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Following the successful showing of the Mitsubishi HSR and Mitsubishi HSX concept cars at the 1989 Tokyo Motor Show,[7] Mitsubishi unveiled the new GTO as a 2+2 seating grand touring car in order to compete with the Mazda Cosmo, Nissan 300ZX, Subaru SVX, and the Toyota Supra. They resurrected the GTO name, and the car went on to serve as Mitsubishi's flagship for the remainder of the decade. Despite the cachet of the badge at home, it was marketed as the Mitsubishi 3000GT and as the Dodge Stealth outside Japan; the company was concerned that connoisseurs would object to the evocative nameplate from the Ferrari 250 GTO and Pontiac GTO being used on a Japanese vehicle.

Each was built on the same production line at Mitsubishi's plant in Nagoya, Japan.[8] Its Japanese introduction coincided with the softening Japanese economy, subsequently known as the "bubble economy".

JDM GTOs were marketed at Mitsubishi's Car Plaza retail chain, with JDM buyers paying additional annual road tax as well as elevated taxes for being classified as a large car by Japan's exterior dimension regulations.

A Dodge Stealth was scheduled as a 1991 Indianapolis 500 pace car, until the United Auto Workers (UAW) rejected it because of its Japanese rather than US-manufacture. A prototype of the Dodge Viper was substituted in place of it.[9] Still used as a backup pace car, eventual race winner Rick Mears received a Dodge Stealth for winning the race and dealers sold pace car replica editions, as the Viper did not begin production until later that year.[10]