Mitsubishi was actually founded in 1870 by Yataro Iwasaki. He started his shipping company with three old steamships. While the company grew rapidly, it changed names a few times, finally settling on Mitsubishi. After Yataro passed away, his younger brother first, and then his son, took over the company. In 1917, Mitsubishi unveiled the Model A. This was Japan's first production passenger car. Mitsubishi Shipbuilding was merged with the Mitsubishi Aircraft Co in 1934. They became known as Mitsubishi Heavy Industries. In 18937 a prototype for the Japanese military was developed by the company. It became the first built Japanese passenger car with four wheel drive.

It was not until 1960 that the company started rapidly manufacturing passenger automobiles. The Mitsubishi Motors Corporation was officially established in 1970. Mitsubishi began selling cars in the United States under its own name, in 1982. Mitsubishi means “three diamonds” in Japanese. In 2009, Mitsubishi was the fifth-largest Japan-based automaker in the world. Today, its vehicles are manufactured, assembled or sold in more than 160 countries worldwide.

In the 1980’s it went back to being marketed under the Austin name. In the 1980’s and 1990’s, numerous special editions of the Mitsubishi were introduced. In 1994, BMW purchased Mitsubishi. They have full control of the Mitsubishi today.