Rudolph is out of luck as Santa has a new motto and it’s Ho Ho Horsepower.  That’s the message from Ford as they’ve revealed performance specifications for the highly anticipated 2024 Mustang.

Needless to say, Ford wants to sleigh the competition and the lineup starts with a 2.3-liter EcoBoost four-cylinder engine.  While the displacement carries over, Ford says it’s an all-new engine that was designed from the ground up.

Also: 2024 Ford Mustang Dark Horse Is The Most Track-Focused 5.0-Liter V8 Model Ever

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The EcoBoost utilizes the new Modular Power Cylinder engine architecture and features a new bore to stroke ratio, port and direct injection, and variable cam timing.  The engine also features integrated exhaust gas recirculation and twin scroll turbocharging technology.

Without further ado, the engine produces 315 hp (235 kW / 319 PS) and 350 lb-ft (474 Nm) of torque when running on premium gasoline.  That’s a minor increase of 5 hp (4 kW / 5 PS), but Ford noted the car has the “most standard power in a four- or six-cylinder Mustang ever.”

Besides being more powerful, the EcoBoost Mustang is expected to be more fuel-efficient than the outgoing model.  The car is targeted to return 22 mpg city, 34 mpg highway, and 26 mpg combined, which would be a slight improvement over the current Mustang EcoBoost that carries an EPA rating of up to 22 mpg city, 32 mpg highway, and 25 mpg combined.

Mustang GT Packs Up To 486 HP

 2024 Ford Mustang Specs Revealed: GT Packs Up To 486 HP, Dark Horse 500 HP

Customers seeking American muscle can opt for the Mustang GT, which features a fourth-generation 5.0-liter Coyote V8.  It incorporates a number of updates including structural improvements, an upgraded oil pan, a dual throttle body induction system, and a dual intake.

The changes enable the Mustang GT to take a significant step forward as the model now develops 480 hp (358 kW / 487 PS) and 415 lb-ft (562 Nm) of torque, which is an increase of 30 hp (22 kW / 30 PS) and 5 lb-ft (7 Nm).  Customers can add to those numbers with an available active-valve performance exhaust, which increases the output to 486 hp (362 kW / 493 PS) and 418 lb-ft (566 Nm) of torque.

A 500 HP Dark Horse Candidate

 2024 Ford Mustang Specs Revealed: GT Packs Up To 486 HP, Dark Horse 500 HP

Last but not least, there’s the Dark Horse which is powered by Ford Performance know-how.  It builds on the standard Coyote V8 by adding forged piston connecting rods and a uniquely balanced crankshaft to handle higher cylinder pressures and piston speeds.  The upgrades don’t end there as the engine sports strengthened camshafts for improved track durability and extended operation near its 7,500 rpm redline.

The end result is the most powerful naturally aspirated V8 engine in a non-Shelby Mustang yet.  It produces a thunderous 500 hp (373 kW / 507 PS) and 418 lb-ft (566 Nm) of torque, which is 30 hp (22 kW / 30 PS) and 8 lb-ft (11 Nm) more than the outgoing Mustang Mach 1.

As we’ve previously reported, the engines will be paired to a six-speed manual or a ten-speed automatic. The manual comes standard on the GT and it features a rev-matching function.  The Dark Horse has a unique six-speed gearbox with a transmission oil cooler, although the ten-speed automatic will also be available.

The 2024 Ford Mustang will go on sale next summer and chief engineer Ed Krenz proclaimed it will be “naturally aspirated awesomeness” with their “best 5.0-liter V8 yet.”

Live photos Michael Gauthier / CarScoops