2011 Ford Shelby GT500 Unveiled

We got a sneak preview of the new Shelby GT500 last week and today Ford made it official. The new Mustang features a supercharged 5.4-liter V8 engine that produces 550 hp and 510 lb-ft. The extra 10 horses over last year’s version are derived from a re-tuned exhaust. Weight savings are garnered from the aluminum-block engine (102 lbs.) and other measures like composite coating for the cylinder bores.

In addition to the performance boost and weight trimming, the new Shelby GT500 also gets a slight increase in fuel economy–up 1 mpg to 15/23 mpg, pushing it right out of gas-guzzler tax range.

The Performance package offered on the 2011 GT500 will bring a number of tweaks including 19-inch forged-aluminum wheels up front, 20 in back; Goodyear Eagle F1 SuperCar tires; Gurney flap on the rear spoiler; tuned dampers and springs; and lowered ride height.

The Shelby GT500 will debut at the 2010 Chicago Auto Show. Check it out in the flesh below. [via InsideLine]