Described as "the most track-capable production Mustang ever built," Ford says the GT350R will be sold in the US and Canada later in 2015, although European sales are unlikely.
Engineered in the "same spirit" as the original 1965 Shelby GT350 Competition, the GT350R is powered by the most powerful naturally aspirated engine ever made by Ford - a 5.2-litre V8 with a flat-plane crank and outputs of "more than" 493bhp and 400lb ft. A limited-slip Torsen differential also features.
Styling features include a new hood vent, a more aggressive front diffuser, vented wheel arches and a carbonfibre wing at the rear. The model also gets painted brake calipers, racing stripes and contrasting stitching on the interior trim.
The suspension settings have also been tuned for the track and the car features MagneRide dampers for the first time. The model sits on lightweight carbonfibre wheels shod in specially created Michelin rubber. The result, Ford says, will be "exceptional steering feel and levels of performance".
Ford engineers have removed 59kg of weight from the GT350 to create the GT350R. The air conditioning system, rear seats, stereo and rear camera are just some of the items which have been removed, but customers can opt for an Electronics Package which includes dual-zone air-con, an eight-inch infotainment system and a stereo.
Speaking at the car's unveiling, director of the new Ford Performance brand Dave Pericak said: "This is the pinnacle of performance Mustangs today.
"The Shelby GT350R Mustang lays the groundwork for a story that will play out for years to come on the track and the street.”
Get the latest car news, reviews and galleries from Autocar direct to your inbox every week. Enter your email address below: