What happens if engine timing incorrect in Mitsubishi Lancer 2000?

Answer 1

That will depend on how far out the timing is. If it's one or two degrees, it will probably not be very noticeable, maybe burning more fuel than normal, a little less available power on hills. The more incorrect the timing is will increase the noticability of the problem. It also depends on whether you mean the valve timing or the ignition timing as they are two separate entities.

If the valve timing is incorrect the motor may misfire or not run at all. There are too many variables to give a complete answer, without more info.