The XY marked the apogee of the second generation Falcons, superior in performance to its competitors, better built, fitted with a range of locally designed six cylinder engines, and in GT form, producing the ultimate and fastest Falcon of them all. Popular with police forces, rental companies and the public at large, the XY featured a new plastic grille split in the centre and revised tail lamps. Improvements were made to the seating, safety equipment and steps were taken to provide a smoother, quieter ride. The available 351ci (5.7litre) engine, while similar in capacity to that fitted to the previous model, was a completely new engine design, more modern and efficient, and when locally produced, would power the Falcon through the next decade.
The XY was manufactured between October, 1970 and March, 1972. 100,474 were produced.
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