Simplify the following text for a Grade 8 native English-speaking person.
Original: The so-called `` 1964 1\/2 '' Mustang was designed by Joe Oros and Dave Ash of Ford 's Mercury division , was based on another Ford car , the Falcon and was proposed by Ford 's president , Lee Iacocca .
Simplified: The Ford Mustang is a car manufactured by the Ford Motor Company . It was initially based on the second generation North American Ford Falcon , a compact car .