The Shelby team is back and it unveiled a supercharged concept version of the Mustang-based on the2011 Shelby GT350 in honor of the 45th anniversary of the first GT350 and first Shelby big block Cobra.

According the Shelby press release, "the concept behind the GT350 was to build a car that is light, nimble and powerful."

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Beginning with 5.0 liter Ford Mustang GT as its base, the Shelby American team worked with experts from FordRacing, Goodyear, Borla, Cragar and Baer to create the ultimate balanced performance pony car that is true to the spirit of the 1965-1970 MY Shelby GT350.

"The 2011 GT350 balances heritage with modern necessity," said Shelby American president Amy Boylan. "

 "We worked with Ford Racing to supercharge the engine with a goal of 500 horsepower, as well as to sharpen the handling", Boylan added. "Baer Brakes helped engineer the fantastic brakes and we shod the GT350 with 19" modern Cragar wheels and super sticky Goodyear tires. This Shelby is truly a complete performance package."

The modern design was also conciouss of its predecessors, integrating1965-1970 Shelby styling cues with modern aerodynamics.

All this customization will cost you a good chunk of change. The Shelby GT350 will add $33,995 to the base price of the Mustang, which comes in at roughly $22,000, and can be ordered at any Ford dealership.