Last week Saleen Automotive announced it had finalized the merger of the original Saleen Autosport with founder Steve Saleen’s more recent SMS Signature Cars project. The company also revealed that it was sitting on a pile of $3 million in fresh investment.

Part of that investment, Saleen said, would go to fund the development of a new generation of supercars as well as electric cars.

While it’s great to see Saleen diversifying into more segments, we’re also glad the company hasn’t forgotten its roots. In a follow-up announcement, Saleen revealed that production of a new generation of its flagship 351 Mustang had begun at its plant in Corona, California.

First announced at the 2011 Los Angeles Auto Show and then previewed in prototype form at April’s Fabulous Fords event held in Buena Park, California, the latest Saleen 351 Mustang looks to live up to the reputation of its predecessors: delivering extreme performance.

The latest 2014 Saleen 351 Mustang is Saleen’s most extreme Mustang to date, in fact. In keeping with its name, the vehicle features a 5.75-liter (351-cubic inch) V-8, which is supercharged to the tune of 700 horsepower and 655 pound-feet of torque.

An intercooler and high-flow fuel injectors make sure the engine runs fine, and a number of forged internals should mean longevity. A six-speed manual is standard and is fitted with a high-performance clutch and lightweight flywheel. The final gear ratio is 3.73:1.

To ensure the car handles well, a custom suspension setup is installed, along with 20-inch wheels, 14-inch brakes with four-piston calipers, and a downforce-generating body kit.

The interior also receives a number of special elements including two-tone leather and Alcantara trim, Saleen door sills and a serialized dash plaque.

All this can be yours for a very reasonable $82,634. Saleen also provides a 3 year/36,000 mile limited warranty on all its products.

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