This is the Mitsubishi Colt Raillart Version R. If that name rings a bell, you are not wrong as previous Colts were sold as Dodges here in America.
This however, was completely unrelated to the previous models as it was built on the same platform as the Smart Forfour rather than a Mirage.
The Colt Raillart Version R was launched in Japan in 2006, at a time when Mitsubishi had a sporty car lineup such as the Lancer Evo models. It was powered with a turbo 1.5-liter four-cylinder 4G15 MIVEC engine which made 154 PS (113 kW; 152 hp) at 6000 rpm and 210 N⋅m (150 lb⋅ft) at 3500 rpm for manual model and 154 PS (113 kW; 152 hp) at 6000 rpm and 180 N⋅m (130 lb⋅ft) at 2500 rpm for CVT model. (yes this was available with a stick)
There were plenty of changes on this model as compared to the standard Colt. For example the suspension was tuned to "the specifications of a European turbo hatchback". Additional changes included a stiffer spot welded chassis (30% more stiffer than the standard Colt.) stiffer suspension, improved exhaust system, improved steering mounting, body kit, 240 km/h speedometer, and Recaro bucket seats from the Evo VIII MR.
As for it's handling, the Colt Raillart Version R was praised by reviewers. The CVT was praised for being "cool, gearless CVT manner that's not so involving" and it is that the "engine was coupled to the powerplant and efficiently transferring all the power to the road".
The CVT model was sold in other Asian countries such as Singapore and Hong Kong to great success.
In 2008, Mitsubishi launched a special model called the Colt Raillart Version R Special. This model apparently had an extensively seam-welded bodyshell for additional stiffness and the total engine output was increased to 161hp. A total of 500 Colt Raillart Version R Specials were manufactured.
However such power comes at a high price. The Colt Raillart Version R Special was priced at 2.320.500 yen ($21000 USD) which costs close to a price of the equivalent WRX of the same era.
Images: http://imgur.com/gallery/5vyygsi
