The new version of the classic car was unveiled this morning after months of speculation and excitement. It features an engine with 500 horsepower, as well as a 5.2 litre V8 engine.

Engineers at Ford (F) say the car is designed with both hitting the road and hitting the track in mind.

“When we started working on this car, we wanted to build the best possible Mustang for the places we most love to drive — challenging back roads with a variety of corners and elevation changes — and the track on weekends,” said Raj Nair, Ford group vice president, Global Product Development. “Every change we made to this car was driven by the functional requirements of a powerful, responsive powerplant — nimble, precise handling and massive stopping power.”

There is no word yet on pricing or a release date for the car.

The Mustang is a longtime favorite for Ford buyers, but sales have slipped recently. Last month, Ford sold 4,565 Mustangs, down 54% from the same period last year. In 2013, 77,186 Mustangs were sold, compared with 82,995 the year before.