news/2006/12/01/030412.html "All-New Outlander Leads Mitsubishi to November 2006 Sales Increase"], The Auto Channel, [[December 1]] [[2006]]</ref> The next generation of its [[Mitsubishi Lancer|Lancer]] and [[Lancer Evolution]] will follow in 2007 and 2008.<ref>[http://media.mitsubishi-motors.com/pressrelease/e/motorshow/detail1564.html "Mitsubishi Motors to give new Lancer compact sport sedan global premiere at 2007 Detroit Motor Show"] Mitsubishi Motors press release, [[December 11]] [[2006]]</ref>
 
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Slow selling vehicles were eliminated from the U.S. market, purchase projections for the [[Global Engine Manufacturing Alliance]] have been scaled back, and 10,000 jobs have been shed to cut costs with 3,400 workers at its Australian plant and other loss-making operations still under threat. Meanwhile, in an effort to increase production at its U.S. facility,<ref>[http://www.detnews.com/2005/autosinsider/0510/31/0auto-366437.htm "Mitsubishi’s turnaround hinges on new models, worker mindset"] Yuzo Yamaguchi, ''Autos Insider'', [[October 31]] [[2005]]</ref> new export markets for the Eclipse and [[Mitsubishi Galant|Galant]] are being explored in [[Ukraine]], the [[Middle East]], and [[Russia]], where the company's bestselling dealership is located.<ref>[http://www.businessweek.com/magazine/content/06_08/b3972071.htm "Russia: Shoppers Gone Wild"], ''BusinessWeek'', [[February 20]] [[2006]]</ref> Mitsubishi has also been active in [[Original equipment manufacturer|OEM]] production of cars for [[Nissan Motors|Nissan]], and announced a similar partnership with [[PSA Peugeot Citroën]] in July 2005 to manufacture an SUV on their behalf.
 
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Mitsubishi reported its first profitable quarter in four years in the third quarter of 2006,<ref>[http://www.iht.com/articles/2007/02/06/bloomberg/sxmmc.php "Mitsubishi Motors posts first profit in 4 years"], Naoko Fujimura and Tetsuya Komatsu, ''[[International Herald Tribune]]'', [[February 6]] [[2007]]</ref> and targets a return to profitability by the end of the 2006 financial year, and sustained profitability and global sales of 1,524,000 through 2007.<ref name="plan">[http://www.mitsubishi-motors.com/corporate/ir/share/pdf/e/annual2005-06.pdf "The Mitsubishi Motors Revitalization Plan: Toward Revitalization"], Mitsubishi Motors Annual Report 2005</ref><ref>[http://www.detnews.com/2005/autosinsider/0510/31/0auto-366437.htm "Mitsubishi's turnaround hinges on new models, worker mindset"], Yuzo Yamaguchi / Autos Insider, ''Detroit News'', [[October 31]] [[2005]]</ref>
 
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==Motorsport==
 
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Mitsubishi has almost half a century of international motorsport experience, predating even the incorporation of MMC. Beginning with street races in the early 1960s, the company found itself gravitating towards the challenge of off-road racing. It dominated endurance rallies in the 1970s, the [[Dakar Rally]] from the '80s, and the [[Group A]] and [[Group N]] classes of the [[World Rally Championship]] through the '90s.
 
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===Circuit racing===
 
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Mitsubishi's motorsport debut was in [[touring car racing]] in 1962, when it entered its [[Mitsubishi 500|Mitsubishi 500 Super DeLuxe]] in the [[Macau Grand Prix]] in an effort to promote sales of its first [[post-war]] passenger car. In an auspicious debut, the diminutive rear-engined sedan swept the top four places in the "Under 750&nbsp;cc" category, with Kazuo Togawa taking class honours.<ref>[http://www.mitsubishi-motors.com/corporate/museum/motorsports/e/Mitsubishi_500.htm "1962 to 1963"], History of Motor Sports, Mitsubishi Motors Web Museum</ref> The company returned the following year with their new [[Mitsubishi Colt|Colt 600]] and again swept the podium with a 1–2–3 in the "Under 600&nbsp;cc" class.<ref>[http://www.mitsubishi-motors.com/corporate/museum/motorsports/e/Colt_600.htm "1963 to 1964"], Mitsubishi Motors Web Museum</ref> In its final year of competition with touring cars in 1966, Mitsubishi scored a podium clean sweep in the "750–1000&nbsp;cc" class of the 1964 Japanese Grand Prix with the [[Mitsubishi Colt|Colt 1000]], their first front-engined competition vehicle.<ref>[http://www.mitsubishi-motors.com/corporate/museum/motorsports/e/Colt_1000.htm "1964 to 1965"], History of Motor Sports, Mitsubishi Motors Web Museum</ref>
 
