In a Ford Racing-fueled show of goodness that will mark the unveiling of the Baja-ready F-150 SVT FR Raptor XT race truck, the Dearborn automaker will also take the wraps off of the 2010 Mustang Cobra Jet factory drag racer at this year’s SEMA show in Las Vegas.

The new car is based on the refreshed 2010 pony car and serves as a continuation of the 2008 CJ that revived the company’s 40-plus-year-old participation in NHRA Stock and Stock Eliminator competition. Our experience with the previous Cobra Jet showed the car to be great fun and quite exhilarating, with a conservative 11.5-second, 130-mph pass down the quarter-mile during our first and only time behind the wheel. Ford says it’s good for low 10s.

For the 2010 version, the automaker says it had more time to refine the package, and thus created a more capable and versatile car. Like the 2008 model, the 2010 CJ starts as a Mustang V-6 body in white, to which are added fully adjustable, drag-specific shocks and springs, manual steering and brakes, a trunk-mounted racing fuel cell, a NHRA-certified roll cage, and a fortified Ford nine-inch axle, among other go-fast bits. Changes for 2010 include optional intercooler cooling fans and a switch from Goodyear/Mickey Thompson rubber to Hoosiers mounted on Weld Racing wheels. Also new is the addition of a rev-limiting, launch-control function for CJs with manual transmissions. Previously available only through the aftermarket, the feature allows drivers to select at which engine speed they wish to launch at and then limits rpms to that point until the clutch is dropped.

A supercharged, 5.4-liter V-8 with a cast-iron block and a conservative 425-hp rating is the standard engine, with optional powertrains including a “475-hp,” aluminum-blocked version with a larger supercharger, as well as several naturally aspirated V-8s. A six-speed manual gearbox—complete with a burnout-ready line lock—carries over from the 2008 model but can be upgraded to a race-prepped five-speed manual or three- or four-speed automatic, the latter fitted with a transmission brake.

Only 50 examples of the 2010 CJ will be built at the automaker’s Flat Rock, MI, assembly plant, with base cars costing about $75,000 and heavily optioned versions nudging $95K. Production starts in January. While Ford’s website says the initial allotment is already spoken for, the company promises to provide additional versions in the future. And for those who missed out and can’t wait for the next iteration, all the necessary components are available in Ford’s Performance Parts catalog to turn any 2010 Mustang into a Cobra Jet. Check back for more SEMA coverage and additional shots of the latest CJ form the show floor.