This third and final T series was sold in parallel with the AU III series Falcon of 2001–2002.
At this time, with the "Windsor" being replaced by Ford's "Romeo" modular V8 architecture worldwide, FTE received the last allotment of these engine blocks allowing FTE to produce 248 units of the Falcon XR8 Pursuit 250 Ute, which was sold as a Ford.
The TE50 and TS50 also suffered some interior downgrades: the former lost its Fairmont dashboard for that of a Falcon XR8; and the TS50 lost the same luxury seats it shared with the TL50.

Body
The T3 abandoned the original sophisticated look, to deliver a more powerful look.
In fact, all models were now equipped with 18-inch wheels and an all new V8 Racing-inspired bodykit, which consisted of a deeper chin spoiler, tall boot mounted wing and chunkier side and rear fascia extensions.
For the first time, the TE50 was fitted with foglights.
The rear wing was claimed to offer more rear end grip above 100 km/h.
With this bodykit, FTE departed from Ford's internal guidelines regarding defined manufacturing parameters such as departure angles.
The result was the most visually aggressive Falcon vehicles since the GT 30th Anniversary of 1997.
Blueprint, Congo Green and Monsoon Blue were three new colours offered across the range.

The TE50 now featured the Azzurro alloy wheels as standard, and it could also be optioned with the Koni suspension components fitted to the TS50 and TL50.
The TL50 continued with little success, given the slow death of the donor Fairlane by that time.

Mechanicals
All T3 models were now fitted with a 5.6-Litre "stroker" version of the "Windsor" block.
An all-new crankshaft, ported cylinder head and a three-piece high flow inlet manifold and conical air cleaner, resulted in engine outputs rising to 250 kW (340 hp) and 500 N⋅m (370 lb⋅ft).
As a result, these models were known for being the fastest, most powerful naturally-aspirated Falcons, until the release of the Boss 290 powered GT Falcons.

Because of the short development period of 10 months, all T series models no longer featured traction control, which was previously available only on the automatics.
They could nevertheless now be optioned with a Brembo braking system, which was superior to the FTE "Premium" package.

Performance
TE50
0–100 km/h (0-62 mph) in 5.86 seconds
0-400m (1/4 mile) in 14.18 seconds
Build Numbers
TE50: 204
TS50: 224
TL50: 3
This third and final T series was sold in parallel with the AU III series Falcon of 2001–2002. At this time, with the "Windsor" being replaced by Ford's "Romeo" modular V8 architecture worldwide, FTE received the last allotment of these engine blocks allowing FTE to produce 248 units of the Falcon XR8 Pursuit 250 Ute, which was sold as a Ford. The TE50 and TS50 also suffered some interior downgrades: the former lost its Fairmont dashboard for that of a Falcon XR8; and the TS50 lost the same luxury seats it shared with the TL50.
Body
The T3 abandoned the original sophisticated look, to deliver a more powerful look. In fact, all models were now equipped with 18-inch wheels and an all new V8 Racing-inspired bodykit, which consisted of a deeper chin spoiler, tall boot mounted wing and chunkier side and rear fascia extensions. For the first time, the TE50 was fitted with foglights. The rear wing was claimed to offer more rear end grip above 100 km/h. With this bodykit, FTE departed from Ford's internal guidelines regarding defined manufacturing parameters such as departure angles. The result was the most visually aggressive Falcon vehicles since the GT 30th Anniversary of 1997. Blueprint, Congo Green and Monsoon Blue were three new colours offered across the range.
The TE50 now featured the Azzurro alloy wheels as standard, and it could also be optioned with the Koni suspension components fitted to the TS50 and TL50. The TL50 continued with little success, given the slow death of the donor Fairlane by that time.
Mechanicals
All T3 models were now fitted with a 5.6-Litre "stroker" version of the "Windsor" block. An all-new crankshaft, ported cylinder head and a three-piece high flow inlet manifold and conical air cleaner, resulted in engine outputs rising to 250 kW (340 hp) and 500 N⋅m (370 lb⋅ft). As a result, these models were known for being the fastest, most powerful naturally-aspirated Falcons, until the release of the Boss 290 powered GT Falcons.
Because of the short development period of 10 months, all T series models no longer featured traction control, which was previously available only on the automatics. They could nevertheless now be optioned with a Brembo braking system, which was superior to the FTE "Premium" package.
Performance
TE50
0–100 km/h (0-62 mph) in 5.86 seconds
0-400m (1/4 mile) in 14.18 seconds
Build Numbers
TE50: 204
TS50: 224
TL50: 3
Tickford Vehicle Engineering