Mitsubishi has been pushing the boundaries of what's possible for over 150 years. Starting as a small shipping company and growing into a global automotive giant, its path has been filled with game-changing technologies and constant progress. At Boardman Mitsubishi in Boardman, Ohio, we'll help you explore the company's remarkable past, the key moments that defined it, and how it's left its mark on the car industry.
The Founding of Mitsubishi: Pioneers of Innovation
Yataro Iwasaki started the Tsukumo Shokai shipping firm in 1870 and renamed it Mitsubishi three years later. Shipping was just the start, and Mitsubishi expanded, forming the Mitsubishi Shipbuilding Co., Ltd. in 1917. This diversification built the foundation for future growth, as the skills from shipbuilding later proved valuable when it entered car manufacturing.
Diversification and Expansion
As it grew, Mitsubishi spread across multiple industries, including banking, real estate, and electronics. This smart approach let it roll with the economic punches and grab new opportunities in different markets. These varied interests also sparked innovation between industries, and techniques and technologies from one area often improved others, particularly in the car industry.
A Breakthrough in Car Manufacturing: The Mitsubishi Model A
The year 1917 marked a huge milestone for both Mitsubishi and Japan when the company rolled out the Model A — the first passenger car mass-produced in Japan. Built for government big shots, this luxury ride packed a 35-horsepower, 2.8-liter four-cylinder engine and could carry seven people. In an incredible show of craftsmanship, each Model A was built entirely by hand.
Only 22 were made, but the Model A proved Japan could build high-quality cars and paved the way for Mitsubishi's future in the auto industry. It also showed Mitsubishi's dedication to making better cars, a commitment it has kept up for over a century.
World War II and Postwar Recovery
World War II forced Mitsubishi into war production. Bombing raids destroyed many factories, and when peace came, the company faced the massive task of rebuilding amid a recovering economy. Refusing defeat, Mitsubishi reorganized and intensified innovation. Its diverse business interests helped it rebound dramatically, and the company became central to Japan's economic revival and industrial growth. Ironically, this difficult period created the foundation for its global expansion and future automotive success.
The Creation of Mitsubishi Motors Corporation
Everything changed for Mitsubishi's car business in 1970 when it formed Mitsubishi Motors Corporation, letting it focus its money and brainpower on making cars and giving it a better shot at competing worldwide. Despite some initial bumps, the new company created innovative models that would come to define what the brand stood for and build its reputation for dependability and performance. The Galant and Lancer, in particular, became household names that would stick around for decades.
Technological Milestones and Innovation
Mitsubishi's history includes quite a list of technological breakthroughs that have changed the car industry. In 1976, it unveiled the Silent Shaft technology, an engineering innovation that cut down vibration and noise in four-cylinder engines. Drivers got a smoother, quieter ride, and the whole industry had to raise its game.
Twenty years later, in 1996, it did it again by creating the world's first gasoline direct injection engine, significantly boosting fuel efficiency while cutting emissions. Mitsubishi kept pushing boundaries with safety features and performance upgrades, too.
Signature Models and Motor Sports Legacy
The Lancer Evolution series exemplifies Mitsubishi's racing car performance. Launched in 1992, the “Evo” gained legendary status with its advanced all-wheel-drive system and turbo engine. Multiple World Rally Championship wins cemented Mitsubishi's high-performance reputation.
The rugged Montero (Pajero in some markets) dominated the Paris-Dakar Rally, while the stylish Eclipse won many admirers. For Mitsubishi, racing served as a testing ground, with track-proven technologies regularly appearing in their consumer vehicles.
Global Expansion and Market Entry
Mitsubishi made a big move in 1981 when it set up Mitsubishi Motors North America, diving headfirst into the massive American market. It pushed into Europe, too, though adapting to different tastes and regulations across countries proved tricky.
Team-ups with other companies helped Mitsubishi go global faster. In 1971, it partnered with Chrysler, which bought a 15% stake in the company. This opened doors to North American customers. Later, in 2016, Mitsubishi formally joined the Renault-Nissan Alliance, boosting its worldwide position. More recently, in 2022, it teamed up with Santander Consumer USA to handle financing in America, making car buying smoother for U.S. customers.
Commitment to Sustainability and the Environment
Mitsubishi jumped on the green bandwagon long before it was trendy. In 2009, it launched the i-MiEV, one of the first mass-produced electric vehicles (EVs) in the world. With an EPA-rated range of 62 miles per charge, the i-MiEV broke new ground in the electric car market. It showed Mitsubishi was serious about creating transportation that wouldn't harm the planet.
Mitsubishi has continued to research green technologies and has set bold targets for cutting CO2 from its vehicles and factories. Look at the lineup today, and you'll find several hybrid and electric models, highlighting that Mitsubishi is committed to making cleaner transportation sustainable for future generations.
Mitsubishi's Role in the EV Revolution
Building on i-MiEV innovations, Mitsubishi launched the Outlander PHEV in 2013, the first plug-in hybrid SUV ever. Sales soared to 42,400 units globally in 2015, reaching 300,000 by January 2022. It dominated as the best-selling plug-in hybrid worldwide and led European plug-in sales from 2014 through 2017.
This success proves Mitsubishi understands consumers’ desire for green vehicles with uncompromised performance and practicality. The company continues to invest in EVs and hybrids while developing charging infrastructure and battery tech to make electric cars more accessible to everyday drivers.
Current Landscape and Future Outlook
Fast forward to 2025, and Mitsubishi's numbers tell an interesting story. It's on track to bring in about $20 billion in revenue, with a modest yearly growth rate of 0.61% expected through 2029. By that point, it plans to sell around 805,800 vehicles annually, with its biggest markets being Japan, the UK, China, France, and the U.S.
Going forward, Mitsubishi's strategy focuses heavily on SUVs, such as the Eclipse Cross and the Outlander, which isn't a surprise given how crazy consumers are about these versatile vehicles. The company is also talking with Honda and Nissan about possibly joining forces, which could create exciting new opportunities. Electric and hybrid vehicles remain central to their plans, as the company sees these as both responsible choices and smart business moves. As cars get smarter, Mitsubishi's investing in self-driving technology and connected systems, too, as it's determined to stay ahead of the curve.
Mitsubishi's Enduring Legacy in Innovation
From small shipping company to global powerhouse, Mitsubishi's 150-plus-year journey shows what's possible with imagination and flexibility. It has constantly pushed technology forward, from the groundbreaking Model A to today's cutting-edge EVs. Its long-standing focus on advancing technology, protecting our environment, and meeting what drivers really want puts them in a good spot to keep succeeding as the industry evolves. Come visit us at Boardman Mitsubishi to check out the current lineup and experience firsthand how Mitsubishi's spirit of innovation lives on in today's vehicles.