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The next generation 2015 Mustang will be called the S550 platform by Ford, MustangsDaily.com has learned from an anonymous inside source. The last several updates to the current generation Mustang – 2010, 2011 and 2013 – while significant in terms of both powertrain and design changes, have all been within the current platform, the S197. However, the changes to the 2015 Mustang will be significant enough that a new designation is required. It will be only the fifth time Ford has introduced a new Mustang platform, marking a significant milestone in the model’s history that spans nearly five full decades.

So what can we expect from the next generation Mustang? For starters, Ford will be bringing America’s favorite pony car to the rest of the world, officially announcing last year that the 2015 Mustang will be sold in Europe and likely elsewhere as part of the company’s goal to have global products. As a result, the car will be both lighter and smaller than the current platform.

As far as styling goes, Ford’s Chief Creative Officer J Mays has said that the design will be less retro and “bring the brand forward.” Rumors persist that styling cues will be inspired by the futuristic Ford Evos Concept that debuted at the 2011 Frankfurt Motor Show, although to what extent is unknown.

The Mustang’s solid rear axle has been a point of contention for several years now, and it looks like Ford will finally be giving the car an independent suspension for 2015. Prototype models have already been caught testing using the new suspension setup.

Finally, as far as powertrains go, the big news will be the addition of an EcoBoost engine to the Mustang lineup. Ford executives have all but confirmed that a turbocharged four-cylinder engine will be offered for 2015, although it could come at the expense of the V6. The 5.0L V8 will remain an option, although possibly not for Europe. The Shelby GT500 will also remain part of the lineup, although its powertrain is unknown. However, we wouldn’t be surprised if a production derivative of the Cobra Jet Concept’s twin-turbo 5.0L V8 finds its way into the car.