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The company began concentrating on the Japanese GP's emerging open-wheel "formula car" categories from 1966, winning the "Exhibition" class. They also scored class 1–2 in 1967 and 1968, and reached the podium in 1969 and 1970.<ref>[http://www.mitsubishi-motors.com/corporate/museum/motorsports/e/motorsports_history.html "1910–1960s"], History of Motor Sports, Mitsubishi Motors Web Museum</ref> They finished on a high with an overall 1–2 in the 1971 Japan GP, with the two litre [[DOHC]] F2000 driven by Kuniomi Nagamatsu.<ref>[http://www.mitsubishi-motors.com/corporate/museum/motorsports/e/70s/colt_f2000.htm "Colt F2000"], History of Motor Sports, Mitsubishi Motors Web Museum</ref>
 
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===Off-road racing===
 
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[[Image:Mitsubishi Lancer 1600 GSR (Safari Rally 1976).jpg|thumb|left|Mitsubishi Lancer 1600 GSR.]]
 
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The [[East African Safari Rally]] was by far the most gruelling event on the World Rally Championship calendar in the 1970s. MMC developed the [[Lancer 1600 GSR]] specifically for the marathon race, and won at the first attempt in 1974. Their highpoint was a clean sweep of the podium places in 1976 in an event where only 20 percent of the starters typically reached the finish. They also achieved a 1–2–3–4 in the 1973 [[Southern Cross Rally]], the first of four consecutive victories in this event with drivers [[Andrew Cowan]] and [[Kenjiro Shinozuka]].<ref>[http://www.mitsubishi-motors.com/corporate/museum/motorsports/e/70s/lancer_1600gsr.htm "1973 to 1977"], History of Motor Sports, Mitsubishi Motors Web Museum</ref>
 
−
 
−
[[Image:Mitsubishi Lancer Evolution IX WRC2006.jpg|thumb|Lancer Evolution IX WRC.]]
 
−
During the 1980s Mitsubishi continued to participate in the WRC, first with the [[Mitsubishi Lancer|Lancer EX2000 Turbo]] and the [[Mitsubishi Starion|Starion]]. It then scored its first outright [[Group A]] victories with a [[Mitsubishi Galant VR-4|Galant VR-4]] in the late '80s, Mitsubishi homologated the [[Lancer Evolution]], and in the hands of [[Finland]]'s [[Tommi Mäkinen]], winner of the [[List of World Rally Championship Drivers' Champions|drivers' title]] for four consecutive years (1996–1999), they won the [[List of World Rally Championship Constructors' Champions|manufacturers' championship]] in [[1998 World Rally Championship season|1998]]. They have won 34 WRC events since 1973.<ref>[http://www.rallybase.nl/index.php?type=championlist&subchamptype=wrc World Rally Championship for Manufacturers], Rallybase.nl website</ref> The Lancer Evo has also dominated the FIA championship for showroom-ready cars, winning seven consecutive [[Group N]] titles with four different drivers from 1995–2001. Even in 2002 when it ostensibly lost the title, the class-winning manufacturer was [[Proton (carmaker)|Proton]] using a Lancer Evo-based Pert.<ref>[http://www.rallybase.nl/index.php?type=championlist&subchamptype=wcdn FIA Cup for Drivers of Production Cars], Rallybase.nl website</ref>
 
−
 
−
Mitsubishi is also the most successful manufacturer in the history of the [[Dakar Rally]], one of the most challenging and dangerous motorsport events in the world. MMC's maiden entry was in 1983 with their new [[Mitsubishi Pajero|Pajero]], and it took only three attempts to find a winning formula. Since then, they have won in 1992, '93, '97, '98, and '01–'07, an unprecedented seven consecutive victories and twelfth overall with nine different drivers.<ref>{{cite web | title = "Mitsubishi Wins Dakar Rally Victory — Again" | publisher = BusinessWeek | date = [[January 23]] [[2007]] | language = English | url = http://www.businessweek.com/autos/content/jan2007/bw20070123_570978.htm }}</ref>
 
−
Mitsubishi Motors UK also won the [[British Rally Championship]] drivers (Guy Wilks and in 2000 Marko Ipatti) and teams titles in 2007 with the Group N Lancer Evolution IX.
 
