Teasin’ time is over. Here are the first official pictures of the 2008 Mitsubishi Lancer Evolution—or Evolution X as it is known back home in Japan.

Mitsubishi Motors mixed a spoonful of sugar to help the medicine go down in Tokyo, releasing first images of the production version of the high-performance sedan in conjunction with the automaker’s financial results, which actually reflected the first profit in four years.

The only figures we care about: an expected 300 or more horses from the new high-performance 2.0-liter turbocharged MIVEC engine. This lightweight mill has an aluminum cylinder block (the Lancer Evolution RS has an iron block and aluminum head). The new engine is part of the Global Engine Alliance, for which Mitsubishi jumped into bed with Hyundai Motor and DaimlerChrysler for four-cylinder offspring.

Power will be driven through a six-speed automated manual transmission. The sequential manual transmission coming—a dual-clutch setup similar to that in select Audis and Volkswagens—might make Mitsubishi one of the first brands outside the VW family to offer the quick-shifting technology. We applaud the move wholeheartedly, much preferring the smooth and fast-reacting dual-clutch to BMW’s jerky and much-slower single-clutch sequential manual.
Central to the global four-wheel-drive sedan is Mitsubishi’s S-AWC traction and handling system that integrates drive-torque distribution and braking. Having driven a prototype, we can attest to the prowess with which the super-active yaw control interacts with the AWD.

The fancy rear differential reminds us of Acura’s system, the way it overdrives the rear wheel. But unlike the Acura system, S-AWC also aids braking in throttle-neutral situations. We can’t wait to throw the production Evolution, based on the new, more rigid, Lancer platform, around a handling track.

We are hoping the active steering system that we tested on a prototype has been dropped—or completely reworked. The test vehicle was horrendous, with steering so artificial and unpredictable that the car was pretty much undrivable. Mitsubishi told us the system was set to exaggerated levels (like Spinal Tap’s amplifier that goes to 11) to show off how it works. We’ll have to wait until the next set of technical details on the car is made public in June to see if the steering system is slotted for production, and, if so, trust us, we’ll give it a workout.

As far as styling goes, the production sedan follows the design direction set out in Concept X at the 2005 Tokyo auto show and reinforced with the Prototype X that bowed in January at the North American International Auto Show in Detroit. Since it was actually a running prototype of the Evo X, we conclude that the forged aluminum suspension pieces, the Brembo brakes, and the Recaro seats are still part of the plan.All will be clear when this Evo finally goes public, but when that is is not clear. The optimists at Mitsubishi are working toward the original plan, which was for a Frankfurt auto show debut in September, But the realists suggest the car may not be ready in time, which slots it into the October Tokyo show.

Mitsubishi refers to the new Evolution as “the zenith of the Lancer badge’s performance development, a rally racing story that began over 30 years ago in the deserts of the Safari Rally, later saw dominance on the WRC stage in the 1990s.” The long-winded point is that the marriage of racing heritage and high technology makes it possible to put the next generation of this cult car, which is rooted in the World Rally Championship, on the streets. Please excuse the excess saliva.

So start lining up now. The Lancer Evolution X is set to go on sale in North America in the first quarter of 2008 with a price easily in the $30,000s.