(as of 30 September 2023)
81-466: Mitsubishi Motors Corporation ( 三菱自動車工業株式会社 , Mitsubishi Jidōsha Kōgyō KK , lit. ' Mitsubishi Automotive Industry Company ' , / m ɪ t s ʊ ˈ b iː ʃ i / , Japanese pronunciation: [mitsɯꜜbiɕi] ) is a Japanese multinational automobile manufacturer headquartered in Minato, Tokyo , Japan. In 2011, Mitsubishi Motors was the sixth-largest Japanese automaker and
162-423: A (so-called) "close company" ( 非公開会社 , hi-kōkai gaisha ) , in which case the company (e.g. its board of directors or a shareholders' meeting, as defined in the articles of incorporation) must approve any transfer of shares between shareholders; this designation must be made in the articles of incorporation. The articles must be sealed by the incorporator(s) and notarized by a civil law notary , then filed with
243-892: A 15% share in the new company. Thanks to this deal, Chrysler began selling the Galant in the United States as the Dodge Colt (which was the first rebadged Mitsubishi product sold by Chrysler), pushing MMC's annual production beyond 250,000 vehicles. In 1977, the Galant was sold as the Chrysler Sigma in Australia. 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
324-511: A K.K. is carried out by one or more incorporators ( 発起人 , hokkinin , sometimes referred to as "promoters") . Although seven incorporators were required as recently as the 1980s, a K.K. now only needs one incorporator, which may be an individual or a corporation. If there are multiple incorporators, they must sign a partnership agreement before incorporating the company. The purpose statement requires some specialized knowledge, as Japan follows an ultra vires doctrine and does not allow
405-468: A K.K. must have a board of directors ( 取締役会 , torishimariyaku kai ) consisting of at least three individuals. Directors have a statutory term of office of two years, and auditors have a term of four years. Small companies can exist with only one or two directors, with no statutory term of office, and without a board of directors ( 取締役会非設置会社 , torishimariyaku-kai hi-setchi-gaisha ) . In such companies, decisions are made via shareholder meeting and
486-477: A K.K. to act beyond its purposes. Judicial or administrative scriveners are often hired to draft the purposes of a new company. Additionally, the articles of incorporation must contain the following if applicable: Other matters may also be included, such as limits on the number of directors and auditors. The Corporation Code allows a K.K. to be formed as a "stock company that is not a public company" ( 公開会社でない株式会社 , kōkai gaisha denai kabushiki gaisha ) , or
567-481: A Mitsubishi takeover, which proved effective. Although sales of SUVs 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 SUV product development, and his gamble paid off; Mitsubishi's wide line of four-wheel drive vehicles, from the Mitsubishi Pajero Mini kei car to
648-562: A joint venture (later named " NMKV Co., Ltd.") to develop kei cars for the Japanese market. In 2016, Nissan uncovered evidence that Mitsubishi's fuel-economy testing numbers were erroneous and had been erroneous since the start of the venture, affecting 625,000 cars produced by NMKV. The result of the "fuel economy scandal" was that Nissan acquired a controlling interest in Mitsubishi. In July 2024, Mitsubishi Motors and Nissan announced
729-693: A joint venture with rival carmaker Volvo and the Dutch government at the former DAF plant in Born in 1991. The operation, branded NedCar , began producing the first-generation Mitsubishi Carisma alongside the Volvo S40/V40 in 1996. The factory later produced the latest Mitsubishi Colt and the related Smart Forfour (partner DaimlerChrysler cancelled its production in 2006). Production of European market-bound Mitsubishi Outlanders , and badge-engineered versions of this vehicle, were also manufactured in
810-725: A member of the Renault–Nissan Alliance (the "Alliance"). Nissan has said that they plan to share some car platforms and jointly develop future vehicles with Mitsubishi Motors. Nissan's acquisition of the 34% controlling interest in Mitsubishi Motors was completed in October 2016, when Carlos Ghosn , the chairman of Nissan, Renault , and the Alliance, also became chairman of Mitsubishi Motors. Ghosn remained chairman of Mitsubishi until his dismissal following his arrest by
