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Keep in mind that the Mustang GT recently gained 100-hp over its previous model year, so it's not unlikely they couldn't do it again in 3 years time.
The 500-hp one is going to be the GT, I'm pretty certain. The current 5.4 makes 550 in the GT500, so I don't think they would revert back to the 2007 GT500 power levels.
As for the weight, I read they'll be using more aluminum and using steel only at critical safety points.
I do however, find it odd that there's no mention of the 5.0. Considering how well Ford is known for sticking with their engines, I seriously doubt the 5.0 would be unused a couple of years after its introduction.
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