It was powered by a rear mounted, air-cooled 493 cc two-cylinder engine with a single downdraught carburettor producing 21 PS (15 kW) at 5,000 rpm,[1] driving the rear wheels through a three-speed manual transmission.

Buoyed by its sales success, it was given an enlarged 25 PS (18 kW) 594 cc engine (NE35A) in August 1961 for improved acceleration and durability.

The succeeding Colt 600 used a great deal of the 500 Super DeLuxe's underpinnings, including the engine and layout.

Although they are now more renowned for their contemporary successes in off-road racing with the Pajero-based Rally Raid vehicle and Lancer Evo-based WRC car, Mitsubishi's first "homologation special" was a Super DeLuxe-based touring car which the company prepared for the 1962 Macau Grand Prix.

In an auspicious debut Kazuo Togawa took class honours, as the diminutive sedan swept the top four places in the "Under 750 cc" category.