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Ford introduced the Cobra variant of the Fox platform Mustang in 1993 to help boost sales and the overall image of the Mustang, although in later years Ford's focus for the Cobra was as a competitor to Chevrolet's Camaro SS and Pontiac's Trans AM WS6. The Fox SVT Cobra featured an upgraded suspension system and a high-output version of the GT's 5.0L OHV Windsor V8 producing 235 hp and 280 ft·lb of torque

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Ford debuted a Cobra R as a late 1993 model. This was a more track-oriented version of the Cobra featuring larger brakes, altered spring rates and shocks and a new 21 mm rear anti-roll bar. In keeping with its more track-oriented nature, non essential items such as air conditioning, sound deadening, stereo system and rear seats were not present on the Cobra R to minimize its weight. 107 1993 Cobra R's were built, and all were painted red.

  With its aggressive styling and harsh suspension, the Cobra R was basically a street legal race car.

In the wake of the '93 R’s unexpected success, SVT engineers developed a more powerful R-model based on the1995 Cobra. Top priority became addressing customer requests for a larger, more powerful engine and more fuel capacity. In response to those requests, SVT replaced the Cobra’s 5.0 L V8 with an SVT modified version of Ford’s 5.8 liter Windsor V8, re-engineered to produce 300 horsepower and installed a 20 US gallon fuel tank. To handle the torque of the more powerful engine, a Tremec five-speed manual transmission was installed. Again, weight-savings was targeted, so there was no back seat, radio or air-conditioning – not even fog lights, which were omitted to provide ducts for getting cool air onto the front brakes. Heavy-duty progressive-rate springs, thicker stabilizer bars and a front strut tower brace helped improve handling on the racetrack. Only 250 vehicles were built, available only in white, each with a unique center-tiered fiberglass hood tall enough to clear the engine and induction system.

In 2000, a special Cobra R came in limited production of 300 with a 5.4 L DOHC engine that produced 385 hp  and 385 ft•lb of torque. This model was street legal; however it lacked many of the comforts the base production line Cobra enjoyed. This model had no radio, no air conditioning, no heating, and no back seat.

The 2000 Cobra R had several distinguishing features that allow one to easily identify it as something more than a normal Cobra. The "power dome" hood for instance, is taller than the normal Cobra hood, and has gills that can be cut out to reduce engine compartment temperatures. The rear spoiler is tall and wide, providing much needed down force at speed. The front bumper is adorned with a low riding, removable splitter that keeps air from getting under the car and inducing lift. The wheels are also uniquely styled five spoke 18 inch x 9 inch alloys.