New Ford Mustang Shelby GT500 revealed at Detroit motor show

New street-legal pony car will have supercar beating performance thanks to a supercharged V8.

The Ford Mustang is off to the races.

The Blue Oval has revealed the most powerful street-legal version of the performance coupe to date.

The Mustang Shelby GT500 gets its extra grunt courtesy of a 5.2-litre supercharged V8 that delivers more than 522kW of power to the rear wheels via a seven-speed dual-clutch automatic.

2019 Ford Mustang Shelby GT500 is the brand’s most powerful version yet.

This puts it on par with ballistic machines such as the McLaren 720S and Porsche 911 GT2 RS which sell for more than $500,000 according to the director of Ford Performance vehicles, Hermann Salenbauch.

“With its supercar-level powertrain, the all-new Shelby GT500 takes the sixth-generation Mustang to a performance level once reserved only for exotics,” says Salenbauch.

“As a Mustang, it has to be attainable and punch above its weight. To that end, we’ve set a new standard among American performance cars with our most powerful street-legal V8 engine to date, plus the quickest-shifting transmission ever in a Mustang for all-out precision and speed.”

A larger wing provides extra downforce for the GT500.

Ford has beefed up the Mustang’s suspension, brakes and tyres to cope with the extra power and to handle track day punishment.

New aerodynamic elements, designed with the assistance of the Ford’s motorsport arm, help to increase the car’s stability at speed.

Inside Ford has added premium materials, including carbon fibre elements blended with fake suede and Recaro racing seats.

The interior features a range of premium materials.

A large 12-inch digital instrument display is paired with an eight-inch infotainment screen and a 12-speaker stereo.

The GT500 will join its little brother the GT350 (392kW) on sale in the US later this year.

But the bad news for Aussie fanatics is at the moment the GT500 is only being produced for left-hand drive markets.

The current limited edition Mustang Bullitt (345kW/556Nm) will remain the most powerful Mustang in Australia for the time being.

The Ford Mustang Shelby GT500 won’t make it Australia.

The Mustang Bullitt is a homage to the 1968 Bullitt and was launched to coincide with the movie’s 50th anniversary. The film stars legendary Hollywood frontman Steve McQueen and is best known for its manic chase scene through the streets of San Francisco.

The Mustang Bullitt is priced from $73,688 (before on-road costs).