On 30 April 1980, the two Japanese companies assumed 98.9 percent control by paying a further $52 million to acquire Chrysler's remaining 65 percent share. The remaining 1.1 percent was held by 690 local investors. The company name was changed to Mitsubishi Motors Australia Limited on 1 October 1980. Production of the popular Sigma range of vehicles continued under the Mitsubishi name until 1987 with its eventual replacement, the Magna, having been released in 1985. Colt production, which had commenced in 1982, ended in 1990, with no locally manufactured replacement.