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To the Spanish, Diamante might mean diamond. But to Mitsubishi Motors Corp. it means automobile, and an upscale one at that.

The coming 1992 Diamante is Mitsubishi Motors’ first foray into the luxury-car market. The new car lives up to its name by being diametrically opposite the economy line of Mitsubishi sedans.

Mitsubishi is offering a luxury car because that is where the company’s market research says its future growth lies.

“They expect the Japanese luxury-car market within the next two to three years to grow to 130, 000 units a year, ” said Bill Skillman, general manager of Ray Skillman Mitsubishi. “Currently it’s about 80, 000.”

Jim Pollard, vice president and general manager of Collins Mitsubishi, said, “I think a lot of it is making a statement. I believe they want to show what they can do and take in all segments of the market.”

The Skillman, Collins and Dave Mason Mitsubishi agencies expect the Diamante and Diamante LS sedan models in April or May.

High tech abounds in the Diamante. There will be single- or dual-overhead-cam V-6 engines, anti-lock brakes, electronically controlled suspension, and traction control. For those whose technical interest stops at putting the key in the ignition switch, there is styling of which dreams are made.

Mitsubishi’s dream set of wheels offers a plush interior with leather upholstery, wood-grain trim, power accessories and stereo.

“It’s a beautiful car, ” Skillman said. “It looks much better than the pictures.

The car basically is designed to compete with the Acura Legend, Nissan Maxima, Mazda 929, and Lexus LS 400. However, Skillman said it will cost less than the premier Lexus model.

The official price structure will be announced at introduction time. “We’re told the Diamante will have a base price of $22,000. The base of the LS will be between $27, 000 and $28, 000, ” Pollard said.

$Dimensions of the front-drive sedan lean toward the large side of midsize. The wheelbase is 107.1 inches, the overall length 190.2 inches.

Curb weight: s for the Diamante start at 3, 428 pounds. The LS goes to 3, 505 pounds, which in part accounts for the model being given Mitsubishi’s 202-horsepower V-6.

Two Mitsubishi 3.0-liter V-6 engines are on line for the new car. The Diamante is given a 12-valve single-overhead-cam (per bank) V-6 that develops 175 horsepower. The LS uses a speedway-type double-overhead-cam (four cams in all) 24-valve layout.

Both engines feature fuel injection and Mitsubishi’s Variable Induction Control system. But the 24-valve version features twin-spray fuel injectors and a microprocessor to control ignition firing and knock.

A special Euro-Handling package is available on the LS. It includes an Active-ECS (electronic control system) suspension system that varies ride height up to 11/2 inches. Also electronically controlled are body roll, pitch and dive.

Another segment of the Euro-Handling package is Mitsubishi’s traction control system that incorporates a featu re known as Trace Control. A complex piece of engineering technology, its fundamental function is to assist driver control in turns.

Basically, if a driver enters a turn too fast under acceleration and the front diving wheels begin to lose their tractive capabilities, a computer reduces engine power until the front tires regain their grip on the pavement.

The luxury market now has a wide range of products, but Mitsubishi thinks it has an automobile that will make its mark on the American market. “It was (1991) car of the year in Japan, ” Pollard said. “When it was introduced (in ’91), there was a six-month wait to get one.”

The typical Diamante buyer is projected to be a man in his 40s.

Mitsubishi expects sales of about 18, 000 units a year, with Diamante sales approximately 15 percent of total dealership sales.