−
 
−
==Jackie Chan==
 
−
Mitsubishi has a 30 year long association with movie star [[Jackie Chan]], who has used their vehicles almost exclusively in his movies throughout his career.<ref>[http://www.jackiechankids.com/files/Q_and_A.htm "E! Online Celebrity Q & A, September 2002"], JackieChanKids.com</ref><ref> [http://www.jackiechan.com/scrapbook_view?cid=769 Note From Jackie: My Loyalty Toward Mitsubishi June 19, 2007] jackiechan.com</ref><ref> [http://www.jackiechan.com/message_view?cid=718 Trip to Shanghai; Car Crash!! April 18 - 25, 2007] jackiechan.com</ref> The Jackie Chan Cup is an annual celebrity auto race involving starlets from across Asia in Mitsubishis with professional Touring Car drivers alongside for assistance, and was held before the Macau GP until 2004 when it moved to Shanghai.<ref>[http://www.jackiechankids.com/files/November_2003_News_Archive.htm "Jackie Chan Foundation will hold their next annual auto race in Shanghai"] JackieChankids.com news release, [[November 1]] [[2003]]</ref> In September 2005 [[Ralliart]], Mitsubishi's motorsport arm, produced 50 ''Jackie Chan Special Edition'' versions of the [[Mitsubishi Lancer Evolution#Evolution IX|Lancer Evo IX]]; Chan acts as the honorary Director of Team Ralliart China.<ref>[http://www.nzherald.co.nz/section/9/story.cfm?c_id=9&objectid=10344961 "Jackie Chan kicks back"] ''[[The New Zealand Herald]]'', [[September 10]] [[2005]]</ref><ref>[http://www.ralliart.com/03topics/topics03/index.html "FASC Chinese Team Complete Support of Team Mitsubishi Ralliart China"] Jackiechankids.com news release, [[December 22]] [[2003]]</ref>
 
−
 
−
==Controlling shareholders==
 
−
*[[Mitsubishi Heavy Industries|Mitsubishi Heavy Industries, Ltd.]]: [[circa]] 839,942,000 shares&nbsp;(15.30%)
 
−
*[[Mitsubishi Corporation]]: c.774,769,000&nbsp;(14.11%)
 
−
*[[The Bank of Tokyo-Mitsubishi UFJ, Ltd.]]: c.268,764,000&nbsp;(4.89%)
 
−
*MLP FS Custody: c.53,656,000&nbsp;(0.98 percent)
 
−
*[[The Master Trust Bank of Japan, Ltd.]] (Trust account): c.35,456,000&nbsp;(0.65%)
 
−
*[[Japan Trustee Services Bank, Ltd.]] (Trust account): c.34,623,000&nbsp;(0.63%)
 
−
*[[Mitsubishi UFJ Trust and Banking Corporation]]: c.32,109,000&nbsp;(0.58%)
 
−
*[[Mitsubishi UFJ Trust and Banking Corporation]] (Trust account): c.21,793,000&nbsp;(0.40%)
 
−
*MMC Suppliers' Employees Shareholding Association: c.19,912,000&nbsp;(0.36%)
 
−
*[[Tokio Marine & Nichido Fire Insurance Co., Ltd.]]: c.17,070,000&nbsp;(0.31%)
 
−
 
−
<div class="references-small">
 
−
''Information accurate as of [[September 30]] [[2006]]'' <ref>[http://www.mitsubishi-motors.com/corporate/ir/stockinfo/e/index.html Stock Information] Mitsubishi Motors website</ref>
 
−
</div>
 
−
 
−
==Locations==
 
−
The company has eight vehicle manufacturing facilities in six countries, [[Japan]], [[Australia]], [[Netherlands]], [[Philippines]], [[Thailand]], [[United States]], and around 20 plants co-owned in partnership with others.<ref>[http://www.mitsubishi-motors.com/corporate/about_us/profile/e/world.html Vehicles production, Power train / Part production, Development / Design Base (Connection base)], Mitsubishi Motors website</ref><ref name="profile">[http://www.mitsubishi-motors.com/corporate/about_us/profile/e/index.html Corporate Profile], Mitsubishi Motors website, [[March 31]] [[2006]]</ref> It also has three further engine and transmission manufacturing plants, three R&D centres and 136 subsidiaries, affiliates and partners. Its vehicles are manufactured, assembled or sold in more than 170 countries worldwide.<ref name="profile"/>
 
