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Mitsubishi Motors Corporation is part of the Mitsubishi keiretsu which was formed in Japan in 1970 (formerly the biggest industrial group in Japan) from the automotive division of Mitsubishi Heavy Industries. Mitsubishi is the fifth largest automaker in Japan and the fifteenth largest in the world. Often used in Japanese to denote a diamond or rhombus, the name Mitsubishi is a portmanteau of mitsu ("three") and hishi (literally, "water chestnut".

In 1971, a significant stake was sold to Chrysler Corporation which it held for 22 years and throughout its history it has courted alliances with foreign partners. The company has struggled to consistently increase sales and maintain profitability increasing its annual production from 250,000 to over 1.5 million units strongly in the 1970s and '80s. The company introduced the award-winning Mitsubishi i kei car in 2006 after a starvation of new investment caused by lack of cash flow and the next generation of its Lancer and Lancer Evolution was launched in 2007 and 2008. The Mitsubishi.Com Committee is charged with maintaining the overall integrity of the brand and the top 25 companies are also members of the Mitsubishi Kin'yōkai.