Mitsubishi Colt - 2002–2012

In 2002, a new Colt was released by Mitsubishi in Japan with a design by Olivier Boulay and built on the same platform as the Smart Forfour. In Japan, it was sold at a specific retail chain called Galant Shop. A European version made at Mitsubishi's NedCar facility followed into production a year later (see below). This generation is not sold in the United States.

In 2004, the Colt was launched in Europe, with models ranging from 1.1 MPI Mivec, 1.3 MPI Mivec, 1.5 MPI Mivec and 1.5 Turbo Mivec in petrol. A three-door arrived in 2005 for Europe only.

The Smart Forfour also shared the '03 specification chassis, with Brabus releasing a performance version of the Forfour in '04 using the same engine as used in the '04 European cz-T, but squeezing 30 extra HP out of the same 4G15.

In November 2004, a 1.5 L D-ID direct injection turbodiesel version with turbocharger and intercooler, producing 95 PS (70 kW) was made available, with an option of the Allshift automatic manual gearbox with electric clutch and six gears.

The performance specification 1.5 T was based on the 4G15 block, with a Turbo and Intercooler to aid power (147 hp @ 6000 rpm / 155 lb·ft (210 N·m) @ 3500 rpm). MIVEC variable valve timing was also used to increase the output, upping the power dramatically from the 109 hp (81 kW) 1.5 MPI. The same performance engine was also used to power the later released CZC cabrio model Colt (2005), with the more petrol-friendly 1.5 MPI available as an option.

Mitsubishi released its new Colt CZC coupé cabriolet to the Geneva Motor Show in March 2005, and the car has been on sale since 2006. The car is a 2+2 with a retractable hard-top and available with the turbo engine from the European cz-T or as just a 1.5 MPI. Jointly developed by Mitsubishi and Pininfarina under Ken Okuyama, it is partly made in the Netherlands, with final assembly taking part at Pininfarina in Turin, Italy.

Mitsubishi released a new Colt Ralliart Version-R in Japan on May 30, 2006. Its 4G15 engine, with MIVEC variable valve timing and turbocharger, produces 154 PS (113 kW; 152 hp) at 6000 rpm and 210 N·m (150 lb·ft) at 3500 rpm for manual model, 154 PS (113 kW; 152 hp) at 6000 rpm and 180 N·m (130 lb·ft) at 2500 rpm for CVT model. Other key features include a stiffer spot welded chassis, stiffer suspensions, improved exhaust system, improved steering mounting, bodykit, 240 km/h scale　speedometer, low profile high-grip 16 inch tires (205/45R16), and Recaro bucket seats borrowed from the Lancer Evolution VIII MR. The rear seats are molded for two passengers, as opposed to three in the rest of the range. Incidentally, this is the same engine used in the 2004 European performance specification Colt (cz-T), only running slightly increased horsepower figures (torque stayed the same). This version is also sold in Australia and New Zealand as the Colt Ralliart, without the 'Version-R' designation. The CVT version is officially sold in Singapore and Hong Kong under the same designation as Japan.

In 2008, the Version R went through a minor facelift with its engine uprated to 163 PS (120 kW; 161 hp) at 6000 rpm and 210 N·m (150 lb·ft) at 3500 rpm for the manual model, 154 PS (113 kW; 152 hp) at 6000 rpm and 180 N·m (130 lb·ft) at 2500 rpm for the CVT model. In Australia and New Zealand the 2008 and onwards models were fitted with lighter rims and chrome headlamps, but the sunglass holder and front Recaro seats were removed and replaced with standard sports seats to reflect a reduced retail price.

Also in 2008, a limited version called Colt Ralliart Version-R Special was launched in Japanese market for a limited number of 300 units. The difference from the usual version is further stiffer continuous seam welded chassis and a Ralliart muffler. Another 200 units of Version-R Special were launched in 2010.

In Switzerland, presents itself as a sporty top model from 2008 - apart from the former Colt CZT with turbocharged 150 hp - the CZT Ralliart high performance version with 180 hp at 6000 rpm and rich 245 Nm at 3500 rpm. The extensive modifications include a lowered ride height, a reinforcement of the rear axle and a tighter coordination of shock absorbers and springs. Special front and rear spoilers and side skirts provide the appropriate visual appearance.