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Locally Produced Mitsubishi Pajero Sport Launches in China; Alliance with Beijing Jeep Breaks New Ground

Locally Produced Mitsubishi Pajero Sport Launches in China;
Alliance with Beijing Jeep Breaks New Ground

Tokyo, Japan, Mar. 14, 2003 - (JCN Newswire) - Mitsubishi Motors
Corporation (MMC) and Beijing Jeep Corporation (BJC) today launched the
first Mitsubishi Pajero Sport all-terrain vehicle to be assembled at
BJCfs production facilities in Beijing.

The Pajero Sport, already enjoying strong sales in Europe and the United
States, is the first locally manufactured MMC vehicle branded under the
Mitsubishi name in China. MMC and BJC collaborated on over 100 technical
renovations to the existing Pajero Sport to make it more suitable for
Chinese road conditions and local driver requirements.

Local production of the SUV will allow MMC to respond quickly to the
demands of the Chinese market and to upgrade its parts supply and
inventory control.

"We expect to see rapid growth in China's SUV market, and we believe
that domestic production of the Pajero Sport places us in an ideal
strategic position to tap into this emerging market," said MMC President
and CEO Rolf Eckrodt. "The Pajero Sport, by offering a unique balance of
power, performance, efficiency and extraordinary value, has what it
takes to appeal to a broad spectrum of Chinese car buyers, whether they
are attracted by utility, luxury, sportiness, safety, or spaciousness."

"The introduction of the domestically assembled Pajero Sport SUV
underscores the success of the DaimlerChrysler-Mitsubishi Motors
alliance in China, as well as the modernization of Beijing Jeep's
manufacturing facilities," said Chairman An Qingheng, Chairman of the
Board of Beijing Jeep.

With its rugged off-road performance, urban look, bold design and
distinctive styling, the Pajero Sport is an all-terrain SUV that has
strong appeal to buyers looking for "sport" and those looking for "urban
sophistication." Its compact exterior conceals a spacious and
well-equipped interior. Its selectable four-wheel drive technology and
powerful engine also give the Pajero Sport the potential to clear
off-road obstacles.

Three different models of the Pajero Sport - the GLS3.0A, GLS3.0 and
GLX2.4 - are available, with two types of engines: a 3000cc, 24-valve V6
engine to be exported from Japan and a 2400cc, 16-valve four-cylinder
engine to be produced in China.

In 2002, more than 70.000 MMC derived vehicles were sold in China. MMC
is forecasting this figure to rise to more than 300,000 units by 2007.
Locally produced vehicles like the Pajero Sport and the Outlander that
will also be produced at BJC and launched in early 2004 will play a key
role in achieving this target.

About Mitsubishi Motors Corporation

Mitsubishi Motors Corporation was established in 1970 and is
one of the few automobile companies in the world that produces a full
line of automotive products ranging from 660-cc mini cars and passenger
cars to commercial vehicles and heavy-duty trucks and buses. The company
also operates consumer financing services and provides this to its
customer base. Automobile operations accounted for 98% of fiscal 2000
revenues and financing business, 2%. The company has one hundred and
eighty nine consolidated subsidiaries worldwide. Overseas sales
accounted for 56.8% of fiscal 2000 revenues. Mitsubishi Heavy
Industries, Ltd. is the major shareholder with 25.62% of issued
stock.For further information, please visit the Mitsubishi Motors
Corporation home page at: