Ford has announced that its 2015 Mustang will be revealed on Dec. 5 in what will be the first complete overhaul of the vehicle since 2005, according to Reuters.

The brand new model will have a more modern design, nimble chassis, and more efficient engines and transmissions, according to Ford.

"We had a big decision to make about the execution of the vehicle, but most of all we had a chance to globalize this iconic vehicle," Ford global marketing chief Jim Farley said in a statement, according to Reuters.

Ford will introduce the vehicle simultaneously at its headquarters in Dearborn, Michigan, New York, Los Angeles, Barcelona, Shanghaiand Sydney.

Ford is expected to spend hundreds of millions of dollars on the redesign of the vehicle, which they are doing "from the ground up" according to Ford.

"It's an interesting time for us to launch Mustang and we want to be relevant to the part of the U.S. customer base and global customer base that hasn't thought of Ford first," Farley said.

The new vehicle will coincide with Mustang's 50th anniversary. The original model was introduced at the New York World's Fair on April 17, 1964.

Ford has supposedly developed a new rear-wheel-drive platform for the 2015 Mustang, which will work with the same 107-inch wheelbase as the 2014 model. It's expected to be a lot lighter than its predecessor, according to Reuters.

Interested customers can expect a new suspension, steering, brakes, and other new features.

The 2015 Mustang will go on sale in the summer of 2014.

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