891-451: A minor issue when deciding how to structure a business in Japan. As all publicly traded companies follow the K.K. structure, smaller businesses often choose to incorporate as a K.K. simply to appear more prestigious. In addition to income taxes, K.K.s must also pay registration taxes to the national government and may be subject to local taxes. Generally, the power to bring actions against
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#1732798333370972-409: A partnership with Honda for the joint development of their future electric models. Mitsubishi Motors maintained two retail sales channels that sold specific models, called "Car Plaza" and "Galant Shop". Certain models were exclusive to either channel, while some models were available at both channels, as required by local Japanese market conditions. More recently, due to cancellation of larger sedans,
1053-513: A price of less than ¥50,000 per share (effective 1982-2003 ), or operate with paid-in capital of less than ¥10 million (effective 1991–2005). On June 29, 2005, the Diet of Japan passed a new Companies Act ( 会社法 , kaisha-hō ) , which took effect on May 1, 2006. A kabushiki gaisha may be started with capital as low as ¥1, making the total cost of a K.K. incorporation approximately ¥240,000 (about US$ 2,500) in taxes and notarization fees. Under
1134-454: A style called 後株 , ato-kabu ). Many Japanese companies translate the phrase " 株式会社 " in their name as " Company, Limited "—this is very often abbreviated as " Co., Ltd. "—but others use the more Americanized translations "Corporation" or "Incorporated". Texts in England often refer to kabushiki kaisha as " joint stock companies ". While that is close to a literal translation of the term,
1215-489: A wholly owned subsidiary of MHI under the leadership of Tomio Kubo, a successful engineer from the aircraft division. The logo of three red diamonds, shared with over 40 other companies within the keiretsu , antedates Mitsubishi Motors itself by almost a century. It was chosen by Iwasaki Yatarō , 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
1296-458: A ¥540-billion emergency rescue of Mitsubishi Motors in January 2005, in partnership with Mitsubishi Corporation and Mitsubishi Tokyo Financial Group . As part of the rescue, MHI acquired ¥50 billion of Mitsubishi Motors stock, increasing its ownership stake to 15% and making the automaker an affiliate again. The emergency rescue was carried out 4 years after a product recall scandal in Japan that
1377-593: Is also combined into one Unicode character at code point U+337F ㍿ SQUARE CORPORATION , while the parenthesized form can also be represented with a single character, U+3231 ㈱ PARENTHESIZED IDEOGRAPH STOCK as well as parentheses around U+682A 株 CJK UNIFIED IDEOGRAPH-682A and its romanization U+33CD ㏍ SQUARE KK . These forms, however, only exist for backward compatibility with older Japanese character encodings and Unicode and should be avoided when possible in new text. The first kabushiki gaisha
1458-857: 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". In 1982 and 1983, Mitsubishi introduced the Australian-built Mitsubishi Sigma to the UK as the Lonsdale YD41 in an attempt to circumvent British import quotas, but
1539-502: Is manufactured in the local Mitsubishi plant. The engine used is either Mitsubishi's 1.3 L (1,343 cc) carbureted 4G17 or the bigger 1.5 L (1,468 cc) fuel-injected 4G15 . In 2005, the alliance continued by rebadging the Suzuki APV to Mitsubishi Maven . Few styling changes were applied, and the 4G15 engine was used instead of Suzuki's G15A engine. The Maven was discontinued in 2009 due to poor sales. The Colt T120SS
1620-508: Is often used, but the original Japanese pronunciation is kabushiki gaisha , with a ⟨g⟩ , owing to rendaku . A kabushiki gaisha must include " 株式会社 " in its name (Article 6, paragraph 2 of the Companies Act). In a company name, " 株式会社 " can be used as a prefix (e.g. 株式会社 電通 , kabushiki gaisha Dentsū , a style called 前株 , mae-kabu ) or as a suffix (e.g. トヨタ自動車 株式会社 , Toyota Jidōsha kabushiki gaisha ,
