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The 2004 Cobra was a carryover of the 2003 Cobra but with a few minor updates, including a slightly updated exhaust system and rumors of a 20+ horsepower increase over the 2003 model. [24] The addition of a newly integrated shift light negated the $1,000 gas guzzler tax that was charged on the 2003 models.
The Mach 1 was equipped with a 4.6 L DOHC 305 hp (227 kW) engine based on the engine available in the 1999 and 2001 Mustang Cobras, with new cylinder heads from the 2003 to 2004 Cobra (see above). The interior of the car was given a retro theme with seats made to look like the "comfort-weave" seats available in the 1960s-era Mach 1s.
The Mustang GT's standard fog light-equipped grille is replaced with a specially designed pony-less style grille highlighted by an aluminium accent. Dark Argent Gray 18-inch cast-aluminum euro-flange wheels are used with matching brake calipers and larger, 3.5 inch exhaust tips replace the Mustang GT's standard 3-inch tips.
5.4 L 4-valve DOHC V8 installed in a 2000 Ford Mustang SVT Cobra R. In 1999, Ford introduced the DOHC 4-valve 5.4 L in the Lincoln Navigator under the InTech moniker, making it the second engine to use this name. Ford later used versions of the DOHC 4-valve 5.4 L in the 2000 Ford Mustang SVT Cobra R, the Ford GT supercar, and the Ford Shelby GT500.
When the Mustang was selected as the 1979 Official Indianapolis 500 Pace Car, Ford also marketed replica models, and its special body-appearance parts were adapted by the Cobra package for 1980–81. 1982 marked the return of the Mustang GT (replacing the Cobra) which used a specially-modified high-output 302 cu in (4.9 L) engine.
Ford's Advanced Product Creation team designed and built the Shelby Cobra concept in five months. The project was led by Manfred Rumpel. Like several other Ford vehicles developed in the early 2000s (such as the GT40 concept, the GT and the fifth-generation Mustang), the Shelby Cobra concept is a modern interpretation of an older vehicle.