The third Cobra R (the first was in 1993 and the second was in 1995) features a 5.4-liter, 32-valve V8 engine producing an estimated 385 horsepower and 385 foot-pounds of torque. The engine is backed up to a six-speed Tremec manual transmission and applies power to 18-inch wheels and BFGoodrich g-Force KD tires. Other hardware improvements include a Borla exhaust, Bilstein shocks, Eibach springs, Brembo brakes, and Recaro seats. To reduce weight and improve performance, the air conditioning, radio, and backseat have been removed. Visually, the Cobra R gains a Performance Red exterior color, a front air splitter, a bigger rear spoiler, a "power-dome" hood, and dual side-exit exhaust tips. There will be a limited production of only 300 Cobra R models.

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