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News of August 14, 2002

Mitsubishi Motors to Enter Mexican Market in 2003

Auto Maker's North American Momentum Drives Into Mexico Through Alliance With DaimlerChrysler

MEXICO CITY - Building on its extraordinary sales momentum, Mitsubishi Motors America, Inc. (MMA), announced today that it will begin marketing Mitsubishi-brand vehicles in Mexico in 2003 through its alliance with DaimlerChrysler.

"Mexicans purchase more than 900,000 new vehicles every year, making this a critical market for Mitsubishi Motors' global expansion," said Pierre Gagnon, president and chief executive officer, MMA. "We will offer Mexican consumers value through competitive pricing, as well as quality, reliability and style. We expect dealers to be open by January 2003, selling most of our line up of vehicles."

DaimlerChrysler Mexico will select a group from its 122 Chrysler dealers throughout Mexico to sell Mitsubishi-brand vehicles. Mexican Chrysler dealerships selected to distribute Mitsubishi vehicles will build separate showrooms adjacent to their existing facilities and will provide all sales personnel with extensive product and customer service training.

In the United States, Mitsubishi has achieved three consecutive years of record sales, profits and brand awareness. From 1998 to 2001, U.S. sales increased 69 percent and are up 16.2 percent year to date, putting the company on track for a fourth consecutive record year. Mitsubishi is expecting its momentum to carry over into expansion plans throughout North America.

"Our North American growth strategy is moving at an extraordinary pace," said Steve Torok, executive vice president of international car operations for Mitsubishi Motors Corporation (MMC) in Tokyo. "Our continued success throughout the United States, Canada and Mexico is critical for Mitsubishi's global ambitions."

Mitsubishi will enter the Canadian market next month, well ahead of schedule, with more than 30 dealers open for business. Mitsubishi's plan for Canada anticipates a first-year sales volume of 20,000 vehicles and a network of independently owned and operated Mitsubishi dealerships that will grow from 51 stores in 2003 to 150 by 2007.

(August 12, 2002)

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