The History Of Mitsubishi
Yataro Iwakaki founded the Japanese automaker
, Mitsubishi, in 1870 as a steamship shipping company. His family later took the business to a new level as they added various different aspects to the business, and left their individual mark during each of their presidential terms.
The history of Mitsubishi as a company is similar to the history of Japan itself. They both started on the island of Shikoko, home of the Tosa clan. While the member of this clan, Iwakaki made a name for himself due to his trading expertise, which led to the company's beginnings.
This new company grew quite quickly, and the Mitsubishi Mail Steamship Company started going to China, making it the first company with headquarters in Japan to ship overseas. However, in the late 1800s, the government began sponsoring a competing company, which nearly ended both companies. To save the company, the two merged, and what we know of as the NYK shipping company began.
During this time, Mitsubishi was also changing how it looked on shore. It bought a copper mine in Okayama, and a coal mine and a shipping yard in Nagasaki, which introduced and manufactured the country's first steamship made completely from steel.
In the mid-1800s, Mitsubishi diversified and bought more mines in order to have their own resources in the new industrialized world. This is when the company also added banking, insurance, and storage to its repertoire of industry, making it a future player in the world.
In 1893, the grandson of the company's founder became the president. He had learned many capitalistic business practices while a student at University of Pennsylvania, as well as established ethical practices in the business. After WWI broke out, he expected his employees to practice with fairness and honesty.
The modernization of the company began under Koyata, who added heavy machinery, electrical equipment, and even chemicals to what the company sold. This was able to pave the way for the manufacture of automobiles, aircrafts, and appliances that you would use at home. Even during WWII, he stressed the cooperation with the allies because he wanted to maintain the established working partnerships after the hostilities ended.
Unfortunately, the allied forces demanded that all the large corporations in Japan be disbanded. Koyata refused until his death in 1945, and later the company split into several smaller corporations. The name and emblem disappeared during the time of occupation of the allies, until the San Francisco Peace Treaty was signed in 1952, which allowed Japan to once again be a power in the world. This allowed the company to re-form and led to economic growth like no other.
Now Mitsubishi can hold its own with the other auto-makers of Europe and the United States with its well known models such as the Eclipse, Spyder, and the Galant.
by: Andrew Stratton
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