The architects of the GT500 are Carroll Shelby and the Ford Special Vehicle Team, known as the 'Dream Team' when they worked on the Ford GT. The Mustang's supercharged 5.4-litre V8 has a cast iron block (the GT's is aluminium) and is hooked up to the six-speed gearbox from the new Ford Racing Mustang.

Phil Martens, vice president of product creation, says that the basic Mustang's chassis was 'engineered from the beginning to be the basis of a high-performance, world-class sports car from SVT'. The message is that the GT500 is no one-trick pony. It gets revised shocks, springs and uprated anti-roll bars, 355mm cross-drilled Brembo brakes and 19in wheels shod with 255/45 tyres.

The bodywork has been pumped up to meet muscle-car expectations and draws upon styling cues from the '60s original, with twin roof-stripes and an off-centre Cobra grille badge.

If the Mustang does come to the UK at less than ΂£40K it will find few natural rivals beyond other imports like the VXR Monaro and Corvette C6.