Mitsubishi Motors Reports March Sales

Lancer Evolution Exceeds Expectations; Endeavor Marketing Kicks Into High Gear

CYPRESS, Calif., April 1 -- Mitsubishi Motors North America (MMNA) today reported March 2003 sales of 24,469 units, marking a 21.6 percent decline from record March sales of 32,428 units in 2002 based on daily selling rate (DSR). However, sales remain solid with volume to date now totaling 73,548 vehicles, marking the company's second-best first-quarter total in history.

"Despite a slow first quarter we're still optimistic about the remainder of 2003 for the industry and for Mitsubishi Motors in particular," said Greg O'Neill, President and COO, Sales Division, MMNA. "We are in the midst of a new product onslaught led by Lancer Evolution and Endeavor, followed by a brand new Galant this fall, while also updating key models."

Mitsubishi's surge of new products will total four completely new vehicles in 2004 while also making significant styling and performance enhancements to three others. The highly-anticipated Mitsubishi Lancer Evolution went on sale for the first time in the United States in February. According to O'Neill, demand for the high-performance super compact sedan has exceeded expectations.

"American driving enthusiasts have been clamoring for Lancer Evolution for years," explained O'Neill. "The response at dealerships has been outstanding." The company sold 556 Lancer Evolutions in March, its first full month in showrooms. A brand marketing campaign featuring Lancer Evolution will begin later this spring.

The Mitsubishi Endeavor crossover S.U.V. launched late last month as the first vehicle in Mitsubishi's Project America series, an initiative to design, engineer and build vehicles in North America specifically for North American consumers. A marketing campaign supporting Endeavor started last week.

Mitsubishi is preparing for the world debut of the all-new, completely redesigned Mitsubishi Galant mid-sized sedan at the New York International Auto Show later this month. Galant marks the company's second Project America vehicle. Mitsubishi will also debut a new-for-North America sporty five-door Lancer Sportback in New York. Both the 2004 Lancer Sportback and 2004 Galant will go on sale later this year. An updated Mitsubishi Diamante will bow in New York and later this year the 2004 Outlander receives performance upgrades.

In February the company unveiled the new look of its popular Lancer compact sedan as well as a factory-tuned Lancer Ralliart model.

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, March 2003: Mitsubishi Motors North America, Inc.

                  March '03       March '02      % Change    % DSR Change
                  Month/YTD       Month/YTD     Month/YTD       Month/YTD
  Passenger
   Car Sales*    18,031/50,880  26,125/71,606 -31.0%/-28.9%  -28.3%/-28.0%
  Sport Utility
   Vehicles**     6,438/22,668   6,303/18,693    2.1%/21.3%     6.1%/22.9%
  Total Vehicle
   Sales         24,469/73,548  32,428/90,299 -24.5%/-18.6%  -21.6%/-17.5%
  US Assemb.
   Cars          11,279/31,880  16,998/48,114 -33.6%/-33.7%  -31.1%/-32.9%
  Imported Cars   6,752/19,000   9,127/23,492 -26.0%/-19.1%  -23.2%/-18.0%
  US Assemb.
   Truck/SUV (3)       235/235         -/-        0.0%/0.0%      0.0%/0.0%
  Imported
   Truck/SUVs     6,203/22,433   6,303/18,693   -1.6%/20.0%     2.2%/21.6%
  US Assembled
   Vehicles (1)  11,514/32,115  16,998/48,114 -32.3%/-33.3%  -29.7%/-32.4%
  Imported
   Vehicles (2)  12,955/41,433  15,430/42,185  -16.0%/-1.8%   -12.8%/-0.5%

    DSR -- Daily Selling Rate
    Selling Days             MTD           YTD
    March 2003                26            75
    March 2002                27            76

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