| Lots more pictures below
 
      
      Ford launches the Shelby Cobra GT500, its the 
      baddest Mustang yet.
 By Wes Raynal
 2007 FORD SHELBY COBRA GT500
 ON SALE: June 2006
 BASE PRICE: $39,000 (est.)
 POWERTRAIN: 5.4-liter, 450-plus-hp, 
      450-plus-lb-ft supercharged V8; rwd, six-speed manual
 CURB WEIGHT: 3600 lbs (est.)
 0 to 60 MPH: 4.5 seconds (est.)
 
 Ford celebrated the Mustang's 40th birthday last year by whipping up one 
      of the wildest  Mustangs ever, the GT-R concept displayed at New York 2004 
      (AW, April 19, 2004). At the time, we said we hoped the history-obsessed 
      automaker wouldn't morph the GT-R into some sort of catastrophic new-age 
      Mustang II Ghia with a landau vinyl half-roof. No such worries: Hank's car 
      company is following up the GT-R with the Shelby Cobra GT500.
 
 While the GT-R was a showcase for Ford's performance parts biz, this 2005 
      New York show car is about 90 percent of what we will see when the Shelby 
      goes on sale next summer, replacing the SVT Cobra. On paper, the GT500—in 
      development for more than a year and officially approved two months 
      ago—has enough power and flair to put Chevrolet's base Corvette C6 smack 
      on the trailer.
 
 Blasphemous? Consider: SVT boss Hau Thai-Tang has stuffed the 
      extraordinary 5.4-liter, dohc, 32-valve supercharged V8 from the Ford GT 
      sports car under the Mustang's hood. Final horsepower figures are not 
      firm, but Thai-Tang hints it will be "well over 450 hp, closer to 500." 
      Look for 450-plus lb-ft of torque too. Whatever the final numbers, Ford 
      says this will be the most powerful production Mustang ever. Engineer 
      Thai-Tang, who did a stint at Newman-Haas Racing, sums up the power train 
      succinctly: "It's gonning to be a monster."   
		Some speed engineering going on here.
 
 The engine mates to a Tremec T56 six-speed manual transmission beefed up 
      to handle the power and torque. Underneath, it turns out those rumors of a 
      live rear axle in the next-generation Cobra were true: The car will have 
      basically carryover Mustang GT suspension, with MacPherson struts in front 
      and the live axle in back, tuned for the 500 with revised shock valving 
      and higher-rate springs.
 
 Thai-Tang and his team aimed for a better-controlled ride than the GT, 
      particularly at low and medium speeds, with better body control (included 
      in Thai-Tang's stable of test cars is a Pontiac GTO—the 400-hp version, as 
      well as a C6 Corvette and a BMW M3). Front brakes are 14-inch 
      cross-drilled rotors with 13s in the rear. The car should weigh about 3600 
      pounds, 200 more than a GT, Thai-Tang says.
 
 By the way, Thai-Tang has a message for those of us bummed out about the 
      live rear axle: "Drive the car first," he says, "and you'll see it's a 
      nonissue, because the chassis is dialed in so well."
 
 "I didn't know what to expect before I drove the car," said Carroll 
      Shelby. "I knew the car looked good. Then I drove it. Wow. It's everything 
      I hoped it would be."
 
 We'll just have to wait and see.
 
 Like a proud papa, SVT chief designer Doug Gaffka had a gleam in his eye 
      when he gave us a walk-around of the GT. "We looked most to the '68 GT500 
      for our inspiration when we started on the car more than a year ago," 
      Gaffka told Auto Week. "In fact, the new GT500 design was at the forefront 
      of our minds since we started the whole Mustang program."
 
 It shows. To the GT's long hood and short rear deck, Gaffka and team added 
      a sinister-looking new front fascia with a one-inch-bigger grille opening 
      to force more air to the engine. There are also new headlamps, a 
      one-inch-higher hood (to accommodate the supercharger), and new rear 
      fascia, spoiler and diffuser. That spoiler isn't just for show—it provides 
      80 pounds of down force at 120 mph. Wind tunnel testing will continue.
 
 The concept squats on 19-inch wheels; in production the GT500 will use 
      18-inch Goodyear's.
 
 The interior looks like the Mustang GT's but with the quality bar raised: 
      Instead of waves of hard, shiny, cheap-looking plastic, the 500's dash, 
      door panels and center console are trimmed in leather. There will also be 
      a new, thicker three-spoke steering wheel and slightly stiffer seat 
      bolsters, as well as the SVT logo on the kick plates. The leather upgrades 
      will be offered across the Mustang range in 2007.
 
 Final prices are not set but the last SVT Cobra cost $35,000. Ford 
      officials say the goal is to keep this car priced less than $40,000. "You 
      won't be able to touch this performance for the money," Thai-Tang says. 
      GT500s will be built at the Ford/Mazda joint-venture plant in Flat Rock 
      alongside Mustang and Mustang GT. Ford won't commit to a production 
      number, but says it will build all the 500s drivers demand.
 
 Drivers? Count us in. And bring on the next 40 years.
 
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