In 1995, the Lancer was renewed for its sixth generation, building on the earlier model’s format. Apart from the Evo models’ continuation, it did not depart from the established Lancer formula. A sedan and wagon (Libero in Japan) were offered, with a related Mirage model. The coupé continued as the Mirage Asti in Japan, known as the Lancer Coupé elsewhere. The 1995 Lancer (Model from 1995-2002 in some countries) is more popularly known as the 1997 Lancer. A turbocharged GSR version continued to be sold until the end of the 1990s. This platform was also the basis for the Mirage, as it was known in North America and various other markets.

From 1996-2004, the Mitsubishi Carisma replaced the Mitsubishi Lancer in some markets.

It is of note, that the Lancer Evolution V was the only Lancer Evolution to gain Mitsubishi the WRC constructors championship. However, driver Tommi Makinen was able to claim four WRC driver’s championships for himself, in 1996-1999, driving Mitsubishi’s Lancer Evolution III, IV, V & VI.

Mitsubishi’s motorsport debut was in touring car racing in 1962, when it entered its Mitsubishi 500 Super DeLuxe in the Macau Grand Prix in an effort to promote sales of its first post-war passenger car. In an auspicious debut, the diminutive rear-engined sedan swept the top four places in the “Under 750 cc” category, with Kazuo Togawa taking class honours. The company returned the following year with their new Colt 600 and again swept the podium with a 1–2–3 in the “Under 600 cc” class. In its final year of competition with touring cars in 1966, Mitsubishi scored a podium clean sweep in the “750–1000 cc” class of the 1964 Japanese Grand Prix with the Colt 1000, their first front-engined competition vehicle.

The company began concentrating on the Japanese GP’s emerging open-wheel “formula car” categories from 1966, winning the “Exhibition” class. They also scored class 1–2 in 1967 and 1968, and reached the podium in 1969 and 1970. They finished on a high with an overall 1–2 in the 1971 Japan GP, with the two litre DOHC F2000 driven by Kuniomi Nagamatsu.