Yes, after 17 years, the Mach 1 nameplate is back. Ford has unwrapped its new Mustang Mach 1, which arrives as a 358 kW homage to the original of 1969.

In North America, the new Mach 1 effectively bridges the gap between the standard Mustang GT and uprated Shelby models, offering unique aerodynamic enhancements (and thus increased downforce), “competition-capable” suspension upgrades and an updated cabin.

The Blue Oval brand says the new Mach 1 is set to become the “most track-capable 5,0-litre Mustang ever”, courtesy of its redesigned front end plus various Ford Performance parts from the Shelby GT350 and Shelby GT500 models. In the United States, it will furthermore be offered with a “handling package”.

So, what’s under the bonnet? Well, Ford has dropped in a “specially calibrated” naturally aspirated 5,0-litre V8 with a “projected” 358 kW at 7 000 r/min and 569 N.m at 4 600 r/min (while the Mustang Bullitt offered in the US makes the same peak power, the SA-spec version generates 338 kW).

The Shelby GT350’s six-speed manual gearbox ships standard, although (unlike the Bullitt) a ten-speed automatic transmission will be offered as an option. The engine furthermore gains various “revised” Shelby GT350 components, including the intake manifold, oil filter adapter and engine oil cooler, increasing engine oil cooling capability by a claimed 50 percent.

The new Mach 1’s grille features a mesh design and “faux lamp elements”. There are also new side grilles, while accent trim in “low-gloss magnetic and black” is scattered round the exterior.

The black side and bonnet stripes come with reflective accent elements in either red, white or orange, while Ford describes the 19-inch five-spoke alloys as a “modern version of the classic Magnum 500 style wheels”.

Inside, you’ll find aluminium trim on the instrument panel, while dark leather seats (each with an accent stripe) further hint at the Mach 1 heritage. Other interior upgrades include new door-sill plates, a white cue-ball gearshift knob and engraved badging that displays the vehicle’s unique chassis number.

“Bold styling, great acceleration and speed – Mach 1 says it all. This is one of those special Mustangs that truly brings a smile to the faces of our owners, enthusiasts and fans – including me – so there’s never been a better time to bring back Mach 1 and have it go global, too,” said Jim Farley, Ford’s chief operating officer.