Key Moments in Mustang History (1994-2001) • 1994 - The fourth-generation Mustang is revealed. Some features of the classic Pony are evident, although the new design has much of its own original look. For the third time, the Mustang is the official pace car of the Indianapolis 500.
• 1996 - The 5.0L engine, first introduced in 1983, is dropped and replaced by a 4.6L V-8.
• 2000 - The race ready Cobra R is available to the public. With an astounding 385 horsepower, the Cobra R is the ultimate street machine.
• 2001 - Ford pays tribute to Steve McQueen with the reinnovation of the Bullitt Mustang, originally a 1968 GT390 driven in the streets of San Francisco by Frank Bullitt.