The new Colt has changed little on the outside and a new CE chassis on the inside. The car has a full range of petrol and diesel engines and is produced with a two-door coupe, a three-door hatchback (the most popular in Europe) and a four-door sedan. Due to Mitsubishi's financial difficulties, this model was produced until 2003 with minor modifications. The new Colt replaced this only in 2004, sharing its platform with Smart Forfour. The main competitors of the car remained other Japanese cars - Honda Civic, Nissan Almera and Mazda 323/3.