It wasn’t the Mustang II generation that Ford officially developed the Mustang Cobra. The first Mustang Cobra arrived in 1976 and was named the Cobra II. The Cobra had a hood scoop and racing stripes, plus functional rear spoilers. The 1977 and 1978 Cobras offered small style changes and slightly improved the engine, along with other options. 

This Cobra deserves it's own section. The 1978 model was the “King Cobra” which included a large Cobra decal on the hood with an optional V8. It was the best Mustang II variant around and a future classic. The 302-cubic inch (5 liter) V8 was the only engine option for the 1978 King Cobra. The V8 wasn’t much over the standard Mustang II, producing 139 hp, but it did look awesome and that counts for something. 

Nearly 18,000 Cobras were produced with the third-generation 1979 Mustang. They came with a completely redesigned interior to comfortably seat four, but also kept up engine options through a full Windsor V8. Improvements to the Cobra stayed fairly consistent with overall Mustang upgrades through 1981. In 1982, the Ford Mustang started its performance renaissance and dropped the Cobra line as it retooled for a stronger, more aggressive car.

The Ford SVT Mustang Cobra (which is also known in these circles as the SVT Mustang Cobra, SVT Cobra, or simply as Cobra) was built in model years 1993 through 2004 by Special Vehicle Team division (SVT) at Ford Motor Company. The SVT Cobra was considered as top-of-the-line Mustang, above the GT and Mach 1. There was also a more insane Cobra R produced in 1993, 1995 and 2000 as well as special anniversary edition in 2003 and the Pace Car in 1994. The 2003 SVT Cobra was called “The Terminator” by the SVT team and the name stuck for the next series of models.  The SVT Cobra was succeeded by the 2007 Shelby GT500.