There will be four engine options: 75bhp 1.1-litre, 95bhp 1.3-litre and 109bhp 1.5-litre petrol units plus a 95bhp Euro IV-compliant 1.5-litre direct injection diesel, with either a five speed manual or a six speed AllShift AMT automatic.
Standard equipment levels from the base model up include driver and passenger front airbags, ABS with EBD, Isofix seats, central locking and immobiliser, 15 inch alloy wheels and CD player.
Top-of-the-range model is the Elegance 1.5 auto at £12,499 OTR, with a 1.5-litre Sport model, complete with 16 inch alloy wheels, red interior, red leather steering wheel and rear spoiler for £11,499 OTR.
Five-door models will be the only variant in 2004, but will be joined by a three door model next year, when sales are projected to reach 15,000 units.
Despite troubles at the parent company over Daimler-Chrysler's announcement that it would not increase its stake in the firm, in the UK Mitsubishi has seen sales rise sharply.
In 2003, it sold a record 23,282 vehicles, while the firm expects a 24% increase in 2004 to more than 40,000 vehicles, thanks to new models such as the Outlander, Colt, Grandis and Lancer Evo VIII.