The Thunderbird received an extensive mid-cycle refresh for 1994, with revisions to powertrain, exterior appearance, addition of safety features, and a total redesign of its interior. The front fascia saw substantial styling changes with larger air intakes in the bumper cover, new
headlamps, and a new, slightly more curvaceous hood. The Thunderbird emblem was moved from the front edge of the hood to the upper air intake slot in the bumper cover. The interior was completely redesigned to accommodate dual front airbags and to optimize driver comfort and convenience, which resulted in the deletion of motorized seat belts and they were replaced with the regular seat belts. It featured wrap-around cockpit style instrumentation with a new steering wheel, radio and climate controls, and sweeping curves on the door panels and dashboard surfaces. LX models featured revised seat designs with a choice of new fabric or leather seating surfaces. Arguably the most dramatic change for 1994, however, was the new 4.6 L
Modular SOHC V8 which replaced the "5.0" small block engine. The 4.6 L V8 was rated at at 4,500 rpm and of torque at 3,200 rpm and brought with it an updated
powertrain control module, the EEC-V (base V6 Thunderbirds and Super Coupes continued to use the older EEC-IV). An electronically controlled
4R70W 4-speed automatic transmission replaced the AOD automatic transmission in all instances where it was previously used in the Thunderbird.
Car and Driver reviewed the 4.6 L V8 and it managed a 0 to 60 mph acceleration time of 8.1 seconds and a quarter-mile being completed in 16.3 seconds at . The Super Coupe continued on for 1994 with the same supercharged 3.8 L V6 as before, but now with at 4,400 rpm and of torque at 2,500 rpm. This was made possible due to a number of changes. The
Eaton M90 roots-type supercharger was given a larger, square style inlet, a larger attaching inlet plenum, and
Teflon-coated rotors. The engine received larger fuel injectors and an increase in compression to 8.5:1. In their March 1996 issue,
Motor Trend magazine conducted a comparison test of a 1995 Thunderbird Super Coupe against the
front-wheel drive Chevrolet Monte Carlo Z34 and a
Buick Regal Gran Sport. The Super Coupe delivered the best overall performance, including a 0 to 60 mph acceleration time of 7.0 seconds and a completion of a quarter-mile in 15.2 seconds at . In summarizing the overall performance of each car relative to each other, the author of the article, Don Sherman, wrote, "The Buick Regal is a competent, comfortable car at an attractive price, but it's too androgynous to be called a Gran Sport. Nothing about it is grand, and there isn't a sporting bone in its body. All the Monte Carlo needs to succeed is a V-8 engine and a year of refinement to eradicate its quality bugs. That leaves the Thunderbird SC as this test's big winner. It's a far more sophisticated solution to the four-place-coupe equation, but is priced accordingly." In spite of positive critiques like this, the increases in output and performance over earlier Super Coupes would be short-lived, as the Thunderbird Super Coupe was discontinued after the 1995 model year due to slowing sales. For 1996, the Thunderbird was offered only as an LX model. The hood, headlamps and bumper fascias were once again restyled. The front fascia received a honeycomb mesh grille, with a revised Thunderbird emblem placed in the center. The headlamps were changed to clear lenses with fluted inner reflector housings. New body-colored door handles replaced the former textured black ones and wide body-colored cladding was added along the lower bodysides. The lower tail lamp trim changed from black to red reflectors (as with former SC models) creating a uniform tail lamp appearance, with the "Thunderbird LX" badge relocated to the upper-left of the decklid in a new script font. For 1997, the generation's final year, horsepower remained the same but the manifold was upgraded, providing more torque for the V8: . Numerous interior options were eliminated and the instrument panel was changed to a simplified version matching that year's
Ford Taurus. However, a new Sport option package was made available for V8-equipped models which included a performance suspension, 16" aluminum wheels, and a rear decklid spoiler.
SVE Thunderbird Toward the end of the MN12 Thunderbird's production run, Ford's Special Vehicle Engineering (SVE) division explored the idea of a new high performance Thunderbird, producing four prototypes. Stylistically the SVE Thunderbirds blended elements from the 1994–1995 and 1996–1997 Thunderbirds along with elements unique to themselves. The SVE Thunderbird used the headlights, door handles, and rear bumper cover from the 1994–1995 Thunderbird and front fascia and body side cladding from the 1996–1997 Thunderbird. Unique to the SVE Thunderbird relative to other Thunderbirds were 17-inch, five spoke Cobra R wheels, larger dual exhaust tips, a different lower section of the front fascia with fog lights, a unique spoiler, and a prominent cowl hood. The most significant difference that set the SVE Thunderbird apart from other Thunderbirds was its supercharged 4.6 L
DOHC V8 engine, similar to that later found in the
SVT Mustang Cobra. Power was delivered to the wheels via a
Tremec T-45 5-speed manual transmission. Stopping the SVE Thunderbird were larger brakes taken from the Mustang Cobra (going along with its Cobra R wheels). In spite of its potential, this high performance Thunderbird was not meant to be as Ford not only pulled the plug on this project, but on the entire Thunderbird and Cougar line, with the 1997 model year being its last. Three out of four prototypes were destroyed while the sole surviving prototype remains in private ownership. On September 4, 1997, the final MN12 Thunderbird was built at Ford's assembly plant in
Lorain, Ohio. As it rolled down the assembly line, a sign saying "That's All Folks" adorned the decklid. ==Production totals==