Mitsubishi Motors Reports Best Year in History for Fourth Consecutive Time

CYPRESS, Calif., Jan. 3, 2003; Mitsubishi Motors North America (MMNA) today reported December sales of 31,565 units, marking the best December on record (based on DSR) with a 3.8 percent gain over December 2002 and completing the best sales year in company history with 345,111 vehicles. Total 2002 sales were up 7.0 percent over 2001's record year of 322,393 vehicles.

"2002 marked the best sales year in company history and the beginning of the strongest series of new product launches we've ever had," said Greg O'Neill, President and COO, Sales Division, MMNA.

Looking ahead to 2003, O'Neill is optimistic about the prospects for continued growth in North America.

"We've had four record years in a row and we expect 2003 to be the fifth," added O'Neill.

Following the launch of Outlander in October 2002, MMNA is moving forward with an unprecedented wave of new product launches in North America, introducing four new products over the next 12 months, followed by two additional new products in the following two years. Three of those six new vehicles will compete in North American segments Mitsubishi has never competed in before.

The company is unveiling today the eagerly anticipated Mitsubishi Lancer Evolution at the Los Angeles International Auto Show. On Jan. 6, in Detroit at the 2003 North American International Auto Show, Mitsubishi Motors will reveal Endeavor, its new, midsize sport utility vehicle. Both Lancer Evolution and Endeavor are expected to go on sale in March 2003.

O'Neill pointed to the company's recent success launching new products as further evidence for a bullish outlook in 2003. Sales of the new Outlander S.U.V. reached 11,346 units in only three full months on sale and the popular Lancer compact sedan beat its first-year targets.

"Lancer sold 69,007 units in its first full year in showrooms, exceeded expectations and helped double Mitsubishi's share of the compact sedan market," said O'Neill.

    Some figures of note for MMNA's December 2002 sales:

     -- December 2002 sales of 31,565 vehicles, up 3.8 percent (based on DSR)
        over last year's December sales of 31,635 vehicles
     -- Diamante had its best-ever December with 2,852 units sold, a 43.2
        percent gain (based on DSR) over December 2002 sales of 2,072

    Some figures of note for MMNA's record 2002 sales:

     -- 2002 year-to-date sales of 345,111 vehicles; up 7.0 percent over last
        year's record 322,393 vehicles
     -- Galant had its best-ever year with 97,343 units sold, up 3.7 percent
        over 2001 sales of 93,878 units
     -- Eclipse Spyder had its best-ever year with 17,850 units sold, up 4.2
        percent over 2001 sales of 17,134 units

Mitsubishi Motors North America, Inc., (MMNA) is responsible for all of the North American operations of Mitsubishi Motors Corporation. As a single company consolidated on Jan. 1, 2003, MMNA and its subsidiaries manufacture, distribute, finance and market Mitsubishi brand coupes, convertibles, sedans and sport utility vehicles through a network of nearly 700 dealers in the United States, Canada, Mexico and the Caribbean. Mitsubishi Motors sold its first vehicle in the U.S. in 1981, and began building cars here in 1988 at its manufacturing facility in Normal, Ill. For more information, contact the Mitsubishi Motors News Bureau at (888) 560-6672.

     Sales Results, December 2002: Mitsubishi Motors North America, Inc.


                 December         December           %            % DSR
                   '02              '01             Change        Change
                 Month/YTD       Month/YTD         Month/YTD     Month/YTD
     Passenger
      Car
      Sales*   19,944/259,662   22,624/236,498    -11.8%/9.8%    -8.3%/9.8%
     Sport
      Utility
      Vehicles
      **        11,621/85,449   9,011/85,895      29.0%/-0.5%    34.1%/-0.5%
     Total
      Vehicle
      Sales    31,565/345,111   31,635/322,393    -0.2%/7.0%     3.8%/7.0%
     US
      Assembled
      Cars:    11,997/169,383   12,406/164,229    -3.3%/3.1%     0.6%/3.1%
     Imported
      Cars:    7,947/90,279     10,218/72,269     -22.2%/24.9%   -19.1%/24.9%
     Imported
      Truck/
      SUVs:    11,621/85,449    9,011/85,895      29.0%/-0.5%    34.1%/-0.5%
     US
      Assembled
      Vehicles (1):
               11,997/169,383   12,406/164,229    -3.3%/3.1%     0.6%/3.1%
     Imported
      Vehicles (2):
               19,568/175,728   19,229/158,164    1.8%/11.1%     5.8%/11.1%

     DSR - Daily Selling Rate
     Selling Days     MTD     YTD
     December 2002    25      307
     December 2001    26      307

     *     Above totals include sales of US assembled Mitsubishi Motors
           vehicles
     **    Includes Montero Sport, Montero and Outlander
     (1)   Galant, Eclipse and Eclipse Spyder
     (2)   Lancer, Mirage, Diamante, 3000GT, Montero Sport, Montero and
           Outlander