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===Research, design & administration===
 
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{{MultiCol}}
 
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'''''Japan'''''
 
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*Head Office and Tokyo Design Studio, [[Minato-ku, Tokyo]] (港区)
 
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*Car Research & Development Center, [[Okazaki, Aichi]] (岡崎市)
 
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*Car Research & Development Center, [[Kyoto]] (京都市)
 
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*Car Research & Development Center, Tokachi Proving Ground, [[Hokkaidō]] (北海道)
 
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{{ColBreak}}
 
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'''''Worldwide'''''
 
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*Mitsubishi Motor R&D of Europe GmbH (MRDE), [[Trebur]], [[Hesse|Hessen, Germany]]
 
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*Mitsubishi Motors R&D of America, Inc. (MRDA) head office, [[Ann Arbor, Michigan]], [[United States]]
 
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*Mitsubishi Motors R&D of America, Inc. (MRDA) Research & Design Center, [[Cypress, California]], [[United States]]
 
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{{EndMultiCol}}
 
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===Production facilities===
 
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{{MultiCol}}
 
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'''''Japan'''''
 
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*Nagoya Plant, [[Nagoya, Aichi]] (名古屋市)
 
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*Mizushima Plant, [[Kurashiki, Okayama]] (水島)
 
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*Pajero Manufacturing Co., Ltd., [[Sakahogi, Gifu]] (坂祝町)
 
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*[[Kyoto]] (京都) (powertrain plant)
 
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*[[Koka, Shiga]] (甲賀市) (powertrain plant)
 
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{{ColBreak}}
 
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'''''Worldwide'''''
 
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*[[Diamond-Star Motors|Mitsubishi Motors North America, Inc]]. (MMNA), [[Normal, Illinois]], [[United States]]
 
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*[[Mitsubishi Motors Philippines]] Corp. (MMPC), [[Cainta, Rizal]], [[Philippines]]
 
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*[[Mitsubishi Motors (Thailand)]] Co.,Ltd.(MMTh), Klong Luang, [[Thailand]]
 
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*Laem Chabang, [[Thailand]] (powertrain plant)
 
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*Netherlands Car B.V. ([[NedCar]]), [[Born, Netherlands]]
 
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{{EndMultiCol}}
 
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==See also==
 
−
*[[:Category:Mitsubishi vehicles|List of Mitsubishi vehicles]]
 
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*[[List of Mitsubishi engines]]
 
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*[[Mitsubishi Fuso Truck and Bus Corporation]]
 
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*[[Urawa Red Diamonds]]
 
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*[[Mitsubishi Motors Mizushima F.C.]]
 
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==Footnotes==
 
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<div class="references-small">
 
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===References===
 
−
*[http://www.mitsubishi-motors.com/corporate/museum/history/e/index.html Corporate history at Mitsubishi Motors' global website]
 
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*[http://www.mitsubishi-cars.co.uk/company/history.asp Corporate history at Mitsubishi Motors' UK website]
 
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*[http://www.mitsubishi-motors.co.za/featuresites/mm_history/Introduction.asp Corporate history at Mitsubishi Motors' South African website]
 
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*[http://www.mitsubishimotors.ca/Company/WhoWeAre.aspx?lng=2 Corporate history at Mitsubishi Motors' Canadian website]
 
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</div>
 
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===Citations===
 
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{{reflist|2}}
 
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==External links==
 
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{{commonscat|Mitsubishi vehicles}}
 
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''Official sites''
 
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*[http://www.mitsubishi-motors.com/ Mitsubishi Motors global site]
 
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*[http://www.mitsubishi-motors.com/corporate/museum/e/index.html Mitsubishi Motors Web Museum]
 
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''Regional sites''
 
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*[http://www.mitsubishi-motors.co.jp/ Japan]&nbsp;•&nbsp;[http://www.mitsucars.com/ USA]&nbsp;•&nbsp;[http://www.mitsubishicars.ca Canada]&nbsp;•&nbsp;[http://www.mitsubishi-cars.co.uk United Kingdom]&nbsp;•&nbsp;[http://www.mitsubishi-motors.com.au/ Australia]&nbsp;•&nbsp;[http://www.mitsubishi-motors.co.za/ South Africa]
 
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{{Mitsubishi Motors}}
 
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[[Category:Automotive companies of Japan]]
 
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[[Category:Car manufacturers]]
 
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[[Category:Companies based in Tokyo]]
 
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[[Category:Companies established in 1970]]
 
