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I ♥ Logo Design > Chapter 17: History Of The Mitsubishi Logo

"Mitsubishi" is a combination of the words mitsu and hishi. Mitsu means three and the word hishi is used
to denote a rhombus or diamond shape. Also, japanese often bend the "h" sound to a "b" sound when it
occurs in the middle of a word. So they pronounce the combination of mitsu and hishi as mitsubishi.

At first (1870), three diamonds represented a ship's propellers. Mitsubishi was started as a shipping firm.

Then it was redesigned and now diamonds look as diamonds.

Information and scheme are from the Mitsubishi website.