For 1994, the Mustang underwent its first major redesign in fifteen years. The design, code named "SN-95" by Ford, was based on an updated version of the Fox platform. It featured dramatic new styling by Patrick Schiavone that incorporated some stylistic elements similar to those of earlier Mustangs. A convertible model would also return, but the notchback and hatchback body styles used in earlier Mustangs were not available.
Building on the base Mustang, the Mustang GT was reintroduced for 1994. Ford carried over the 302 CID Windsor pushrod small-block V8 engine (called the "5.0 L" although its capacity was 4.94 L) from the 1993 Mustang GT. Total output from the engine was 215 hp at 4200 rpm and 285 lb·ft (386 N·m) of torque at 3500 rpm. Though more refined, the 5.0 L V8 actually saw a drop in output for 1994 from the 1993 model year due to stricter emissions control. Mustang GTs could deliver zero to 60 mph (97 km/h) acceleration times in the mid-six second range and complete a quarter mile in about 15 seconds.
Source: Wikipedia, 2012