The Ford Mustang, the Mercedes-Benz C Class and the Volkswagen Passat will compete for one of the automotive world's highest honours.

The ultimate winner, scheduled to be revealed at a special gala ceremony on the eve of the New York International Auto Show on April 2, will be decided by a panel of 75 of the world's leading automotive journalists, via a secret ballot.

Of the three finalists, the new Volkswagen Passat has made the list due to winning the European Car of the Year Award, which itself was announced on the eve of the Geneva Motor Show, on Monday.

But as well as the overall winner, the World Car of the Year ceremony also recognizes excellence in other classes and on April 2, awards will also be given for the Luxury Car of the Year, Performance Car of the Year and Green Car of the Year.

In 2014, the Audi A3 scooped the ultimate prize while the Porsche 911 GT3 and Mercedes Benz S Class grabbed the awards for performance car and luxury car respectively.

This year the BMW M4/M3, Jaguar F-Type R Coupe and the Mercedes-Benz AMG GT will be competing on performance while the BMW i8, Mercedes Benz S Class Coupe and Range Rover Autobiography Black LWB will be competing in the luxury car category.