Developed for the global market, the reborn Mirage will make its sales debut in Thailand early next year before expanding to other regions.
The five-door hatch measures in at 3710mm long - about 200mm longer than the tiny Suzuki Alto but 160mm shorter than the Mitsubishi Colt, for now the brand's smallest offering in most Western markets.
Mitsubishi says development of the new Mirage "was focused on compactness, affordability, and high fuel-efficiency in order to fit the needs of emerging markets as an affordable entry-level model as well as needs of advanced markets for fuel efficiency and low-CO2 emission."
Despite its larger size, the Mirage will challenge the Alto's three-cylinder engine, with 1.0 and 1.2 litre three-cylinder petrol engines on offer, depending on the market. Mitsubishi's MIVEC technology will feature, along with a new Auto Stop & Go system.
Mated to a CVT automatic transmission and combined with a lightweight construction and low rolling-resistance tyres, Mitsubishi says the new Mirage will offer fuel consumption figures as low as 3.3 l/100km.
If those figures carry across to the Australian model, the Mirage will offer the lowest fuel consumption figures of any petrol-powered car in this market, and better than any hybrid model currently available here.
Speaking with TMR, Mitsubishi Australia's Lenore Fletcher confirmed that an Australian debut for the Mirage will likely occur in the fourth quarter of next year.
"The Mirage is our new light vehicle, and what you see here is about as close to production as you could expect," Ms Fletcher said.
The obvious competitor in Australia for the Mirage is Nissan's new Micra, which starts at $12,990. Ms Fletcher said that while the launch date is too far away to speculate on price, we can expect a well-equipped offering.
"If you look at the current Mitsubishi range, we've always offered a high specification, such as the Lancer: seven airbags as standard, reversing camera availability and reversing sensors... so you can expect an impressive level of equipment for the Mirage," Ms Fletcher said.