From Herald-sun newspaper:
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Mitsubishi is plotting to turn home-grown V8 Supercar racing into a three-sided title fight.
It is developing a top-secret Magna V8 racer capable of threatening the Commodores and Falcons which compete in the touring car championship class.
It refuses to even discuss its V8 Supercar ambitions, but all three of its local showroom rivals - including Toyota - are aware of the Mitsubishi move and are openly discussing their response.
Mitsubishi could put a Magna V8 out as early as next year, using an American Chrysler power plant turning the rear wheels, although 2004 is a more likely start-up date. "They have an engine and they've sent a couple of Magna bodies to the US for development" said a senior executive at one of Mitsubishi's rivals.
Toyota has also considered joining the V8 Supercar war, but believes a V8-powered , rear-wheel drive Camry would be too much of a stretch from the V6-engined, front-drive cars it sells in showrooms.
A racing plan for Brand T has twice been taken to the company's top Australian executive, John Conomos, only to be rejected by the senior executive vice-president because of the unproven benefit of competing with a V8 Camry.
The governing body of V8 Supercar racing, Avesco , is also aware of Mitsubishi's plan , but refuses to talk.
But Avesco chairman Tony Cochrane admitted the series could be opened to a third carmaker if it had enough money, satisfied some tough conditions, and would be accepted by fans.
"For a start, it would have to be a local. We're not intersested in overseas brands," Cochrane said. "We would also have to do research with our fans. It would be quite a detailed and costly process."
Cochrane estimated the bill for a start-up carmaker in V8 Supercars would be around $10 million, from the first $200,000 "seed" money for permission to begin development work through to $4 million first-year racing budget.
But Holden and Ford aren't likely to welcome Mitsubishi - or any other newcomer - to their private V8 Supercar battlefield.
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Correct me if i'm wrong but did'nt Mitsibishi have money problems and almost shut down?
This category is Ford vs Holden and it should stay that way.
Ford and Holden race in the series to sell cars in the showroom.
If Mitsibishi built V8 rear-wheel drive cars for the showroom then i'll understand for them entering the series but they don't, so what's the point?
It's just my opinion
Magna V8 ambush plot
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