After four decades, Ford has given the go-ahead to resurrect an icon from the past - the Mustang Boss 302 - a race car with a licence plate. It's been designed to offer 'unrivalled' performance in acceleration, handling, braking, and top speed and Ford hopes to go head-to-head with the BMW M3 to back up its claim that the re-incarnation is faster around California's Laguna Seca Raceway.

Ford is anxious to stress that the new Boss Mustang is more than just a 'performance upgrade' version of a Mustang; it says it has created a whole new vehicle that cannot be created any other way. "The team at Ford wanted to offer their fellow Mustang enthusiasts something really special - a beautifully balanced factory-built race car that they could drive on the street," explains Dave Pericak, Mustang chief engineer. "The Boss 302 isn't something a Mustang GT owner can buy all the parts for out of a catalogue or that a tuner can get by adding a chip. This is a front-to-back re-engineered Mustang with every system designed to make a good driver great and a great driver even better."

The existing engine from the Mustang GT, already offering 417bhp, has been fitted with a new air intake and revised camshafts, and along with more aggressive calibration combines to give a power boost to 446bhp and 380lb.ft of torque. A race-inspired clutch with a short-throw, close-ratio, six-speed manual transmission handles the gear changes. Upgrades include a beefed-up anti-roll bar, stiffer springs and suspension bushes, along with adjustable dampers. An electronic speed-sensitive power steering system, which can be switched between comfort, normal and sport modes, is also an option.

Along with traditional Boss decals, visual tweaks include lightweight 19-inch wheels, an aggressive front splitter and rear spoiler, and a modified grille. Inside, the interior features an Alcantara steering wheel, 'metallic' instrument panel finish and suede mix upholstery. A package that includes Recaro bucket seats can also be specified.

The Boss features an 'acoustic' quad-exhaust system with two outlets at the rear and two at either side. This combination sends exhaust noise through a set of metal discs that act as tuning elements before the pipes terminate. Visually subtle, the side pipes apparently flow very little exhaust gas, but plenty of audible engine sound.

A limited production track oriented Boss 302 Laguna Seca version with no rear seat and suspension and aerodynamic upgrades will also be sold.