1701-629: Is referred to as a company with a board of statutory auditors ( 監査役会設置会社 , kansayaku-kai setchi-gaisha ) . Close K.K.s may also have a single person serving as director and statutory auditor, regardless of capital or liabilities. A statutory auditor may be any person who is not an employee or director of the company. In practice, the position is often filled by a very senior employee close to retirement, or by an outside attorney or accountant. Japanese law does not designate any corporate officer positions. Most Japanese-owned kabushiki gaisha do not have "officers" per se , but are directly managed by
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#17327983333701782-476: The Companies Act of Japan . The term is often translated as "stock company", " joint-stock company " or "stock corporation". The term kabushiki gaisha in Japan refers to any joint-stock company regardless of country of origin or incorporation; however, outside Japan the term refers specifically to joint-stock companies incorporated in Japan. In Latin script, kabushiki kaisha , with a ⟨k⟩ ,
1863-673: The 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% in 1995. In 1991, Chrysler sold its equity stake in Diamond-Star Motors to its partner Mitsubishi Motors, and from then on the two companies continued to share components and manufacturing on a contractual basis only. Chrysler decreased its interest in Mitsubishi Motors to less than 3% in 1992, and announced its decision to divest itself of all its remaining shares on
1944-523: The Henry J , an inexpensive American sedan built by Kaiser Motors , in 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-3Bs . This deal proved more durable, with licensed Mitsubishi Jeeps in production until 1998, 30 years after Willys had replaced
2025-674: The Minica kei car and the Colt 1000, the first of its Colt line of family cars, in 1963. In 1964, Mitsubishi introduced its largest passenger sedan, the Mitsubishi Debonair as a luxury car primarily for the Japanese market, and was used by senior Mitsubishi executives as a company car. West Japan Heavy-Industries (now renamed Mitsubishi Shipbuilding and Engineering) and East Japan Heavy-Industries (now Mitsubishi Nihon Heavy-Industries) had also expanded their automotive departments in
2106-594: The Mitsubishi Pajero Sport (third generation) until 2016. Upon selling its Volvo Cars division to Ford in January 1999, Volvo Group purchased a 5% stake in Mitsubishi Motors in November of that same year, but sold its stake to shareholder DaimlerChrysler in March 2001. Mitsubishi has been allied with PSA Group since 1999, after they agreed to co-operate on the development of diesel engines using
2187-658: The Mizushima and a scooter called the Silver Pigeon were also developed. However, the zaibatsu (Japan's family-controlled industrial conglomerates) were ordered to be dismantled by the 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. East Japan Heavy-Industries began importing
2268-543: The 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 50 years later in its quest for motorsport and sales success. Immediately following the end of the Second World War , the company returned to manufacturing vehicles. Fuso bus production resumed, while a small three-wheeled cargo vehicle called
2349-428: The 1950s, and the three were reintegrated as Mitsubishi Heavy Industries in 1964. Within three years, its output was over 75,000 vehicles annually. Following the successful introduction of the first Galant in 1969 and similar growth with its commercial-vehicle division, the company decided to create a single operation to focus on the automotive industry. Mitsubishi Motors Corporation (MMC) was formed on 22 April 1970, as
2430-718: The 19th-largest worldwide by production. Since October 2016, Mitsubishi has been one-third (34%) owned by Nissan , and included in the Renault–Nissan–Mitsubishi Alliance . Besides being part of the Renault–Nissan–Mitsubishi Alliance, it is also a part of Mitsubishi keiretsu , formerly the biggest industrial group in Japan. The company was originally formed in 1970 from the automotive division of Mitsubishi Heavy Industries . Mitsubishi Fuso Truck and Bus Corporation , which builds commercial-grade trucks, buses, and heavy construction equipment,
2511-669: The Eclipse and Galant were being explored in Ukraine, the Middle East, and Russia, where the company's bestselling dealership is located. Mitsubishi Motors has also been active in OEM production of cars for Nissan , and announced a similar partnership with Groupe PSA in July 2005 to manufacture an SUV on their behalf. Mitsubishi Motors reported its first profitable quarter in four years in
