Mitsubishi History

In 1917, the Mitsubishi Shipbuilding Co. Ltd. introduced Japan's first series production car, the Mitsubishi Model A. It was a seven-seat sedan based on a Fiat model that was entirely hand-built. It was extremely expensive and was halted in 1921. With the company undergoing many changes through the years, it wasn't until the early 1960s that they reentered the car market with the Mitsubishi 500. It was introduced to meet the demand for commercial vehicles. With successful sales, the company created a single entity to focus on automotive production forming Mitsubishi Motors Corporation in 1970. To ensure continued success, they decided to increase their exports and forged alliances with established, foreign companies. Chrysler was allowed to purchase a stake of the company and by 1980 the company was producing a million cars a year. Mitsubishi found itself in decline by the 1990s. After enduring lawsuits in North America, the company found themselves at the center of one of the biggest scandals to hit the Japanese auto industry. They were forced to admit they had covered up defects in their vehicles. By discontinuing slow selling models, cutting their workforce dramatically, and seeking new markets, Mitusubishi is looking to increase sales worldwide and return to profitability.