They’re not.
From the Mitsubishi Group FAQ (Q10)
Q: Why isn’t Mitsubishi Pencil included in the list of Mitsubishi companies on this website?
A: It often causes a lot of confusion owing to the same “Mitsubishi” name and similar mark, but Mitsubishi Pencil Co., Ltd. is not one of the Mitsubishi group companies. They have a completely different origin. For information on Mitsubishi Pencil, please refer to their company website. (http://www.uni-ball.com)
As stated above, they are not the same and even have different origins.
So why does this confusion happen?
The primary reason to this happening is because both Mitsubishi Pencil & the Mitsubishi conglomerate have an identical name and logo. Though, through a deep dive into the history of the two companies, you can see how this rather peculiar situation occurred.
First of all, mitsubishi is NOT a proper noun. It does not refer to a certain individual, family, location etc. and simply means “three rhombuses/rhombi”, hence their logo forming the shape of a triple diamond. The term “mitsubishi” was frequently used for various purposes such as shop trademarks since the Edo period.
There is also a misunderstanding regarding who used the name/logo first. While the Mitsubishi Group was established first (1870) followed by Uni Mitsubishi Pencil (1887), the logo was first used by Uni Mitsubishi Pencil (1904) and Mitsubishi Group started using it in 1914.
However, Uni Mitsubishi Pencil’s official company name was Masaki Yamato Pencil (眞崎大和鉛筆) until 1952 when it was changed to its current name.
Both companies agreed to use the same logo as they did not share any similarities in the business they were taking part of. Uni never made cars and Mitsubishi never made pencils.
Are the two companies completely unrelated?
Well, no. The second son of Kenji Kondo, former president of Masaki Yamato Pencil, had married the great granddaughter of Yataro Iwasaki, the founder of Mitsubishi Group. Though this connection had not directly affected the two companies’ affairs.
This misunderstanding is very historical and will affect both companies ‘til one dies out or changes its name. Regardless, I hope both companies prosper and continue to innovate the world.
tl;dr THEY’RE NOT THE SAME!!