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The DC generator was replaced by a new AC alternator on all Fords and the now-famous Mustang GT was introduced, available with either four-barrel engine and any body style. Additionally, back-up lights were added to the car in 1965. Originally, the Mustang was available as either a hardtop or convertible. During the car's early design phases, however, a fastback model was strongly considered. When the 1965 model year production began in September, 1964, the Mustang 2+2 fastback, with its swept-back rear glass and distinctive ventilation louvers made its debut as well.

In 1984 Ford's in house performance team- SVT, or Special Vehicle Team, unveileved the Mustang SVO. Powered by a 2.3 turbocharged four making 175 hp, the SVO was targeted at the European and Japanese performance cars of the day and it's base price of $15,596 reflected it as well. But for all of it's handling improvements and performance goodies it never really caught on with the Mustang crowd and was dropped after 1986. Many people beileve that it came down to cost. For the price of one SVO you could get two Mustang GTs powered by the equally powerful 5.0 liter engine. But SVT would learn it's lesson. The high performance Mustang buyer wanted a powerful V8 under the hood and this new attitude would be reflected when the SVT team brought out the Cobra in 1993.

Ford continues to sell about 150,000 Mustangs annually. And, many view the 1964-1973 models as American automotive icons the equal of the 1955, 1956 and 1957 full-size Chevrolets and the Corvette.

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