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[[Category:Mitsubishi companies]]
 
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[[Category:Motor vehicle manufacturers of Japan]]
 
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[[ko:미쓰비시 자동차 공업]]
 
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[[zh:三菱汽车工业有限公司]]
 
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'''NEC Display Solutions''' is a manufacturer of [[Computer display|computer monitors]] and large-screen public-information displays, and has sold and marketed products under the [[NEC]] brand globally for more than twenty years.  The company sells display products to the consumer, business, professional (e.g. financial, graphic design, CAD/CAM), digital signage and medical markets.  The company became a [[Subsidiary|wholly owned subsidiary]] of Japan-based [[NEC|NEC Corporation]] on [[March 31]], [[2005]].  Prior to that date, the company was known as NEC/Mitsubishi, a 50/50 joint venture between NEC Corporation and [[Mitsubishi Electric]] that began in 2000, and sold display products under both the NEC and Mitsubishi brands.  The company, which is no longer affiliated with Mitsubishi, currently sells and markets products under the NEC brand only.
 
  
  
 
{{credits|Mitsubishi|58.185.49.209|Mitsubishi Motors|76.208.185.34|NEC Display Solutions|71.113.167.60|}}
 
{{credits|Mitsubishi|58.185.49.209|Mitsubishi Motors|76.208.185.34|NEC Display Solutions|71.113.167.60|}}

Revision as of 15:08, 13 May 2008

Mitsubishi Group
三菱グループ
Mitsubishi logo.svg
Type Public (traded on the Tokyo Stock Exchange)
Founded May 13, 1870
Headquarters Flag of Japan Tokyo, Japan
Industry Conglomerate


The Mitsubishi Group (三菱グループ Mitsubishi Gurūpu), Mitsubishi Group of Companies, or Mitsubishi Companies is a Japanese conglomerate consisting of a range of autonomous businesses which share the Mitsubishi brand, trademark and legacy. The Mitsubishi group of companies forms a loose entity, the Mitsubishi Keiretsu, which is often referenced in US and Japanese media and official reports. These companies all descend from the zaibatsu of the same name, founded in 1870, shortly after the Meiji Restoration, by Iwasaki Yataro. Originally a shipping and trading company, under Iwasaki it developed close ties with the Japanese government and diversified into mining, ship repair, newspapers, marine insurance, and documentary finance.

Mitsubishi was the second-largest of the family-owned industrial-financial combines that dominated the economic life of Japan in the late 19th and early 20th centuries, and played a central role in the modernization of Japanese industry. Forced to disband by Allied occupation forces after World War II, Mitsubishi Corporation reconstituted itself in 1954, and participated in the unprecedented economic growth of Japan during the 1950s and 1960s. In 2007, Mitsubishi Motors ranked as the sixth largest automaker in Japan and the seventeenth largest in the world by global unit sales. As of 2007, Mitsubishi Corporation, a member of the Mitsubishi Group, was Japan's largest general trading company (sogo shosha), with over 200 bases of operations in approximately 80 countries worldwide. Together with its over 500 group companies, Mitsubishi employs a multinational workforce of approximately 54,000 people.

History

Yataro Iwasaki, founder

Yataro Iwasaki

Born in a provincial farming family in Aki, Tosa province (now Kochi prefecture), Yataro Iwasaki (1835-1885) studied under the reformist Toyo Yoshida, who influenced him with ideas about opening and developing Japan through industry and foreign trade. Through Yoshida, he found work as a clerk for the Tosa government, and was eventually promoted to financial manager of the Tosa clan's trading office in Nagasaki, responsible for trading camphor oil and paper to buy ships, weapons, and ammunition.

Following the Meiji Restoration in 1868, which forced the disbandment of the shogunate's business interests, Iwasaki travelled to Osaka and leased the trading rights for the Tosa clan's Tsukumo Trading Company. In 1870, the company adopted the name Mitsubishi Commercial Company (Mitsubishi Shokai, 三菱商会) when Iwasaki became president, and in 1873, the company officially changed its name to Mitsubishi. Mitsubishi diversified rapidly, acquiring more ships and expanding its passenger and freight services. Iwasaki supported the new Japanese government, and Mitsubishi provided the ships that carried Japanese troops to Taiwan and later to put down a rebellion in Kyūshū. He founded the Mitsubishi Transportation Company, and received more ships and a large annual subsidy from the government in return for carrying mail and other supplies. With government support, he was able to acquire further shipping rights on the lucrative Shanghai route and drive out two large foreign shipping companies. Iwasaki taught his subordinates to "worship the passengers" because they were sources of revenue. Iwasaki frequently entertained dignitaries and cultivated friends and business connections who later did him many favors.

