Record December Vehicle Sales Drive Mitsubishi to Third Consecutive Best Year

CYPRESS, Calif., Jan. 3 -- Mitsubishi Motor Sales of America, Inc. (MMSA) today reported December sales of 31,635 units, marking the best December on record and completing the best sales year in company history with 322,393 vehicles, up 2.5 percent over 2000's record year of 314,417 vehicles.

``In a year of tremendous challenges, we closed with extraordinary momentum,'' said MMSA President and COO Pierre Gagnon. ``We achieved record sales and record brand awareness, and also expect to post a record profit in the United States.''

``What's more, we're one of the few automakers that actually decreased our incentive costs in 2001,'' Gagnon said. ``Once again, we're ahead of the curve. While the rest of the industry comes to grips with the high cost of new incentive programs, we've already found a way to make them less costly while still offering value to our customers.''

``We're achieving record sales with declining incentive costs because we have great new products and our brand is only getting stronger,'' Gagnon said, noting that the company's third-consecutive record sales year was fueled by the successful launch of the all-new Lancer compact sedan, record sales of Montero and Eclipse Spyder, and the overall strength of the company's product lineup.

The Lancer sold 7,622 units in only its fourth full month in showrooms. Sales of Lancer have grown steadily every month since it launched in August, with December marking the stylish sedan's best sales month to date.

Looking ahead to 2002, Gagnon is excited about the prospects for continued growth in North America. ``Building on the success of the Lancer in 2001, exciting new Mitsubishi products will continue driving our growth in 2002,'' he added. ``We've got some very exciting news to share during the upcoming auto show season, including a big surprise later this week in Los Angeles.''

Mitsubishi Motors is expected to launch an all-new hip, urban sport utility vehicle next year in addition to redesigned Eclipse and Eclipse Spyder models.

    Some figures of note for MMSA's December 2001 sales:

    --  December 2001 sales of 31,635 vehicles, up 28.0 percent over last
        year's December sales of 24,712 vehicles
    --  All-new 2002 Lancer sold a record 7,622 units, up 28.6 percent over
        last month's sales of 5,928 units

    Some figures of note for MMSA's record 2001 sales:

    --  2001 year-to-date sales of 322,393 vehicles; up 2.5 percent over last
        year's record 314,417 vehicles
    --  Montero had its best-ever year with 24,802 units sold, up 14.9 percent
        over 2000 sales of 21,578 units
    --  Eclipse Spyder had its best-ever year with 17,134 units sold, up
        22.8 percent over 2000 sales of 13,958 units

Mitsubishi Motor Sales of America, Inc. was established in 1981 by Mitsubishi Motors Corporation, Tokyo, and markets a full line of vehicles, including coupes, convertibles, sedans and sport utility vehicles. Its website can be accessed at www.mitsubishicars.com .

    Sales Results, December 2001:  Mitsubishi Motor Sales of America, Inc.

                  December '01    December '00     % Change     % DSR Change
                   Month/YTD       Month/YTD       Month/YTD      Month/YTD
     Passenger
      Car
      Sales*    22,624/236,498  16,477/226,464    37.3%/4.4%     37.3%/4.4%
     Sport
      Utility
      Vehicles**  9,011/85,895    8,235/87,953    9.4%/-2.3%     9.4%/-2.3%
     Total
      Vehicle
      Sales     31,635/322,393  24,712/314,417    28.0%/2.5%     28.0%/2.5%
     US Assembled
      Cars:     12,406/164,229  13,637/167,759   -9.0%/-2.1%    -9.0%/-2.1%
     Imported
      Cars:      10,218/72,269    2,840/58,705  259.8%/23.1%   259.8%/23.1%
     Imported
      Truck/SUVs: 9,011/85,895    8,235/87,953    9.4%/-2.3%     9.4%/-2.3%
     US Assembled
      Vehicles
      (1):      12,406/164,229  13,637/167,759   -9.0%/-2.1%    -9.0%/-2.1%
     Imported
      Vehicles
      (2):      19,229/158,164  11,075/146,658    73.6%/7.8%     73.6%/7.8%

     DSR - Daily Selling Rate
     Selling Days        MTD       YTD
     December 2001       25        307
     December 2000       25        307

     *  Above totals include sales of US assembled Mitsubishi Motors vehicles

     **  Includes Montero Sport and Montero

     (1)  Galant, Eclipse and Eclipse Spyder

     (2)  Lancer, Mirage, Diamante, 3000GT, Montero Sport and Montero