Joint Statement on Mitsubishi Motors Corporation Loss Estimate and Result

Tokyo, Japan, Feb. 19, 2004 - (JCN Newswire) - Today Mistubishi Motor
Corporation announced the results for its
3rd quarter of fiscal year 2003 and its estimate for the full fiscal
year 2003, according to which its loss will be higher than previously
expected. For this reason and in addition to the ongoing restructuring
and Turnaround Plan announced in 2001, the management of MMC is
currently working on a new mid-term business plan, which covers all
operational and financial areas of the company in and outside of Japan.

DaimlerChrysler AG as strategic partner and major shareholder of MMC
welcomes these efforts and supports the team setting up a new mid-term
business plan including the development of the global Alliance with
DaimlerChrysler. Already today there is a strong cooperation between MMC
and DaimlerChrysler. A number of successful alliance projects are
already implemented, for example a joint B-segment platform development
and production with Smart, a joint engine factory in Germany, a joint
platform for C- and D-segment cars with Chrysler Group, the world engine
project, joint purchasing and volume bundling activities and joint
distribution activities such as in China, Canada or Mexico, all of which
MMC considers to be key to the reestablishment of MMC's profitability. 

Mitsubishi Heavy Industries Ltd., Mitsubishi Corporation and the Bank of
Tokyo-Mitsubishi Ltd. (the 'Mitsubishi Group Companies') also welcome
MMC's actions as well as DaimlerChrysler's support and will also
continue to support MMC's management. In order to reinforce MMC's
management, MMC will - after confirmation through a shareholder meeting,
to be held end of April - appoint the current managing director of MHI,
Mr.Yoichiro Okazaki, as the new Chairman from the Mitsubishi Group
Companies. 

Both major shareholders will actively cooperate with MMC in its
establishing a new mid-term business plan as soon as possible. 

The new mid-term plan will consist of complementary operational and
financial plans to assure a solid financial foundation for MMC's
business. It is scheduled to be finalized and announced directly
following the shareholder meeting April 30th 2004 for immediate
implementation. This will also provide a solid basis for a decision on
capital enhancement measures to be considered by MMC and its two major
shareholder groups.


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: www.mitsubishi-motors.co.jp
<http://www.mitsubishi-motors.co.jp>