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The Ford Mustang lost the sports car sales race in the U.S. to the Dodge Challenger in 2021, but it still has plenty to burn its tires about.

The 760 hp Ford Mustang Shelby GT500 is the most powerful car Ford has ever built.

The 760 hp Ford Mustang Shelby GT500 is the most powerful car Ford has ever built. (Ford)

Ford has announced that its iconic model was the best-selling sports car and sports coupe in the world last year with 69,096 delivered globally, down from 80,577 in 2020 when it also led both categories.

The Ice White Mustang is a special trim available for 2022.

The Ice White Mustang is a special trim available for 2022. (Ford)

"When enthusiasts around the world get into a Mustang, they unlock that feeling of freedom and experience the open road," Ford Blue president Kumar Galhotra said.

Prototypes for the next generation Mustang expected in 2024 suggest it won't stray to far from its iconic style.

Prototypes for the next generation Mustang expected in 2024 suggest it won't stray to far from its iconic style. (Brian Williams)

Ford sold 52,414 of the pony cars in the U.S. and offers it in over 100 countries, with several including Hungary, South Korea, Brazil and New Zealand all seeing increases in deliveries last year.

As with many cars, production was hampered by the ongoing parts supply issues affecting the auto industry. 

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The announcement comes ahead of Mustang Day on April 17, which is the date in 1964 that the original was revealed at the World's Fair in New York.

The current generation of the Mustang was launched in 2015 and prototypes for its replacement have been spotted being tested on public roads ahead of an expected release in 2024.