After more than 50 years since the name was introduced and 17 years after the last Mustang Mach 1, Ford has revealed the latest iteration of the iconic model that sits between the standard Mustang GT and the more powerful Shelby models.

The most track-capable 5.0-litre Mustang ever, according to Ford, comes with a newly designed front end with a front splitter and Magnetic swing rear spoiler with a Gurney flap taken from the Shelby GT500 for better aerodynamic efficiency.

New 19-inch five-spoke Tarnished Dark-painted aluminum wheels are a modern version of the classic Magnum 500 style wheels seen in the old Mach 1s. A new underbelly pan, the vehicle’s most aerodynamically important upgrade, extends 20-inches further back to increase and ensure smoother airflow under the front of the car.

Under the hood is a V8 engine that makes 480 hp and 569 Nm. The new Mustang Mach 1 adopts the intake manifold, oil filter adapter and engine oil cooler from the Shelby GT350, increasing engine oil cooling by 50%. It also comes with a Tremec 6-speed manual gearbox from the GT350 with rev-matching functions as standard although there is a 10-speed automatic available.

To improve ride and handling, the Mach 1 features the latest MagneRide calibration, a stiffer steering I-shaft, new EPAS calibration, stiffer sway bars and front springs, a brake booster, a rear subframe with stiffer bushings and a rear toe-link from Shelby GT500.

To enhance track endurance, the Mach 1 has been added with two heat exchangers – one to cool engine oil, the other transmission oil – as well as a rear axle cooling system and a lower diffuser from Shelby GT500.

The interior features a unique Dark Spindrift instrument panel with aluminum accents. Other interior upgrades include new door sill plates, an updated splash screen on the 12.3-inch LCD instrument cluster, a white cue ball shift knob, and engraved badging that displays the vehicle’s unique chassis number.