In celebration of 50 years since the introduction of the first Mustang, Ford has unveiled the 2015 Mustang 50 Year Limited Edition at the New York Auto Show.

"When Mustang was approved for development more than 50 years ago, I don't think anyone imagined it would spawn such a dedicated base of fans around the world and still be in production today," said Bill Ford, executive chairman. "We are thrilled to be here in New York -- where Mustang was first shown to the public at the 1964 World's Fair -- to re-create that historic event for today's Mustang enthusiasts."

The new 2015 limited-edition Mustang is a powerful thoroughbred with an upgraded 5.0 liter V8 engine. The engine can dish 420 horsepower and comes in two flavors, six-speed manual transmission or six-speed automatic. The new Mustang was unveiled at the 2014 New York Auto Show and will be available for viewing until April 27.

"The new Mustang blends a muscular, contemporary shape with design cues that define it as quintessentially Mustang," said Ford vice president of design Moray Callum. "The 50 Year Limited Edition adds details that set it apart from other Mustangs, while hearkening back to the 1965 original."

The new Mustang also comes with a tasteful smattering of chrome. Back in the '60s when the Mustang first came out, chrome was all the rage. However, the new Mustang's designers chose to go easy with the chrome trimmings, creating a modern-looking vehicle that still speaks volumes about the Mustang's heritage.

"Mustang fans love to drive their cars, even the rarer examples of the breed, so we built this limited-edition from the best-performing 2015 Mustang available -- the GT fastback with the performance pack," said Mustang chief engineer Dave Pericak. "While some collectors will undoubtedly stash this car away in a museum, those who choose to hit the open road will get a world-class sports car that can run with the best."

Ford will start manufacturing these powerhouses in the latter half of 2014. The company has announced that Mustang factories will only manufacture a total of 1,964 units. The 2015 Mustang 50 Year Limited Edition will be available for purchase this coming fall.

Ford also went all-out with the vehicle's interior, using cashmere stitching and generous amounts of high-quality leather.

"We wanted to provide our most dedicated fans with the emotion of the original Mustang in a 21st-century car," said Ford. "With this 50 Year Limited Edition, I believe we have accomplished our goal."