[Jeff Lee]

From Hemmings Motor News:

2011 Mustang V-6 rated at 305hp, 30 MPG
If you were considering a 2010 Mustang or Mustang GT, you might want to hold your horses.
For 2011, Ford will roll out a V-6 Mustang with a new, all-aluminum, 3.7-liter DOHC six-cylinder engine that delivers a whopping 305 horsepower — just 10hp shy of the 4.6-liter V-8 in the current GT.
Equally as interesting is the news about the V-6 Mustang’s available transmissions. Both the manual and the automatic gearboxes will be six speeds — a first for the base pony car. The standard rear axle ratio is a lofty 2.73:1, but a 3.31:1 gear will also be available.
Gains in fuel economy with the new engine and transmissions are as significant as the horsepower spike. The Mustang’s current 210hp 4-liter V-6 is rated at 16 MPG city/24 highway with an automatic, and 18 MPG city/26 highway with a manual. The new engine is expected to be rated at 19 MPG city/30 highway with an automatic and 18 MPG city/29 highway with a manual. Yep, you read that correctly: a Mustang with an automatic transmission will carry a higher mileage rating than a Mustang with a manual transmission.
Wasting no time in trying to woo budget-minded muscle car enthusiasts, Ford also announced that a Performance Package will be available with the 3.31 rear gear, suspension borrowed from the Mustang GT, 19-inch wheels and a strut tower brace.
The 2011 Mustang will be built at the Auto Alliance International Plant in Flat Rock, Michigan, and the new 3.7-liter V-6 will be built at Ford’s recently retooled Cleveland Engine Plant No. 1. We’ll keep you posted about pricing and availability.
- By Mike McNessor