Ford has finally let the proverbial cat out of the bag, confirming what most Mustang enthusiasts and automotive journalists already knew; the 2015 Mustang is getting a 2.0 liter, EcoBoost 4-cylinder engine. Additionally, the next Mustang will get an independent rear-suspension, and a new small-displacement, high-powered V6 engine called “Project Nano.”

This all comes via Automotive News via an unnamed executive at Ford Motor Company. It also confirms what we already knew when Ford first introduced its now-popular EcoBoost engines. The Mustang is going world class, and it has to to survive.

The Automotive News report also confirms that the looks of the next-gen Mustang will be a big departure from the current styling, though perhaps not as radical as we’ve been hearing. Of course, getting an official, on-the-record statement would be better, but Bill Ford Jr. and other executives have already let on what the Blue Oval is planning. After all, it only makes sense.

Under CEO Alan Mulally’s “One Ford” plan, there will be a lot more platform sharing between the various markets Ford sells cars in. The Mustang is definitely going to Europe, and may head over to Asia as well. Hence the smaller motor and independent rear-suspension, which will better appeal to European sensibilities. The report also mentions a small-displacement, high-output V6…but no mention of a V8 engine.

That said, it is hard to imagine Ford not offering a V8 in the Mustang after the Mustang II debacle in 1974 (which still sold like hotcakes, by the way). More likely than not, the 5.0 V8 will also soldier on, though perhaps in a more premium capacity.

There is a lot to rejoice about in this announcement…and a few things to keep an eye on as well.