MICHIGAN, U.S. - On Monday, Ford challenged its rivals and set a new company record by unveiling its fastest Ford Mustang ever.

The automaker said that its new 2018 Ford Mustang GT is its fastest version ever with the ability to travel 60 miles per hour in under four seconds.

The company also noted that the new GT model will have a redesigned 5.0-liter V8 engine that produces 460 horsepower 420 pounds of torque.

It will also have a 10-speed automatic transmission. 

Ford said that the 2018 model has five driver-selectable modes available and beats out other high-profile sports cars, including the Porsche 911 Carrera.

Explaining how it works, Carl Widmann, Mustang chief engineer said in a statement, "Typically, when you shift gears, you give up time. In Drag Strip mode, the engine torque doesn't drop when you're shifting. You get peak engine torque and horsepower straight through thanks to our new Ford-built 10-speed transmission."

Meanwhile, the company said that the new model of the standard 2018 Mustang is equipped a with a EcoBoost 2.3-liter 4-cylinder engine that generates 310 horsepower and 350 feet of torque. 

The company dropped the 3.7-liter V6 and has said that the new 4-cylinder version provides more torque and fuel efficiency than its predecessor.

It said that buyers who upgrade to the performance package and the 10-speed automatic will be able to travel from 0 to 60 mph in under five seconds.