Lee Iacocca leads a team of Ford designers who hope to build an affordable new sports car that will appeal to America's youth. After much debate, the project is dubbed Mustang. Though the design is based largely on the Ford Falcon, the sweeping hood and sculpted sides assure that Mustang has a look like no other.

Mustang officially makes its debut on April 17, and the response is overwhelming. Priced at only $2,368, the 1964 Mustang becomes a legend. More than 400,000 are sold in its first year on the market. Engine options range from a standard six-cylinder to a high-performance 271-horsepower V8. The first Fastback is introduced later that year.

The Mach 1 ushers in the muscle Mustang era, which also features the Grande, the Boss 302, and the Boss 429. The new larger Mustang boasted four exhaust ports, flip-open fuel doors, and mag wheels. The Boss' 429-cubic-inch, 375-horsepower engine leaves many pondering Mustang's NASCAR potential.

The gasoline crisis of the 1970s prompts Ford to create the Mustang II. The smaller, more economical line of Mustangs also includes the King Cobra. Production of convertible Mustangs ceases and will not begin again until 1983.

In an effort to rekindle the Mustang feel of the '60s, Ford introduces the GT. The GT blends vintage styling with a faster, rounded look to create one of the most popular Mustangs to date.

Mustang undergoes a dramatic facelift, with 1,330 of the vehicle's 1,850 parts changed. Ford drops the hatchback version and smoothes out existing body lines, giving the Mustang a sleeker, more modern look.

The new Mach 1 reprises much of the '69 style. Most notable is the Shaker hood scoop, which conceals an available 4.6-liter V8 engine. Although GM drops its legendary Firebird and Camaro, Ford continues to reinvent its classic Mustang.