Iwasaki began to diversify, investing in mining, ship repair, newspapers, marine insurance, and documentary finance, and establishing the businesses that formed the foundation for the Mitsubishi organization. The company bought into coal mining in 1881 by acquiring the Takashima mine, using the produce to fuel their extensive steamship fleet. Mitsubishi Kawase-ten, a financial exchange house that also engaged in warehousing business, was the forerunner of today's Mitsubishi Bank and Mitsubishi Warehouse & Transportation. In 1884 he leased the Nagasaki Shipyard and renamed it Nagasaki Shipyard & Machinery Works, allowing the company to venture into full-scale shipbuilding. Iwasaki purchase copper and coal mines, and participated in establishing the insurance company that is now Tokyo Marine and Fire. He also led the school that became the Tokyo University of Mercantile Marine.

In 1885, Iwasaki lost control of his shipping company in the wake of a political struggle that had buffeted Japan's marine transport industry. The company merged with a rival and became Nippon Yusen (NYK Line), which later returned to the ranks of the Mitsubishi companies. The same year, Iwasaki died of stomach cancer at the age of 50.

Diversification and decentralization

Yanosuke Iwasaki (1851-1908) succeeded his brother as head of the Mistsubishi organization in 1885. Under his autocratic leadership, Mitsubishi continued to grow. He incorporated Mitsubishi as a modern corporation, rebuilt the organization around its mining and shipbuilding businesses, and expanded its interests in banking, insurance and warehousing. In 1890, he purchased 80 acres of the land next to the Imperial Palace in Tokyo, now known as Marunouchi.

In 1893, Iwasaki Hisaya (1865 – 1955), son of Iwasaki Yataro, assumed the presidency of Mitsubishi. He had graduated from the University of Pennsylvania, and he restructured Mitsubishi to support increasingly diverse business operations, setting up divisions for banking, real estate, marketing, and administration, as well as for the original mining and shipbuilding businesses. Iwasaki Hisaya believed in the observance of firm ethical principles in business dealings, and, after the outbreak of World War I in 1914, called on all Mitsubishi employees to up hold their commitment to integrity and fairness. He donated, to the city of Tokyo, two expansive Japanese gardens, Rikugien and Kiyosumi-Teien, and established an oriental library, Toyo Bunko.

Modernization

Koyata Iwasaki (1879 – 1945), the son of Iwasaki Yanosuke, took over the presidency of Mitsubishi in 1916. He had also studied abroad, and had graduated from Cambridge University. For almost 30 years, he played an important role in shaping Japanese industry. Under his leadership, the various divisions of Mitsubishi were incorporated into semiautonomous companies. The organization ventured into industries such as paper, steel, glass, electrical equipment, aircraft, oil, and real estate. Automobiles, aircraft, tanks, and buses were developed by the companies that later became Mitsubishi Heavy Industries. Mitsubishi Electric grew into an industry leader in electrical machinery and in home appliances. The Iwasaki family made a public offering of shares in the core Mitsubishi holding company, and by the end of World War II, outside investors held nearly half of its equity. As Mitsubishi built a broadly based conglomerate, it played a central role in the modernization of Japanese industry.

The organization entered into a period of diversification that would eventually result in the creation of three entities:

  • Mitsubishi Bank (now a part of the Mitsubishi UFJ Financial Group) was founded in 1919. After its mergers with the Bank of Tokyo in 1996, and UFJ Holdings in 2004, this became Japan's largest bank.
  • Mitsubishi Corporation, founded in 1950, Japan's largest general trading company
  • Mitsubishi Heavy Industries, which includes these industrial companies.
    • Mitsubishi Motors, the 6th largest Japanese auto manufacturer.
    • Mitsubishi Atomic Industry, a nuclear power company.
    • Mitsubishi Chemical, the largest Japanese chemicals company

World War II

Mitsubishi A6M "Zero" fighter

The Mitsubishi Zero, built by Mitsubishi, was a primary Japanese naval fighter in World War II. It was used by Imperial Japanese Navy pilots in the attack on Pearl Harbor and in kamikaze attacks until the end of the war. Allied pilots were astounded by its maneuverability, and it was very successful in combat until the Allies devised tactics to utilize their advantage in firepower and diving speed. Mitsubishi also built the "Raiden", a land-based interceptor.

