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According to recent reports, Ford's plan for the Mustang lineup is that it will go fully electric in the next 5 years.
The new 2024 Mustang (7th gen) will be the final run of the gas powered ponies.

Report: 2024 Ford Mustang Hybrid nixed, but entire Mustang lineup going electric in five years
The Ford Mustang Hybrid was originally announced in 2017 and was slated to debut in 2020 on the current-generation Mustang platform.
A Ford Mustang hybrid originally planned for an upcoming redesign has been cancelled as Ford moves to make the entire Mustang lineup electric within the next five years, Autoweek reported Wednesday.
The Ford Mustang Hybrid was originally announced in 2017 and was slated to debut in 2020 on the current-generation Mustang platform. That obviously didn't happen, but the Mustang Hybrid was thought to be one aspect of a redesigned Mustang debuting next month at the 2022 Detroit auto show, and slated to go on sale as a 2024 model.
But the hybrid version has been nixed, with Ford instead planning an all-electric Mustang based on the Mustang Mach-E platform debuting in 2028 (likely as a 2029 model) as a replacement for remaining internal-combustion Mustang models, according to the report.
While crossover SUV instead of the traditional two-door coupe and convertible, the Mach-E is already part of the Mustang lineup, of course, and demand has been far stronger than Ford anticipated. Having it in the lineup likely serves the same purpose as the hybrid in offsetting fleet emissions, Autoweek noted.
Ford is in the process of tripling Mach-E output from what it would have been to meet demand. And it's planning to incrementally "reengineer" the Mach-E, which should help keep the platform fresh for use in the reported new Mustang variant in a few years' time.
Still, we know that Ford has been working on a hybrid Mustang for a long time, so if true, its cancellation is a bit of a surprise. We'd be less surprised if General Motors confirmed the electric Chevrolet Camaro that's long been a focus of speculation.