Shelby American, the tuner company famous for the Cobra sports car, has launched a new model, the 2017 Shelby GTE Mustang–a vehicle that promises to elevate the Mustang’s performance envelope without breaking the bank.

The GTE can be equipped with either the 5.0-litre V8 engine from the Mustang GT or the turbocharged four-cylinder engine available on the regular Mustang.

In the GTE, the 5.0-litre mill has been tuned to produce 456-horsepower — a gain of 21 over stock – while the turbo-four will gain 25 horsepower for a total of 335 hp.

Upgrades will not be limited to the engine bay; the new Shelby GTE will also add a Ford Performance handling package and a cat-back exhaust system in addition to unique 19-inch wheels clad in performance rubber.

Given the bump in power and handling, the 5.0-litre-equipped Shelby GTE will split the difference between the Mustang GT and Shelby GT350.

In terms of aesthetics, the GTE will gain a uniquely-styled hood, rear spoiler, front grille and new rocker panels. It will also borrow its front-splitter design from the Shelby GT350 Mustang.

Inside the cabin, drivers will find Shelby GTE-specific badges on the head restraints, dash, door sills and floor mats–as of this writing, a Shelby-badged steering wheel appears to be an additional extra.

In typical Shelby fashion, the whole package can be finished off with traditional racing stripes.

Canadian pricing and availability has yet to be announced.

(Shelby American)