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2592-617: The Galant as the Dodge Challenger and the Plymouth Sapporo . However, this expansion was beginning to cause friction; Chrysler saw their overseas markets for subcompacts as being directly encroached by their Japanese partners, while MMC felt the Americans were demanding too much say in their corporate decisions. Mitsubishi Motors finally achieved annual production of a million cars in 1980, but by this time, its ally
2673-585: The Illinois Business Corporation Act of 1933, giving kabushiki gaisha many traits of American corporations , and to be more exact, Illinois corporations. Over time, Japanese and U.S. corporate law diverged, and K.K. assumed many characteristics not found in U.S. corporations. For instance, a K.K. could not repurchase its own stock (a restriction lifted by the amendment of the Commercial Code in 2001), issue stock for
2754-547: The Japanese company's gasoline direct injection technology. They united again in 2005 to develop the Peugeot 4007 and Citroën C-Crosser sport utility vehicles (SUVs), based on the Japanese company's Mitsubishi Outlander . Two further ties were established between the companies in 2008, first with the establishment of a jointly owned production facility in Kaluga , which will manufacture up to 160,000 Outlander-based SUVs for
2835-686: The Japanese government in November 2018, when Mitsubishi Motors CEO Osamu Masuko assumed the chairmanship. By 2023, Renault Group began supplying Mitsubishi in Continental Europe, with the Renault Clio and Renault Captur rebadge as the Colt and ASX. The firm has no plans to sell any of the models in Britain or Ireland, as the Colt Car Company's Mitsubishi aftersales business was bought as a going concern by International Motors (a firm previously known for launching Hyundai onto
2916-478: The Legal Affairs Bureau in the jurisdiction where the company will have its head office. In a direct incorporation, each incorporator receives a specified amount of stock as designated in the articles of incorporation. Each incorporator must then promptly pay its share of the starting capital of the company, and if no directors have been designated in the articles of incorporation, meet to determine
2997-467: The Ministry of Finance. Under the new Company Law, public and other non-close K.K.s may either have a statutory auditor, or a nominating committee ( 指名委員会 , shimei-iin-kai ) , auditing committee ( 監査委員会 , kansa-iin-kai ) and compensation committee ( 報酬委員会 , hōshū-iin kai ) structure similar to that of American public corporations. If the company has an auditing committee, it
3078-630: The Netherlands until 2012, when the company sold the plant to the Dutch industrial conglomerate VDL Groep . Mitsubishi Motors Europe 's headquarters and their European distribution center are still based in Born. In Indonesia, Mitsubishi offered the Colt T120SS light truck between 1991 and 2019 based on the Suzuki Carry . Despite the same bodywork, the fascia is unique to Mitsubishi and it
3159-702: The Proton controlled 75% of its domestic market, even after Mitsubishi ended their 22-year partnership in 2005, selling their 7.9% stake for RM 384 million to Khazanah Nasional Berhad . However, in October 2008, Proton renewed its technology-transfer agreements with MMC, and the Proton Inspira (the Proton Waja replacement) was again based on the Mitsubishi Lancer platform and officially launched on 10 November 2010. Mitsubishi participated in
3240-478: The UK market in 1981). Mitsubishi Motors plans to stop developing car platforms for the Japanese market and instead use vehicle bases made by ally Nissan Motor beginning around 2026. The Colt name appears frequently in Mitsubishi's history since its introduction as a rear-engined 600-cc sedan in the early 1960s. Today, it most commonly refers to the Mitsubishi Colt subcompact in the company's line-up, but
3321-523: The amount of damages being claimed, shareholders rarely had the motivation to sue on the company's behalf. In 1993, the Commercial Code was amended to reduce the filing fee for all shareholder derivative suits to ¥8,200 per claim. This led to a rise in the number of derivative suits heard by Japanese courts, from 31 pending cases in 1992 to 286 in 1999, and to a number of very high-profile shareholder actions, such as those against Daiwa Bank and Nomura Securities Mitsubishi 500 The Mitsubishi 500