As well as building prominent fighters, Mitsubishi also built many of Japan's most famous bombers of the war, such as the G3M, the G4M, the Ki-21, and the Ki-67. During the 1930s, Mitsubishi had also built the single-engined Ki-35.[1]

After World War II: new beginning

After World War II, the Allied occupation forces demanded that Japan's big industrial groups disband. Koyata Iwasaki, resisted conforming to these demands, but passed away in 1945. Mitsubishi Headquarters disbanded on September 30, 1946. The Mitsubishi holding company was dissolved, and the trading house fragmented into hundreds of independent enterprises. Most of these companies abandoned the Mitsubishi name and emblem under pressure from the occupation forces. In 1952, when the San Francisco Peace Treaty was concluded, Japan regained a place in the international community. In 1954, more than 100 companies that had been part of the Mitsubishi trading house, merged to reestablish Mitsubishi Corporation. The principal components of Mitsubishi Heavy Industries reunited in 1964. Companies that had abandoned the Mitsubishi name after the war began using it, and the three-diamond mark, again. Mitsubishi was part of Japan’s unprecedented economic growth during the 1950s and 1960s. As Japan modernized its energy and materials industries, the Mitsubishi organization created Mitsubishi Petrochemical, Mitsubishi Atomic Power Industries, Mitsubishi Liquefied Petroleum Gas, and Mitsubishi Petroleum Development. Mitsubishi’s traditional emphasis on technological development into fields such as space exploration, aviation, oceanography, data communications, computers, and semiconductors. Mitsubishi companies also became large-scale providers of consumer goods and services. In 1969, the Mitsubishi Foundation was established to commemorate the centennial anniversary of the founding of the first Mitsubishi company. Individual Mitsubishi companies also support worthy causes through their own charitable foundations. Mitsubishi pavilions have been highlights of expositions in Japan since the historic EXPO'70 in Osaka in 1970. Mitsubishi companies take part actively in the lives of the communities they serve. As of 2007, Mitsubishi Corporation, a member of the Mitsubishi Group, was Japan's largest general trading company (sogo shosha), with over 200 bases of operations in approximately 80 countries worldwide. Together with its over 500 group companies, Mitsubishi employs a multinational workforce of approximately 54,000 people. Mitsubishi has long been engaged in business with customers around the world in many industries, including energy, metals, machinery, chemicals, food and general merchandise.

Mitsubishi Motors reached total production of 1.3 million cars in 2007.

The name Mitsubishi (三菱) has two parts: "mitsu" meaning "three" and "bishi" meaning "water caltrop" (also called "water chestnut"), and hence "rhombus", or “diamond,” which is reflected in the company's logo. It is also translated as "three diamonds".[2]

The Mitsubishi emblem was a combination of the Iwasaki family crest (three stacked rhombuses) and the oak-leaf crest of the Yamanouchi family, leaders of the Tosa clan which controlled the part of Shikoku where Iwasaki Yataro was born. Maintaining the value of the logo as a symbol of quality and reliability in products and services is a top priority at every Mitsubishi company. The Mitsubishi companies have established the Mitsubishi Corporate Name and Trademark Committee and an affiliated liaison group to establish and enforce guidelines for proper use of the Mitsubishi logo. The Mitsubishi.com Committee is meant to maintain the overall integrity of the brand through a portal web site. Mitsubishi companies have secured nearly 5,500 registrations for the three-diamond logo in more than 140 nations.

Mitsubishi companies

The Mitsubishi group of companies forms a loose entity, the Mitsubishi Keiretsu, which is often referenced in US and Japanese media and official reports; in general these companies all descend from the zaibatsu of the same name. A keiretsu is a common feature of Japanese corporate governance, and refers to a collaborative group of integrated companies with extensive share crossholdings, personnel swaps and strategic co-operation. The top 25 companies are also members of the Mitsubishi Kin'yōkai, or "Friday Club," and meet monthly.

Core members

＝＝＝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.[3] 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.[4]

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 a joint-venture platform with Mitsubishi Motors with its Dodge Caliber, and Jeep Patriot and Compass. Long term joint manufacturing and technology licensing 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.[5] Recently, Mitsubishi Motors has made an alliance with PSA Peugeot Citroen.

