The ‘05 Ford Mustang sheds its 1970s-era Fox platform for an all-new, purpose-built architecture to usher in the fifth generation of an American icon, unveiled here.

Ford Motor Co. is confident it has spawned a pair of winners with the choice of the base Mustang with a 202-hp SOHC V-6 engine or the Mustang GT offering up 300 horses with a 24-valve MOD V-8.

The latest version will build on 40 years and 8 million sales to date. Mustang holds 40% of the sports-car segment, having run competitors such as the Chevy Camaro and Pontiac Firebird out of the market.

Unable to launch the new model in time to celebrate its 40th anniversary April 17, the car will go on sale in the fall.

Circular foglamps in the grille immediately distinguish the V-8 from the base model. The GT gets a raised spoiler. While the V-6 Mustang offers a choice of two 10-spoke wheels, the GT's inch up to 17-in. aluminum wheels in a 5-spoke “mag” style.

Stretching the wheelbase by 6 inches and pushing the wheels forward by 5 makes for a roomier interior. Split fold-down rear seating offers a degree of utility.