DETROIT – Ford Motor Co. unveils the latest in a line of legendary Ford Shelby Mustangs here at the North American International Auto Show.

The '07 Ford Shelby GT 500 Mustang, with a 475-hp, 5.4L, 32-valve V-8, comes as a coupe or ragtop and hits showrooms this summer.

Designed by Ford's Special Vehicle Team and Carroll Shelby, the new GT500 infuses elements of the classic Shelby Mustangs of the late 1960s with features of the modern-day model.

'07 Ford Shelby GT500 maintains history.

New for '07, the grille is larger by about 1 in. (24 mm), although the rear-quarter windows remain the same as regular Mustangs. There are no side scoops, but Shelby racing stripes, circa 1965, have been added, as have a new hood, low-profile spoiler and revised interior.

And under the category of how-things-change-yet-remain-the-same, the trademark Cobra badge is cast in satin aluminum this time around. The dash offers two large instrument dials, and the 18-in. wheels are 9.5-in. (24-cm) wide.

The GT500 will be built at the Ford-Mazda Motor Corp. AutoAlliance International Inc. plant in Flat Rock, MI. Mustang saw strong sales last year of 160,975 units.