Ford's current-generation Mustang will soldier on for one more model year, but it will do so without the fire-breathing Shelby GT500.

The information was first reported on Wednesday by Muscle Cars and Trucks and since confirmed to Motor Authority by Ford spokesman Mike Levine.

The current Mustang will have a shortened 2023 model year before finally bowing out to make way for the redesigned 2024 Mustang that was unveiled on Wednesday at the 2022 Detroit auto show. The current car will continue to offer the Mach 1, which will be the new range-topper in lieu of the Shelby GT500.

2024 Ford Mustang Dark Horse

2024 Ford Mustang Dark Horse

Ford hasn't said when production of the current car will cease, though we know the redesigned car arrives next summer. Speaking to Muscle Cars and Trucks, Jim Owens, Ford Performance's marketing manager, said Ford was still busy catching up building 2022 Mustangs due to various production setbacks in the past year, and that there was still plenty of demand for the current car.

While there's a good chance the Shelby GT500 (and the GT350) will return, there might be a gap of several years as the Mustang's Shelby variants aren't typically available at launch. It means if you've been planning to buy a Shelby GT500, now would be the time to act.

Even if you wait for the arrival of the redesigned Mustang, there will be plenty of performance on offer straight out of the box thanks to a new Dark Horse model that will likely replace the Mach 1. It will share a 5.0-liter V-8 with the Mustang GT but see power rise to around 500 hp.