It was only in 1991 that there was greater differentiation between the Mirage and Lancer. Although both were on the same platform, the Lancer sedan received different sheetmetal from the Mirage four-door. The Mirage variant was sold in North America under the Eagle Summit name. Minivan models, such as the Mitsubishi Space Runner and Mitsubishi Chariot, were mechanically related. In 1993, the Lancer wagon, named the Libero in Japan, was launched. An electric version was also released named the Libero EV that ran on NiCd batteries. A V6 variant was also introduced with only 1.6 L, making it the smallest mass-produced V6. The high-performance, turbocharged GSR version formed the basis of the contemporary Lancer Evolution (or ‘Lancer Evo’) from September 1993, using the drivetrain of the successful Galant VR-4 rally car.

The Mirage Asti Coupé in Japan was offered as the Lancer Coupé in many export markets.

The fifth generation Lancer was rebadged as the Proton Wira sedan and 5-door hatchback models in Malaysia in 1993 with 1.3, 1.5, 1.6 and 1.8 L engine capacities. A short-lived 2.0 L diesel model was also available. Currently, the car has stopped production as one of the longest running Proton models in Malaysia after Proton Saga, which is also based on a previous Lancer model. The Proton Wira was recently replaced by Proton’s latest model, the Proton Persona.

In 1988, a more aerodynamic-looking Lancer was launched, following the shape of the Galant. A five-door hatchback was added to the range. The Mirage and Lancer nomenclature continued. The station wagon continued on the old platform and shape, as did, in some markets, a five-door version of the Mirage. In Australia, all models were sold as the Mitsubishi Lancer, initially designated as the CA series and from 1990 as the CB. By that time, the Lancer name was shared with the Dodge Lancer sold in North America. The sedan was sold as the Mirage Aspire in Japan.

In some markets a ‘van’ model was produced, being the three-door hatchback without rear side windows (attracting a reduced sales tax in the Dutch market).

In the Philippines, the fourth generation lancer is also known as “Lancer singkit”. “Singkit” is a Tagalog word that describes the typical almond-shape that the epicanthic fold gives the eyes of East Asians. It is a reference to the shape of the headlamps and turn signals which taper at the sides. The headlamps of the previous generation were rectangular in comparison.