For 2016, the GT350 has a 5.2 L flat plane crank V8 engine, known as Voodoo, with 526 horsepower and 429 foot pounds of torque. The GT350 is more track focused than the GT500, and was benchmarked against the Camaro Z28, Porsche GT3, and BMW M4. Notable features are track-focused chassis tuning, significant aerodynamic changes to include lowering the hood around the engine, two piece Brembo brakes, MagneRide damping option, light weight Tremec six speed manual transmission, Recaro seats, and various lightening efforts. Specifically a carbon fiber reinforced polymer radiator support that directs cooling channels for various components. 
Additional options, such as larger alloy wheels, navigation system, rear backup sensors, a rear backup camera, blind spot monitoring, security system, remote vehicle starter system, SHAKER PRO Surround Sound Premium Sound System, premium leather seating surfaces, sunroof and HID front headlamps are available. Interior color schemes, such as Coral Red and Saddle, are available in addition to the standard black interior color scheme.
At the 2015 North American International Auto Show a more refined, hardcore and limited production version of the GT350 was unveiled called the GT350R, it still has the GT350's 5.2-liter flat-plane crank V8, pushing at least 526 hp and 429 lb.-ft. of torque, but items like the air conditioning, the stereo, the trunk floorboard, all the carpeting, the rear seats, the backup camera and the spare tire have been removed. This means the GT350R is 130 lbs. lighter than the GT350. A larger splitter and rear wing help improve downforce, with the wing drawing the car's weight balance more rearwards. A Torsen limited-slip differential with a 3:73 axle ratio helps handling further. Serial #001 was sold at the 2015 Barrett-Jackson Scottsdale Auction for $1,000,000 with the proceeds to benefit the JDRF.
Ford now offers a back-seat option for the GT350R after a while it entered production.
The GT350R is one of the 10 best 2016 cars in Car and Driver.