Unlike Ralliart's of the past which were the pinnacle of Evolution performance, for the first time this next incarnation is poised to tackle the standard Impreza WRX on the budget side of the market.
With an Australian equivalent price tag of less than $30,000 in Japan, the Lancer Ralliart certainly isn't low on kit - as a matter of fact the standard equipment level is astounding.
Firstly, that Twin Clutch SST transmission we have all heard so much about in the Evo X is standard for the Ralliart - albeit with modified ratios in 5th and 6th for improved drivability at high speeds and economy.
The transmission also loses its Super Sport setting in the Ralliart, restricted to just 'Normal' and 'Sport'.
Don't think Mitsubishi has skimped on the drivetrain either; the Ralliart receives what most refer to as the Evo IX AWD system - certainly not a compromise by any stretch of the mind.
This incorporates a front helical limited slip differential, an Active Centre Differential and a mechanical rear LSD which are managed by Mitsubishi's vehicle dynamics control system which incorporates Active Stability Control and Anti-lock Braking.
The ACD system retains its calibrations from the Evo X - featuring TARMAC for dry paved surfaces; GRAVEL for wet tarmac or loose unmade surfaces; and SNOW for snow-covered surfaces.
So naturally the costs have been saved in the engine bay, right? Wrong. The Lancer Ralliart features the same intercooled-turbocharged 4B11-type 2.0-liter 16-valve DOHC MIVEC high-performance engine as the Evo X - although it does use a smaller turbocharger.
Peak power stands at 177kW at 6000rpm and 343Nm at 3000rpm, compared to the Evo X's 217kW and 366Nm.
Braking performance relies on 16-inch 2-pot calliper ventilated disc brakes at the front borrowed from the Outlander SUV, riding on 18-inch 7JJ alloy wheels fitted with 215/45R 18 89W tyres.
Exterior design changes are arguable, resembling more a built-up Lancer rather than a toned-down Evo, comprising new front and rear bumpers, a lightweight aluminium bonnet with vents to feed the turbocharger and an optional deck-lid spoiler.
The interior is also borrowed from the standard Lancer, featuring a unique instrument cluster with matte black faces, leather-wrapped steering wheel and shift knob, aluminium pedals and sports suede-knit bucket seats.
Expect a RRP of roughly $40,000 to compete with the Impreza WRX here in Australia when it arrives.