Automotive Industry and Mitsubishi
The Mitsubishi Group of Companies is a Japanese conglomerate consisting of a range of autonomous business which shares the Mitsubishi brand, trademark and legacy. The Mitsubishi Company was first established as a shipping firm by Yataro Iwasaki in 1870. The Company bought into coal mining in 1881 by acquiring the Takashima mine and Hashima Island in 1890, using the production to fuel their extensive steamship fleet. They also diversified into shipbuilding, banking, insurance, warehousing and trade. Later diversification carried the organization into such sectors as paper, steel, glass, electric equipment, aircraft, oil, and real estate. As Mitsubishi built a broadly based …show more content…
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, was initially sold through 70 dealers in 22 states, with an allocation of 30,000 vehicles between them. 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 the only one of Japan's eleven auto manufacturers to be privately held.
In India Mitsubishi is in collaboration with Hindustan Motors Limited, to form HM Mitsubishi Motors, a fully owned subsidiary of Mitsubishi Group of Companies. Hindustan Motors Limited’s (HML) was founded in 1942 was previously the largest car manufacturer in India, before the rise of Maruti Udyog (now Maruti Suzuki). Hindustan Motors Limited has entered into collaboration with foreign Companies for its manufacture of their automobile parts and transmissions and this is the type of collaboration contract they have with Mitsubishi for the production of the Pajero and Lancer.
With the signing of this collaboration agreement between the two principles, in 1998, Mitsubishi entry into the Indian market was