History
The Mitsubishi Motor Company was first established as a subdivision of Mitsubishi Heavy Industries, which was a subdivision of the Mitsubishi Company, in the early 1950s. The parent company, Mitsubishi, was established in 1870 as a shipping firm in Japan. Over the course of the next century, Mitsubishi would diversify its company profile, by branching out into a variety of industries. This included the automotive industry and the production of passenger cars, which resulted in the creation of the Mitsubishi Motor Company. Even though the Mitsubishi Motor Company was not formally established until the 1950s, the Mitsubishi Company produced automobiles as early as 1917, with the introduction of the Mitsubishi Model A. This vehicle was based on the Tipo 3, which was made by Fiat of Italy.
In the early 1960s, the Mitsubishi Motor Company released several successful models of vehicles. This included the Mitsubishi 500 and the Colt 1000. The Mitsubishi 500 was a passenger car and the basis for the Colt 600. The Colt brand is still used by Mitsubishi for a variety of vehicles.
In 1981, the Mitsubishi Motor Company entered a partnership with Chrysler, allowing Chrysler to purchase a 15 percent stake in Mitsubishi and manufacture the Mitsubishi Galant as the Dodge Colt. In Australia, Chrysler would market the Galant as the Chrysler Sigma. Towards the end of the 1970s, Chrysler was marketing the Galant across Europe.
The partnership between Mitsubishi and Chrysler would also involve the creation of a joint venture, named Diamond-Star Motors, established in 1985. This partnership started coming to an end in 1991, when Chrysler sold their interest in the joint venture to Mitsubishi. The following year, Chrysler reduced their stake in Mitsubishi to around three percent and sold the remainder of their shares in 1993.
Major Events
In 1980, Mitsubishi reached an annual production of a million vehicles. At the time, Chrysler sold their manufacturing division of Australia to the Mitsubishi Motor Company. This became Mitsubishi Motors Australia, helping Mitsubishi spread their distribution further and increase their production capabilities.
Manufacturing plants were opened in China in 1986, making the Mitsubishi Motor Company one of the first Japanese automotive companies to have assembly plants in China. After this expansion, Mitsubishi’s annual production had reached a total of one and a half million vehicles.
In 1988, the Mitsubishi Motor Company finally went public, while their parent company, Mitsubishi Heavy Industries, reduced their stake in the company to 25 percent and Chrysler increased their share past 20 percent. With revenue generated from the initial public offering, Mitsubishi Motor Company expanded production into Malaysia, the Philippines, and Thailand.
Mitsubishi has a long history of being involved in motor sports. They entered the Grand Prix circuit with the release of the Mitsubishi 500 Super DeLuxe in 1962. For the next two years, Mitsubishi would sweep the top spots in the Macau Grand Prix, with a Colt 600 in 1963 and a Colt 1000 in 1964. For the rest of the 1960s, Mitsubishi would have great success in the Grand Prix, including a win in the Exhibition Class in 1966.
Going Forward
Mitsubishi has been making great strides in advancing the technology in the automotive industry and has an all electric vehicle known the i-MiEV slated for production, which provides a zero emission footprint. This is not the only new auto available, since Mitsubishi has over 4 concepts on the drawing board in their future lineup. These include the sporty RA, which sports a clean diesel turbo offering 200 Hp. Other models include the Prototype X, Concept CX, and Evolution II, which can all be viewed at http://www.mitsubishicars.com/why-mitsubishi/concept-cars – future cars.
Other technology driving the brand forward includes the MIEV technology (Mitsubishi innovative Electric Vehicle), and the MIVEC system (Mitsubishi’s Innovative Valve Timing Electronic Control) which is a system optimising valve timing at every speed for the ideal balance of power and fuel efficiency. Going beyond the fuel technology, Mitsubishi is also exploring new infotainment interfaces for greater connectivity between car and driver.
