Mitsubishi is the family business of the House of Iwasaki. Its founder, Yataro Iwasaki, was born in 1834, a peasant who purchased samurai status with the help of relatives.
1941: While Mitsubishi Shipbuilding turned out warships, the aircraft division of Mitsubishi Heavy Industries manufactured over 18,000 warplanes, the most important of which was the "Zero." The simple technology of the Zero made it possible for thousands to be built quickly. Its vast numbers and ability to climb and accelerate made it one of the most formidable weapons of the war.
In the late 1970's Mitsubishi established a joint marketing agreement with the Chrysler Corporation to sell cars in the US built by the Mitsubishi Motor Company.
In 1985 Mitsubishi Motors increased its cooperation with Chrysler Corp. through the creation of Diamond- Star Motors. In 1989 and 1990, Mitsubishi Estate Co. acquired a controlling interest in Rockefeller Center at a cost of nearly $1 billion.
In 1990, the company's Mitsubishi Motors moved to form a joint venture with German automaker Daimler-
Benz and acquired one-third of Volvo the following year.
In 1996, the Living Essentials Group was established by amalgamating the Foods Group, and Textiles & General Merchandise Group.