Ford didn't reveal the engine's output, but said it will enable the vehicle to run the quarter mile in the mid eight second range and hit a top speed in excess of 150 miles per hour (241 km/h).
The Mustang Cobra Jet will sell for $130,000, but production is limited to only 68 units, in honor of the car's 1968 debut.
It's summertime in Detroit, and that means one thing: the Woodward Dream Cruise, a weeklong celebration of muscle cars, hot rods, classics and all things automotive.
'From the very first Mustang Cobra Jets dominating the 1968 NHRA Winternationals to our modern-day racers, the Ford Performance Parts team continues to build on Cobra Jet's success at the track over five decades, ' explained Eric Cin, global director, Ford Performance Parts. From 2009 to 2016, it's offered the vehicle every other year and has built 50 each time it's offered. The new 2018 Mustang Cobra Jet is available to order now, in either Race Red or Oxford White.
Ford is launching a new Mustang that can outrun the Dodge Demon in the quarter mile.
Lurking beneath the bonnet is a special 5.2-litre version of Ford's worshipped 5.0 V8, strengthened and outfitted with a 3.0-litre Whipple supercharger.More news: Defense DNA request denied in deaths of Colorado mom, kids
Strange Engineering has provided the low-drag brake system to haul everything down to a safe stop, aided by a standard parachute, required for cars expected to top 150 miles per hour in the quarter-mile.
Ford also released a short video for the Mustang Cobra Jet roaring at the launch event. The price is $130,000, which now converts to about £100,000.
The Ford Performance Parts team developed the 50th Anniversary auto with one main goal: to become the most powerful Mustang Cobra Jet ever to leave the factory gates.
2008: Rebirth of factory Mustang Cobra Jet 40 years later as the M-FR500-CJ.
In addition to all of that, the Mustang Cobra Jet also comes with low-drag, lightweight brakes, the unique body design shown above with Cobra Jet graphics and all of the safety features (including a roll cage, racing seat and harnesses) required to cover the quarter mile in the low 8-second range as speeds top 150 miles per hour.
Gary Gastelu is FoxNews.com's Automotive Editor.