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3402-635: The construction of a new manufacturing plant in Indonesia under a joint venture with Mitsubishi Corporation (40%) and a local company Krama Yudha Group (9%), with the maximum production capacity of 160,000 vehicles per year. In July 2015, the Mitsubishi Motors announced that it plans to end production at the Diamond-Star Motors plant in Normal, Illinois , US, as the plant has been operating well below capacity for several years. Operations at
3483-597: The crowded streets of Japan. Japanese media rumored in 1992 and 1993 that Mitsubishi Motors intended a hostile acquisition of Honda . While Mitsubishi was riding high off of profitable vehicles such as the Diamante and Pajero, Honda was caught off-guard with the SUV and truck boom, and was losing focus after the illness and later death of its founder . Honda CEO Nobuhiko Kawamoto took drastic steps, though, such as exiting Formula 1 and discontinuing unprofitable vehicles to avert
3564-425: The decision-making power of the directors is relatively limited. As soon as a third director is designated such companies must form a board. At least one director is designated as a Representative Director ( 代表取締役 , daihyō-torishimariyaku ) , holds the corporate seal and is empowered to represent the company in transactions. The Representative Director must "report" to the board of directors every three months;
3645-415: The directors on the corporation's behalf is granted to the statutory auditor. Historically, derivative suits by shareholders were rare in Japan. Shareholders have been permitted to sue on the corporation's behalf since the postwar Americanization of the Commercial Code; however, this power was severely limited by the nature of court costs in Japan. Because the cost to file a civil action is proportional to
3726-618: The directors, one of whom generally has the title of president ( 社長 , sha-chō ) . The Japanese equivalent of a corporate vice president is a department chief ( 部長 , bu-chō ) . Traditionally, under the lifetime employment system, directors and department chiefs begin their careers as line employees of the company and work their way up the management hierarchy over time. This is not the case in most foreign-owned companies in Japan, and some native companies have also abandoned this system in recent years in favor of encouraging more lateral movement in management. Corporate officers often have
3807-417: The exact meaning of this statutory provision is unclear, but some legal scholars interpret it to mean that the board must meet every three months. In 2015, the requirement that at least one director and one Representative Director must be a resident of Japan was changed. It is not required to have a resident Representative Director although it can be convenient to do so. Directors are mandatories ( agents ) of
3888-502: The facility ended in May 2016. The plant was sold to Maynards Industries, which sold the site to American electric vehicle startup Rivian in 2017. In May 2016, in the wake of the fuel-efficiency scandal uncovered by Nissan (discussed in "Fuel economy scandal" ), Nissan began the acquisition of a 34% stake in Mitsubishi Motors, with the aim of making Nissan the largest and controlling shareholder of Mitsubishi and turning Mitsubishi Motors into
3969-762: The fast-growing Russian market. They were also collaborating in the research and development of electric powertrains for small urban vehicles. Japanese newspaper Nikkei claimed that PSA will sell the electric city car Mitsubishi i MIEV in Europe by 2011. In Europe, Mitsubishi Motors used diesel engines supplied by German manufacturer Volkswagen for some of its mid-sized cars, such as the Lancer , Grandis , and Outlander . From 2010, they were superseded with Mitsubishi's self-developed 4N1 diesel engines. As of 2006, Mitsubishi had four joint ventures with Chinese partners: In December 2010, Mitsubishi and Nissan agreed to form
