For 1994, the Mustang underwent its first major redesign in fifteen years. The design, code named "SN-95" by Ford, was based on an updated version of the Fox platform. It featured dramatic new styling by Patrick Schiavone that incorporated some stylistic elements similar to those of earlier Mustangs. A convertible model would also return, but the notchback and hatchback body styles used in earlier Mustangs were not available.
The base Mustang featured a 3.8 L OHV V6 mated to a standard 5-speed manual transmission or an optional AODE 4-speed automatic transmission. The V6 produced 145 hp at 4000 rpm and 215 lb·ft (292 N·m) of torque at 2500 rpm.
Along with its new exterior, the 1994 Mustang received new interior styling. The Mustang's cabin featured a "dual-cockpit" layout that was adorned with contours and sweeping curves, similarly to other Fords of the time such as the Thunderbird. The 1994 Mustang offered many amenities and conveniences, a number of which later became standard equipment. The preferred equipment package came with power windows, mirrors, and door locks, remote keyless entry, air conditioning, cruise control, and a trunk cargo net.
Source: Wikipedia, 2012