SFM5R002 or "002" was the first Shelby Mustang "R" Model completed. In essence, "002" was a factory engineering, or factory mule race car. "002" is easy to distinguish in historic photos due to its unique roll bar which had rear braces that ran along the rear window and ended up welded to the rear bulkhead instead of just inside of the rear wheel houses. "002" also had one-piece Plexiglas side windows which were attached to the doors with an angle bracket. Subsequent "R" Models used windows which were able to roll down into the doors.

Shelby built a total of two factory team Shelby Mustang "R" Models and thirty-five factory prepared "R" Models for racing customers. Shelby wont the B-Production SCCA championship in 1965 with his two Factory "R" Models. The second factory team "R" Model was mistakenly badged "001" at the end of the 1965 racing seasion by a technician who accidentally switched the tags as the cars were being prepared to be sold to independent racers.