The Evolution V maintained the re-architected the engine and gearbox placement of the Evo IV, implemented to optimise weight distribution. The Evo V's main innovations come from a heavily upgraded engine management system, a relocated and upgraded intercooler, new aerodynamics, upgraded brakes and of course a totally redesigned suspension layout. The front and rear tracks where increased by almost 4cm. The Evo V was clearly designed as a tarmac spec car.
A self-locking front differential has been fitted in the front axle so now all differentials are self locking. The gear box ratios of 3rd, 4th and 5th gear have been shortened. Being a very short final ratio, the car favours acceleration. Although the Evo V gear box is essentially the same to the one used in the Evo IV, all pinions have been reengineered in order to reduce the overall inertia and were heat treated. Finally the mounting points of the rear differential on the chassis have been taken further apart in order to be able to cope with the additional engine torque.
Mitsubishi has taken special care to lower the aerodynamic drag and better the engine bay air flow. There are now two openings on the bonnet. The front bumper is almost non-existent as it is filled with openings and holes everywhere. The rear wing spoiler has adjustable blade that can be positioned in four positions that go from simple to double the down force generated.