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Reports: Ford to Overhaul Iconic Mustang

Sam VarnHagen/Ford Motor Co.(NEW YORK) -- Big changes are said to be in the works for the iconic Ford Mustang.

The classic American brand will soon get a “radical makeover” both inside and out, according to the Wall Street Journal. A redesigned Mustang “would retain the shark-nosed grille and round headlights, but would look more like the new Ford Fusion,” than the existing model, the Journal reports, citing sources familiar with the company’s plans.

It will also become lighter and smaller, and with the redesigned exterior will come more fuel efficient engines -- ones that can meet the government's upgraded standards.

"Ford is seeking to shave at least 200-300 pounds from the current car’s 3,600-pound curb weight," Popular Hot Rodding magazine says. "This will come partially with downsizing, but mostly from use of lighter materials in the body structure and chassis components. Look for more aluminum and use of high-strength steels."

Mustang's new look, Ford hopes, may help attract a new generation of young American buyers.

The smaller and sleeker Mustang will be aggressively marketed and sold in Europe and other global markets, according to reports.

Copyright 2012 ABC News Radio

ABC News Radio