The Excel was based on the second generation of the Mitsubishi Mirage,[2] but it received its own sheet metal design by Giorgetto Giugiaro.

The Excel was available with either a manual or automatic transmission mated to a four-cylinder engine aspirated by a carburetor or fuel injection system, depending on market and model year.

Some markets, including Europe, had the Excel branded as the Hyundai Pony, although it is not directly related to its rear wheel drive predecessor of the same name.

[4] Mitsubishi chose to sell the Precis to circumvent the voluntary import quota which applied to the Japanese-made Mirage.

[6] The car received "Precis" badging on the bootlid, grille, hubcaps, and steering wheel, with the only Mitsubishi logo being a small sticker at the rear which read "Imported by Mitsubishi Motor Sales of America Inc." For 1988, the more sporting RS model was added to the lineup, marking the introduction of a five-speed manual transmission which was also fitted to the LS.

In the United States, it was the company's first and only model (the previous Pony could not be sold in that country as it did not meet federal emissions standards), but thanks to a price of $4,995 USD and being voted 'Best Product #10' by Fortune magazine, it set records for a first-year import by selling 168,882 units, helping push the company's cumulative production past one million by 1986.

This transition went gradually, for example in the Dutch 1989 brochure photos of a Pony badged sedan are shown while the text refers to Excel.

On the other hand, both the Pony three-door hatchback as well as the Excel four-door sedan came in a vast amount of models.

The second-generation Excel was given a facelift and slightly enlarged from 1990 onwards, while its engine adopted multi-point fuel injection, and a new 4-speed overdrive automatic transmission was offered.

The Excel's 1989 styling was closely related to the all-new Sonata, which was launched in Europe for the 1989 model year.

Most noticeable was the front end, where all three cars' orange indicator lenses were replaced by clear ones and the headlamps became less rectangular.

The lineup available at U.S. Hyundai dealers was; The 5-door model may have been available in Canada for a longer period and in a wider variety of trims.