Underneath the striped bonnet lies a high-revving 5.2-litre V8 engine with a flat-plane crankshaft. Generating over 370kW (500hp) of power and more than 540Nm of torque, Ford claims that it will be the company's most powerful naturally aspirated engine ever.
Power is sent to the rear wheels via a six-speed manual transmission and a standard Torsen limited-slip differential.
All the body work ahead of the front windscreen is unique to the GT350. Changes include a new vented aluminium bonnet that sits lower to the ground and is said to be tightly wrapped around the 5.2-litre V8.
Either side of the bonnet are wider front fenders, again vented and constructed out of aluminium, which help to contain the Shelby's wider front track. The front mask has been reshaped with new splitters, a ducted front pan for more downforce and a carbon fibre grille opening.
At the rear, the changes are a little less dramatic, with a new diffuser and a subtle boot-lip spoiler the main highlights.
On the inside, this high-po Mustang will be fitted with a flat-bottomed steering wheel, extra gauges, a minimal amount of distracting chrome brightwork and specially designed cloth-trimmed Recaro racing seats.
Those who desire a little more structural rigidity can splurge on an optional front tower brace. Any buyers planning to do some track time are encouraged to go for the track pack, which includes engine oil and transmission coolers.
The Shelby GT350 will sit closer to the ground thanks to retuned suspension and will also be the first Ford-branded vehicle to feature continuously adjusted MagneRide dampers.
A Brembo braking package, consisting of 394mm discs with six-piston calipers up front and 380mm discs with four-piston calipers at the rear, will help bring the GT350 to a halt.
19-inch alloy wheels are used all around, although the rear set will be wider, by half an inch, than the 10.5-inch wide rims at the front.
The stability and traction control, power steering, MagneRide suspension, exhaust and anti-lock braking systems can all be tuned via one of five user selectable driving modes.
Click on the Photos tab for the full 2015 Ford Mustang Shelby GT350 gallery.