The Ford Mustang started the pony car segment when it hit the market in 1964.

Now, it will carry the torch for that segment in an automotive market switching to electric vehicles.

On Wednesday, Ford introduced the 2024 Mustang at the Detroit auto show. The iconic pony car will continue on the same platform with a revised look, a pair of gas engines—including the requisite V-8 with up to 500 hp—and a tech-laden interior to attract a new generation of connected buyers.

It also adds two cool new features to show off to your friends: Remote Rev and an Electronic Drift Brake.

Ford has the Mustang Mach-E crossover to carry the torch for the EV market, but the 2024 Mustang coupe and convertible get updated versions of its previous gas engines.

The base 2.3-liter turbo-4 in EcoBoost models adds port and direct injection, gets a higher compression ratio and higher thermal efficiency, and reduces internal friction to make more power and deliver better fuel efficiency.

Ford isn’t stating power or fuel economy figures yet, but the current 2.3-liter makes 310 hp or 330 hp with a Performance Pack and gets up to 25 mpg combined.

The revisions to the 5.0-liter V-8 in GT models include a new dual-airbox intake to feed dual electronic throttle bodies and feed more air to the plenum intake manifold. It also has a longer duration exhaust camshaft to handle the increased airflow, and it continues with port and direct injection. The 5.0-liter V-8 in the 2022 Mustang makes 450 hp in the GT and 470 hp in the Mach I.

This time around, Ford is targeting up to 500 hp, the target announced for a new 2024 Dark Horse track-focused model. Transmission choices will once again be a 10-speed automatic or a 6-speed manual with rev matching for both engines.

Ford said there will be three Dark Horse models in total. In addition to the track-focused but street-legal regular Dark Horse, there will also be a track-only Dark Horse S and race-ready Dark Horse R.

Racing will be a big deal for the 7th-generation Mustang which will compete across the spectrum participating in NASCAR, GT3, and GT4 classes. Ford confirmed the Mustang will also race at the 24 Hours of Daytona and the 24 Hours of Le Mans.

While the new internally coded S650-generation Mustang was rumored to switch platforms to the CD6 rear- and all-wheel-drive architecture from the Ford Explorer and Lincoln Navigator, it instead stays on the Mustang-specific DC2 platform that’s served the car since 2015.

However, Mustang Vehicle Engineering Manager Eddie Kahn told Motor Authority that Ford revised several parts, including the aluminum lower control arms, rear suspension links, shocks, springs, and stabilizer bars, all with the goal of providing better dynamics and responsiveness.

Ford also revised the steering system with a stiffer rack and and a faster 15.5:1 steering ratio versus 16.0:1 for the last model.

An optional Performance Pack for both the GT and EcoBoost adds a front strut tower brace and a Torsen limited-slip differential. Performance Pack cars can also get a magnetic suspension, wider rear wheels and tires, larger brakes, Recaro bucket seats, and an active exhaust.

The GT Performance Pack also gets brake ducts and an auxiliary engine oil cooler for better cooling. Ford mentioned a Handling Package for the Dark Horse model but didn’t elaborate.

Ford will offer three upgraded brake options. The top version, offered for Performance Pack cars, will feature 6-piston front calipers clamping down on 15.4-inch rotors and 4-piston rear calipers with 14.0-inch rear rotors.

All of the calipers are by Brembo and will be available in three colors: black, red, or Grabber Blue.

The exterior design is an evolution of the throwback look Ford adopted in 2005 and has evolved since. All the body panels are new, and Ford says it will have more downforce than the outgoing model and the lowest coefficient of drag for a Mustang yet.

The car gets a lower beltline, which should aid outward vision, more pronounced rear haunches, smoother flanks without as many creases, and revised front and rear fascias with a new take on the Mustang’s tri-bar lighting theme.

The noses of the 2.3 and GT models will be unique. Compared to the 2.3, the GT will have struts in the traditional Mustang grille, taller intakes at the corners, and a standard louvered hood vent.

Profile images of all seven generations of Mustang will line up along the lower rear glass as one of the car’s Easter eggs. A Bronze Design Series