The third generation of the RX-7, FD (with FD3S for Japan and JM1FD for the USA VIN), featured an updated body design. The 13B-REW was the first-ever mass-produced sequential twin-turbocharger system to export from Japan, boosting power to 255 PS (188 kW; 252 hp) in 1993 and finally 280 PS (206 kW; 276 hp) by the time production ended in Japan in 2002.

Another substantial styling revision was introduced, with the new model taking some of the profile from the second generation model but maintaining a front fascia consistent with Mitsubishi's current corporate styling features. Drivetrain features of the new model include a 263 hp (196 kW) 3.8 L MIVEC V6 for the GT trim, 2009 and newer models have 265 hp. The non-turbo GS has a 162 hp (121 kW) 2.4 L MIVEC I4, both derived from the Mitsubishi PS platform family...

The Mitsubishi Lancer Evolution VIII was modified again in 2003 this time sporting 17" grey Enkei wheels, Brembo Brakes and Bilstein shocks to handle traction and a 5-speed manual gearbox with 280 PS (202 kW; 276 hp)(approx. 234 hp to the wheels).

The GT-R reappeared in 1999, with a revised chassis and other updates. The R34 turbos received a ball bearing core. The R34 N1 turbos had a metal exhaust wheel, and ball bearing center section. The turbo outlet pipes were changed from cast to formed metal outlets. The intercooler outlet side and rear turbo dump pipe had temperature probes fitted in the V-spec models.

Naturally aspirated flat-four (boxer) engines comprised the 1.5-liter EJ15, the 1.6-liter EJ16, the 2.0-liter EJ20, and the 2.5-liter EJ25. Turbocharged versions of the 2.0- and 2.5-liter engines were offered in the WRX and WRX STI models. STI models featured a more powerful 2.5-liter turbocharged engine. WRX models from featured a 2.0-liter boxer engine until 2005, after which they switched to the 2.5-liter turbocharged engine.