Introduced in 1960, this compact family car was the first mass production passenger car to be made by Mitsubishi after World War II and the first Japanese car to be tested in a wind tunnel.

It employed the latest technologies, but the design was kept purposefully simple and rational. It had a monocoque (single shell) body construction and rear-engine/rear-wheel drive layout. The spare tyre and fuel tank were housed under the front hood and it had a single, yet practical wiper. Another quirk was that the indicators weren't mounted front or rear, but on the side pillar.

In 1962, the 500 made an early debut in motorsport in the Macau Grand Prix, where it dominated the first three places in class A.