4050-404: The incorporator, and then make payment for his or her shares by a date specified by the incorporator(s). Capital must be received in a commercial bank account designated by the incorporator(s), and the bank must provide certification that payment has been made. Once the capital has been received and certified, the incorporation may be registered at the Legal Affairs Bureau. Under present law,
4131-470: The initial directors and other officers. The other method is an "incorporation by offering," in which each incorporator becomes the stock underwriter of a specified number of shares (at least one each), and the other shares are offered to other investors. As in a direct incorporation, the incorporators must then hold an organizational meeting to appoint the initial directors and other officers. Any person wishing to receive shares must submit an application to
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#17327983333704212-437: The legal title of shihainin , which makes them authorized representatives of the corporation at a particular place of business, in addition to a common-use title. Kabushiki gaisha are subject to double taxation of profits and dividends, as are corporations in most countries. In contrast to many other countries, however, Japan also levies double taxes on close corporations ( yugen gaisha and gōdō gaisha ). This makes taxation
4293-583: The model. 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
4374-506: The new brand was unsuccessful. It then carried Mitsubishi Sigma badges in 1983–84 before abandoning this operation entirely. South Korean manufacturer Hyundai , built the Hyundai Pony in 1975 using MMC's Saturn engine and transmissions. Korea's first car, it remained in production for 13 years. Mitsubishi held up to a 10% stake in the company, until disposing of the last of its remaining shares in March 2003. The 1985 Hyundai Excel
4455-422: The old Commercial Code, a K.K. required starting capital of ¥10 million (about US$ 105,000); a lower capital requirement was later instituted, but corporations with under ¥3 million in assets were barred from issuing dividends , and companies were required to increase their capital to ¥10 million within five years of formation. The main steps in incorporation are the following: The incorporation of
4536-521: 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 and subcompact cars for Chrysler. Diamond-Star Motors (DSM)—from the parent companies' logos: three diamonds (Mitsubishi) and a pentastar (Chrysler)—was incorporated in October 1985, and in April 1986, ground
4617-406: The only one of Japan's 11 auto manufacturers to be privately held. Mitsubishi Heavy Industries agreed to reduce its share to 25%, retaining its position as largest single stockholder. Chrysler, meanwhile, increased its holding to over 20%. The capital raised by this initial offering enabled Mitsubishi to pay off part of its debts, as well as to expand its investments throughout Southeast Asia, where it
4698-499: The open market in 1993. The two companies then terminated their close alliance, with Mitsubishi Motors no longer supplying parts for engines and transmissions for Chrysler. After this period, the company sought alliances with many other automotive manufacturers in different areas of the world, as described under "other alliances" below, with its most economically significant alliance being with Nissan to develop and manufacture kei cars. Mitsubishi Heavy Industries (MHI) participated in
4779-417: The sales channels have been combined into one franchise that sells all models, including kei cars and commercial delivery vehicles. Kabushiki gaisha A kabushiki gaisha ( Japanese : 株式会社 , pronounced [kabɯɕi̥ki ɡaꜜiɕa] ; lit. ' share company ' ) or kabushiki kaisha , commonly abbreviated K.K. or KK , is a type of company ( 会社 , kaisha ) defined under
4860-732: The shareholders, and the Representative Director is a mandatory of the board. Any action outside of these mandates is considered a breach of mandatory duty. Every K.K. with multiple directors must have at least one statutory auditor ( 監査役 , kansayaku ) . Statutory auditors report to the shareholders, and are empowered to demand financial and operational reports from the directors. K.K.s with capital of over ¥500m, liabilities of over ¥2bn and/or publicly traded securities are required to have three statutory auditors, and must also have an annual audit performed by an outside CPA . Public K.K.s must also file securities law reports with