Mitsubishi benefited strongly from these alliances in the 1970s and 1980s, increasing its annual production from 250,000 to over 1.5 million units. 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.[5]

  • 3 Diamonds Seafood Co.
  • Asahi Glass Co.
  • The Bank of Tokyo-Mitsubishi UFJ, Ltd.
  • Kirin Brewery Co., Ltd.
  • Meiji Yasuda Life Insurance Company
  • Mitsubishi Agricultural Machinery
  • Mitsubishi Aluminum Co., Ltd.
  • Mitsubishi Cable Industries, Ltd.
  • Mitsubishi Chemical Corporation (part of Mitsubishi Chemical Holdings Corporation)
  • Mitsubishi Corporation (Trading company)
  • Mitsubishi Electric Corporation
  • Mitsubishi Estate Co., Ltd.
  • Mitsubishi Fuso Truck and Bus Corporation
  • Mitsubishi Gas Chemical Company, Inc.
  • Mitsubishi Heavy Industries, Ltd.
  • Mitsubishi Kakoki Kaisha, Ltd.
  • Mitsubishi Imaging, Inc.
  • Mitsubishi Logistics Corporation
  • Mitsubishi Materials Corporation
  • Mitsubishi Motors (Automobile manufacturing and sales)
  • Mitsubishi Paper Mills, Ltd.
  • Mitsubishi Plastics, Inc.
  • Mitsubishi Rayon Co., Ltd.
  • Mitsubishi Research Institute, Inc.
  • Mitsubishi Shindoh Co., Ltd.
  • Mitsubishi Steel Mfg. Co., Ltd.
  • Mitsubishi UFJ Trust and Banking Corporation (part of Mitsubishi UFJ Financial Group)
  • Mitsubishi UFJ Securities
  • Nikon Corporation
  • Nippon Oil Corporation
  • NYK Line (Nippon Yusen Kabushiki Kaisha)
  • P.S. Mitsubishi Construction Co., Ltd.
  • Tokio Marine & Nichido Fire Insurance Co., Ltd.

These companies are members of the Mitsubishi Kinyokai (or Friday Club), and meet monthly.

Related organizations

  • Atami Yowado
  • Chitose Kosan Co., Ltd.
  • Dai Nippon Toryo Co., Ltd.
  • The Dia Foundation for Research on Ageing Societies
  • Diamond Family Club
  • Kaitokaku
  • Koiwai Noboku Kaisha, Ltd.
  • LEOC JAPAN Co., Ltd.
  • Marunouchi Yorozu Corp.
  • Meiwa Corporation
  • Mitsubishi C&C Research Association
  • Mitsubishi Club
  • Mitsubishi Corporate Name and Trademark Committee
  • Mitsubishi Economic Research Institute
  • The Mitsubishi Foundation
  • Mitsubishi Kinyokai
  • Mitsubishi Marketing Association
  • Mitsubishi Motors North America
  • Mitsubishi Public Affairs Committee
  • The Mitsubishi Yowakai Foundation
  • MT Insurance Service Co., Ltd.
  • Seikado Bunko Art Museum
  • Shonan Country Club
  • Sotsu Corporation
  • The Toyo Bunko
  • Seikei University

Notes

  1. ↑ Tachikawa Ki-36
  2. ↑ The Mitsubishi Mark
  3. ↑ Organisation Internationale des Constructeurs d'Automobiles, World Motor Vehicle Production by manufacturer (2006), OICA.net
  4. ↑ History of Mitsubishi, Funding Universe (subscription required)
  5. ↑ 5.0 5.1 Mitsubishi Motors Corporation Vehicle Manufacturer Strategic Insight, Automotive World (subscription required)

References
ISBN links support NWE through referral fees

  • Mishima, Yasuo. 1989. The Mitsubishi: its challenge and strategy. Industrial development and the social fabric, v. 11. Greenwich, Conn: JAI Press. ISBN:1559380314 : 9781559380317
  • Rudlin, Pernille. 2000. The history of Mitsubishi Corporation in London: 1915 to present day. Routledge advances in Asia-Pacific business. London: Routledge. ISBN:0415228727 9780415228725
  • Tanaka, Kenzō. 2004. Challengers, pioneers, and innovators: the front lines of the Mitsubishi Corporation Group. Tokyo: Mitsubishi Corporation.
  • Weston, Mark. 2002. Giants of Japan: the lives of Japan's greatest men and women. New York: Kodansha International. ISBN:1568363249 9781568363240
  • Woy, Jean L. (2005). "The Human Record: Sources of Global History". Boston: Houghton Mifflin Company, pp.353-356. ISBN 0618042474. 


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