Mitsubishi Motors Reports Best Sales Month Ever

CYPRESS, Calif., Aug. 1 -- Mitsubishi Motor Sales of America, Inc. (MMSA) today reported July sales of 33,393 units, marking the best single sales month in company history and a 46 percent gain over sales in July 2001. The all-time record month pushed Mitsubishi's year-to-date sales up to 206,983 units, 16 percent ahead of the same period last year and on pace to set a fourth consecutive yearly sales record.

"July's record performance indicates that our product strategy is working. The market is strong and the momentum of our first seven months will be fueled by the addition of another new product in a new segment this fall," said Pierre Gagnon, president and CEO of Mitsubishi Motors of America (MMA). "The October launch of Outlander in the fast-growing entry-SUV category will generate further growth and help capture additional market share, followed by six more new Mitsubishi products over the next three years."

The popular Lancer compact sedan posted its highest monthly sales ever and continues to exceed expectations while doubling Mitsubishi's market share in the competitive compact sedan segment since first going on sale last summer. Lancer has successfully drawn new consumers into the Mitsubishi brand and the company expects Outlander to have a similar impact in its segment.

"The Mitsubishi brand continues connecting with record numbers of youthful-minded and spirited consumers," added newly appointed MMSA President and COO Greg O'Neill. "Our sales success is being fueled by the strength of our core models Galant, Lancer, Eclipse and Montero Sport. All are performing at record levels. Overall, the brand is hot."

    Some figures of note for MMSA's record July 2002 sales:

    -- July 2002 sales of 33,393 vehicles, up 46.3 percent over July 2001
       sales of 22,822 vehicles
    -- July 2002 year-to-date sales of 206,983 vehicles, up 16.2 percent over
       July 2001 year-to-date sales of 178,052 vehicles
    -- Lancer had its best sales month ever with 7,997 units sold
       Eclipse had its best July ever with 6,512 units sold, up 50.3 percent
       over July 2001 sales
    -- Eclipse Spyder had its best July ever with 1,451 units sold, up
       23.3 percent over July 2001 sales

To support its extraordinary growth in North America, Mitsubishi Motors Corporation (MMC) recently announced plans to completely consolidate all North American sales, manufacturing, finance, and research and development operations by early 2003 into a single new organization to be called Mitsubishi Motors North America (MMNA). 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, July 2002: Mitsubishi Motor Sales of America, Inc.


                  July '02         July '01        % Change     % DSR Change
                  Month/YTD       Month/YTD       Month/YTD       Month/YTD
    Passenger
     Car
     Sales*
               26,126/ 163,571  15,255/ 132,331   71.3%/ 23.6%   64.4%/ 23.6%
    Sport
     Utility
     Vehicles**
                 7,267/ 43,412    7,567/ 45,721   -4.0%/ -5.1%   -7.8%/ -5.1%
    Total
     Vehicle
     Sales
               33,393/ 206,983  22,822/ 178,052   46.3%/ 16.2%  40.5%/ 16.2%
    US Assembled
     Cars:     16,326/ 106,797   12,469/ 98,147    30.9%/ 8.8%    25.7%/ 8.8%
    Imported
     Cars:       9,800/ 56,774    2,786/ 34,184  251.8%/ 66.1%  237.7%/ 66.1%
    Imported
     Truck/
     SUVs:       7,267/ 43,412    7,567/ 45,721   -4.0%/ -5.1%   -7.8%/ -5.1%
    US Assembled
     Vehicles
     (1):      16,326/ 106,797   12,469/ 98,147    30.9%/ 8.8%    25.7%/ 8.8%
    Imported
     Vehicles
     (2):      17,067/ 100,186   10,353/ 79,905   64.9%/ 25.4%   58.3%/ 25.4%


          DSR - Daily Selling Rate
          Selling Days      MTD       YTD
          July 2002         25        178
          July 2001         24        178


     *   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