4941-484: The third Japanese manufacturer (after Daihatsu and Suzuki ) to begin assembly in China. Before receiving government approval for this project, Mitsubishi had to express contrition over "defective" Mitsubishi trucks imported to China in 1984 and 1985. By 1989, Mitsubishi's worldwide production, including its overseas affiliates, had reached 1.5 million units. Mitsubishi Motors went public in 1988, ending its status as
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#17327983333705022-417: The third quarter of 2006, and returned to profitability by the end of the 2006 financial year, and sustained profitability and global sales of 1,524,000 through 2007 and later. In January 2011, the company announced its next midterm business plan to introduce eight hybrid and battery-powered models by 2015. It aimed to sell its first two plug-in hybrids by fiscal 2012. In March 2015, Mitsubishi Motors started
5103-479: The time of introduction mandated an engine no larger than 360 cc, which remained the limit until it was raised to 550 cc January 1, 1976. Although they are now more renowned for their contemporary successes in off-road racing with the Pajero-based Rally Raid vehicle and Lancer Evo-based WRC car , Mitsubishi's first " homologation special" was a Super DeLuxe-based touring car which
5184-401: The two are not precisely the same. The Japanese government once endorsed "business corporation" as an official translation but now uses the more literal translation "stock company." Japanese often abbreviate " 株式会社 " in a company name on signage (including the sides of their vehicles) to 株 in parentheses , as, for example, " ABC㈱ ." The full, formal name would then be " ABC株式会社 ". 株式会社
5265-524: The two countries' governments, had to be included among the 120,000 cars earmarked for Chrysler. A restricting element of Mitsubishi's deal with Chrysler was that Chrysler had the right of first refusal of any Mitsubishi automobiles in the US market until 1990. 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 network to 340 dealers. Despite
5346-478: Was A10 , later A11 . Buoyed by its sales success, it was given an enlarged 25 PS (18 kW) 594 cc engine (NE35A) in August 1961 for improved acceleration and durability. This model was known as the Mitsubishi 500 Super DeLuxe . The succeeding Colt 600 used a great deal of the 500 Super DeLuxe's underpinnings, including the engine and layout. The Mitsubishi 500 was never a Kei car : Kei regulations at
5427-826: Was a joint venture created in 1985, which produced Ford , Mazda , and Mitsubishi vehicles for the local South African market, with the Mitsubishi Delica being rebadged as the Ford Husky minibus and the Mitsubishi Canter as the Ford Triton light truck. Samcor also made a version of the Mazda 323 for the UK market called the Sao Penza, which was a marque like Lonsdale YD41 , invented to get around British import quotas. Malaysian manufacturer Proton
5508-699: Was broken on a 1.9-million-square-foot (177,000 m) production facility in Normal. 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. In 1986 Mitsubishi reached an agreement with Liuzhou Automotive to assemble their Minicab kei van and truck there, making Mitsubishi
5589-686: Was by now operating in the Philippines , Malaysia , and Thailand . Hirokazu Nakamura became president of Mitsubishi Motors in 1989, and steered the company in some promising directions, with the advent of the Japanese asset price bubble " market correction " that led to the Lost Decade as a result of the Plaza Accord agreement signed in 1985. Sales of the company's new Pajero were bucking conventional wisdom by becoming popular even in
5670-437: Was discontinued in 1921 after only 22 had been built. In 1934, Mitsubishi Shipbuilding was merged with the Mitsubishi Aircraft Co., a company established in 1920 to manufacture aircraft engines and other parts. The unified company was known as Mitsubishi Heavy Industries (MHI), and was the largest private company in Japan. MHI concentrated on manufacturing aircraft , ships , railroad cars and machinery, but in 1937 developed
5751-406: Was discontinued in 2019 as the base vehicle, the Suzuki Carry was updated, and Mitsubishi was not interested in continuing the alliance. In Japan, Mitsubishi had rebadged the Suzuki Solio as the Delica D:2 and the Suzuki Every as the Minicab . Indian manufacturer Hindustan had a joint venture with Mitsubishi that started 1998. Models produced at the Tiruvallur , Tamil Nadu plant included
