Ford created a unique Bullit model for 2001, using the namesake of the 1968 movie with a famous high-speed chase featuring a Mustang. It was essentially a slightly modified GT. It had a lowered suspension and upgraded shocks, brakes, exhaust, and intake. Power increased just 5 hp over the GT to 265 hp. On the exterior the most significant change was unique wheels.

After controvery over it not producing its claimed output in 1999 and reworking the engine, Ford reintroduced the Cobra in 2001 with the same 1999 rating of 320 hp.