Ford is spending US$155m - $121m on manufacturing investment and $34m for launch and engineering - and adding 60 jobs at its Cleveland operations to build a new fuel-efficient V6 engine for the 2011 Mustang.

The Cleveland Engine Plant No. 1 spend brings the company's investment in powertrain engineering and facility upgrades in North America to $1.8bn to support its 2011 vehicle launches - with more to come.  The total number of jobs being added as part of these investments is 1,260.  The new V6 is one of nine new or upgraded engines or transmissions for 2011 model vehicles.

The V6 version is expected to account for two-thirds of Mustang volume this calendar year.

Opened in 1951 as Ford's first engine plant in Ohio, the facility has produced over 35m engines.

In 2004, Ford spent $350m on the plant to redesign and installation a new assembly line as well as block, crankshaft and cylinder head machining lines. The plant in 2009 introduced of Ford's first EcoBoost engines, which use petrol turbocharged direct-injection for up to 20% better fuel economy and 15% fewer CO2 emissions than larger displacement engines.