5832-692: Was formerly a part of Mitsubishi Motors, but is now owned by German automotive corporation Daimler Truck , with Mitsubishi continuing to own a small stake. Mitsubishi's automotive origins date back to 1917, when the Mitsubishi Shipbuilding Co., Ltd., introduced the Mitsubishi Model A , Japan's first series-production automobile. An entirely hand-built seven-seater sedan based on the Fiat Tipo 3, it proved expensive compared to its American and European mass-produced rivals, and
5913-684: Was initially very dependent on Mitsubishi Motors, assembling their 1985 Proton Saga using mostly MMC components at a newly established facility in Shah Alam . Subsequent models like the Wira and Perdana were based on the Lancer/Colt and Galant/Eterna, respectively, before the company finally produced entirely self-developed vehicles, the Waja in 2000, and the Proton Gen-2 in 2004. At its peak,
5994-502: Was launched in 2007 and 2008. 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 were 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, new export markets for
6075-642: Was not so healthy; as part of its battle to avoid bankruptcy , Chrysler was forced to sell its Australian manufacturing division to MMC that year. The new Japanese owners renamed it Mitsubishi Motors Australia Ltd (MMAL). In 1982, the Mitsubishi brand was introduced to the American market for the first time. The Tredia sedan , and the Cordia and Starion coupés were initially sold through 70 dealers in 22 states, with an allocation of 30,000 vehicles among them. This quota , restricted by mutual agreement between
6156-409: Was powered by a rear mounted , air-cooled 493 cc two-cylinder engine with a single downdraught carburettor producing 21 PS (15 kW) at 5,000 rpm, driving the rear wheels through a three-speed manual transmission . The body was a monocoque , in order to be light and strong enough to reach the goal of seating four and reaching 100 km/h with such a small engine. Chassis code
6237-920: Was sold in the United States as the Mitsubishi Precis between 1987 and 1994, whereas several other Mitsubishi models were rebadged as Hyundai, namely the Mitsubishi Chariot (as the Hyundai Santamo ), the Mitsubishi Pajero (as the Hyundai Galloper ) or the Mitsubishi Delica (as the Hyundai Porter ) and Mitsubishi Proudia (as the Hyundai Equus ). The South African Motor Corporation ( Samcor ) (previously also called Sigma Corporation and MMI)
6318-632: Was the Dai-Ichi Bank , incorporated in 1873. Rules regarding kabushiki gaisha were set out in the Commercial Code of Japan , and was originally based on laws regulating German Aktiengesellschaft (which also means share company). However, during the United States-led Allied Occupation of Japan following World War II, the occupation authorities introduced revisions to the Commercial Code based on
6399-457: Was the first passenger car produced after the Second World War by Shin Mitsubishi Heavy-Industries, Ltd , one of the companies which would become Mitsubishi Motors . It was built from 1960 until 1962 and formed the basis for Mitsubishi's next model, the Colt 600 . It was exported in small numbers. First shown at the 1959 Tokyo Motor Show , it became available in 1960 at a cost of ¥ 390,000. It
6480-496: Was three rhombi stacked atop each other. The name Mitsubishi ( 三菱 ) consists of two parts – mitsu meaning "three" and hishi (which becomes " bishi " under rendaku ) meaning " water caltrop " (also called "water chestnut"), and hence "rhombus", which is reflected in the company's logo . Part of Tomio Kubo's expansion strategy was to increase exports by forging alliances with well-established foreign companies. Therefore, in 1971, MHI sold U.S. automotive giant Chrysler
6561-484: Was triggered by accusations of Mitsubishi Motors trying to systematically hide manufacturing defects to avoid recalls, and marketing problems in the US. 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 Outlander has been introduced worldwide to compete in the popular XUV market niche. The next generation of its Lancer and Lancer Evolution
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