Mitsubishi Motors Product Line to Arrive in Canada Ahead of Schedule: "Good Tail Wind I Guess"

TORONTO, Feb. 13 -- Pierre Gagnon, president of Mitsubishi Motor Sales of America, Inc. announced today that the company is ahead of schedule with plans to launch operations in Canada. Vehicles are expected to be available through a growing dealership network in September of 2002 rather than February of 2003 as originally planned. Additionally, Gagnon announced the promotion of Randy Sears to president of Mitsubishi Motor Sales of Canada, Inc. to guide the Japanese automaker's sales efforts in the Canadian market. Sears was previously senior vice president of Mitsubishi Motors' Canadian operations.

Showcasing their full model line at the 2002 Canadian International Auto Show in Toronto, Mitsubishi executives revealed that their ambitious launch plan for Canada is developing quickly and they are confident of success.

``We expect a very quick ramp-up because we are launching with all nine of our products. We are going to offer Canadians a new spirited choice of vehicles,'' said Greg O'Neill, executive vice president and general manager of Mitsubishi Motor Sales of America, Inc. and a Mitsubishi Motor Sales of Canada board member.

Sears announced that 30 Canadian dealers have already been selected of the target of 51 dealers to be established in Canada in the first year of operation. By 2007, the dealership network in Canada is expected to grow to 150 dealers. The provinces covered by the first 30 dealers include: Ontario, Quebec, British Columbia, Alberta, Manitoba, Newfoundland and Saskatchewan. The company anticipates a first-year sales volume of at least 20,000 vehicles in 2003, rising to at least 37,000 units in 2007.

``The tremendous response from potential dealers makes us confident that our projections for this market are well within reach,'' said Sears. ``The excitement is really starting to build as we head to market.''

At the 2002 Canadian International Auto Show, Mitsubishi revealed the Canadian debut of the restyled 2003 Eclipse Coupe and Spyder. This model personifies the spirit of the company and has been the import leader in the sporty coupe segment in the U.S. for the past decade. Also appearing for the first time in Canada is the RPM 7000 concept vehicle. Mitsubishi also displayed its current U.S. product line up that included the Montero Sport, Montero, Galant, Diamante and Lancer models.

Mitsubishi Motors is the fourth largest Japanese carmaker in North America based on U.S. sales, and among the fastest growing brands with a 69 percent sales increase over the past three years. That is six times faster than the U.S. automotive industry's overall growth rate, and three times the growth rate of the combined Japanese brands during the same period.

Mitsubishi has become a ``must-have'' vehicle for today's youth-oriented consumers. Currently, 38 percent of the company's customers are under the age of 35-making Mitsubishi the most youthful brand among all Japanese competitors in North America.

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 Web site can be accessed at www.mitsubishicars.com . Mitsubishi Motor Sales of Canada, Inc., is a wholly-owned subsidiary of Mitsubishi Motor Sales of America, Inc. Its Web site can be accessed at www.mitsubishicars.ca .