WHAT IT IS: The seventh generation of the icon that launched the pony-car genre will arrive in time for the Mustang brand’s 60th anniversary. Expect it in coupe (as rendered here by our artist) and convertible forms with two powertrain offerings. Variants delivering greater performance and efficiency will follow in the years to come.  

WHY IT MATTERS: The Mustang, along with the Bronco and F-150, is a pillar of the Ford brand that carries immense emotional appeal. It’s Ford’s sole North American car offering and also ranks as one of a shrinking number of affordable, fun-to-drive two-doors. Plus the droptops are all over rental fleets in tropical locations—what would we do if it disappeared? 

PLATFORM AND POWERTRAIN: The 2024 Mustang will get a new code name (S650), but we expect its D2C-derived architecture to largely carry over from its S550 predecessor. And based on numerous prototype spy photos and leaks, it will receive only mild evolutionary styling revisions, such as squintier three-element headlamps, a revised hexagonal grille, and new air intakes.

New electrical architecture will enable new feature content at launch, like a fully digital instrument cluster and today’s latest safety and driver assist features. It will also support over-the-air updates to an increasing number of software-enabled features, helping it stay as fresh as ever over its expected eight-year lifespan.

Powertrain offerings will carry over at launch, including the 2.3-liter EcoBoost I-4 and 5.0-liter Coyote V-8 engines, as well as the six-speed manual and 10-speed automatic transmissions. Engine outputs may be adjusted—we hear base 2.3-liter power will increase from 310 to 320 hp, for example. And Ford officials have cautioned us that the six-speed could be phased out at some point during this model’s lifetime.

One major powertrain addition expected in 2025 is conventional and/or plug-in hybridization. Leaked info suggests both engines will get an electric boost. This could be accomplished most easily by employing a version of Ford’s Modular Hybrid Transmission (MHT) as found in the Explorer Hybrid, which should be adaptable to either engine.

Among the electrification possibilities, enthusiasts will be most stoked by a unique V-8 hybrid powertrain revealed in patent drawings. It mounts a roughly alternator-sized electric motor on each side of the V-8, with their output shafts roughly aligned with the crankshaft centerline.

It being patented makes sense, as we’re not aware of any other vehicle employing such a setup. Plus, it’s far simpler than trying to package a single electric motor somewhere and needing to run a shaft through the oil pan; that would likely require halfshaft angles that would overtax existing CV joints. Using dual motors also allows handling-enhancing torque-vectoring up front—might this system power the next Bullitt or Mach 1?

The rumor mill has hinted at a plug-in version offering at least 10 or 20 miles of electric range, and this would undoubtedly boost efficiency and possibly contribute in some small way to achieving higher corporate average fuel economy (CAFE) ratings coming for 2026. But it would also add even more weight to a sports car that typically weighs more than 3,800 pounds today. So if there is to be an efficiency-focused Mustang hybrid, expect it to be an EcoBoost with rear drive.

Of course, once there’s a battery and an MHT to work with on this platform, it’s not hard to imagine pairing them with the V-8 and front motors, juicing those Coyote V-8 and motor outputs, and creating a worthy Shelby GT500 successor with blistering torque-vectored AWD performance and respectable EPA numbers.

Spy shots have also revealed a shift away from the retro-look dash with binnacles to a more streamlined interior dominated by big instrument and infotainment screens capable of displaying the latest Sync graphics in dazzlingly high resolution.

It’s unclear that the Chevy Camaro and Dodge Challenger as we know them will survive into the next decade, but we expect Ford to assume they will—and to sharpen the Mustang’s chassis dynamics sufficiently so it once again outhandles the Camaro.

ESTIMATED PRICE: Expect a modest price bump to an even $30,000 for a base EcoBoost coupe or $40,000 for a GT, with the ragtop adding roughly $5,500 to either.

EXPECTED ON-SALE DATE: Could Ford possibly resist launching its 60th anniversary Mustang on Monday April 17, 2023—the 59th anniversary of its World’s Fair debut?