text: In 2005, Ford revived the Shelby nameplate for a high-performance model of the fifth-generation Ford Mustang.
  1st generation (1965–1970)
  1965–1966 Shelby GT350
  The GT 350 made its debut in the "sportsroof" fastback model of the first generation Ford Mustang in 1965.  Produced through 1966, these were the smallest and lightest of the GT 350 models. Work started at Shelby American when its Ford-powered AC Ace-based two-seat 289 AC Cobra sports car production was wrapping up and the 427 cu in variant was beginning. Both the AC and the Shelby Mustang use the Cobra emblem, similar paint scheme, and the optional "Cobra" valve covers installed on many GT350s that were part of a marketing tie-in by Shelby, as well as one of his iconic symbols. All 1965–66 cars had the Windsor  HiPo K-Code  V8 engine, modified with a large 4-barrel Holley 725 CFM carburetor to produce  at 6,000 rpm and  of torque at 4,200 rpm. Marketing literature referred to this engine as the "Cobra hi-riser" due to its high-rise intake manifold. Beginning as a stock Mustang with a 4-speed manual transmission and 9-inch live rear axle, the cars were shipped to Shelby American, where they received the high-rise manifolds, Tri-Y headers, and were given larger Ford Galaxie rear drum brakes with metallic-linings and Kelsey-Hayes front disc brakes.