Yesterday Mustangs

First Generation (1964 1/2–1973)

As Lee Iacocca's assistant general manager and chief engineer, Donald N. Frey was the head engineer for the Mustang project — supervising the overall development of the Mustang in a record 18 months — while Iacocca himself championed the project as Ford Division general manager. The Mustang prototype was a two-seat, mid-mounted engine roadster. This vehicle employed a Taunus (Ford Germany) V4 engine and was very similar in appearance to the much later Pontiac Fiero. It was claimed that the decision to abandon the 2 seat design was in part due to the low sales experienced with the 2 seat 1955 T-Bird. To broaden market appeal it was later remodelled as a four-seat car styled under the direction of Project Design Chief Joe Oros and his team of L. David Ash, Gale Halderman and John Foster.

To cut down the development cost and achieve a suggested retail price of US$ 2,368, the Mustang was based heavily on familiar yet simple components. Much of the chassis, suspension and drivetrain components were derived from the Ford Falcon and Ford Fairlane (North American). Favourable publicity articles appeared in 2,600 newspapers the next morning, the day the car was "officially" revealed. A Mustang also appeared in the James Bond film Goldfinger in September 1964, the first time the car was used in a movie.

Original sales forecasts projected less than 100,000 units for the first year, but in its first eighteen months, more than one million Mustangs were built. All of these vehicles were VIN-identified as 1965 models, but several changes were made at the traditional opening of the new model year (beginning August 1964), including the addition of back-up lights on some models, the introduction of alternators to replace generators, and an upgrade of the V-8 engine from 260 to 289 cubic-inch displacement. In the case of at least some six-cylinder Mustangs fitted with the 101 hp., 170 cu. in. Falcon engine, the rush into production included some unusual quirks, such as a horn ring bearing the 'Ford Falcon' logo beneath a trim ring emblazoned with 'Ford Mustang.' These characteristics made enough difference to warrant designation of the 121,538 earlier ones as "1964½" model-year Mustangs, a distinction that has endured with purists for the past 46 years and counting.

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Second Generation (1974–1978)

The 1970s brought about more stringent pollution laws and the 1973 OPEC oil embargo. As a result, large, fuel-inefficient cars fell into disfavour and the Pony Cars were no exception. Lee Iacocca, who became president of the Ford Motor Company in 1964 and was the driving force behind the original Mustang, ordered a smaller, more fuel-efficient Mustang for 1974. Initially it was to be based on the Ford Maverick, but ultimately was based on the Ford Pinto subcompact.

The new model was introduced two months before the first "Energy Crisis" in October 1973 and its reduced size allowed it to compete more effectively against smaller imported sports coupés such as the Japanese Toyota Celica and the European Ford Capri (then Ford-built in Germany and Britain, sold in U.S. by Mercury as a captive import car). First-year sales were 385,993 cars, compared with the original Mustang's twelve-month sales record of 418,812.

Lee Iacocca wanted the new car, which returned the Mustang to more than a semblance of its 1964 predecessor in size, shape, and overall styling, to be finished to a high standard, saying it should be "a little jewel." However not only was it smaller than the original car, but it was also heavier, owing to the addition of equipment needed to meet new U.S. emission and safety regulations. Performance was reduced and despite the car's new handling and engineering features the galloping mustang emblem "became a less muscular steed that seemed to be cantering."

The car was available in coupé and hatchback versions. Changes introduced in 1975 included reinstatement of the 302 CID V8 option (called the "5.0 L" although its capacity was 4.94 L) and availability of an economy option called the "MPG Stallion". Other changes in appearance and performance came with a "Cobra II" version in 1976 and a "King Cobra" in 1978.


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