Ford has announced a new investment programme for its manufacturing operations in Argentina which includes the development of an all-new vehicle.

Ford president and CEO Alan Mulally made the announcement of a new ARS1bn (USD250m) investment in its operations during a meeting with Argentina President Cristina Fernandez de Kirchner.

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The investment, which will be made between 2010 and 2012, will be dedicated to the production of an all-new vehicle currently not in production in any part of the world.

In addition, the new investment will fund quality upgrades and improvements at the Ford Pacheco Plant in Argentina, which will manufacture this new vehicle for Ford’s Latin America markets.

“One of the key elements of our One Ford Plan is the development of new global vehicles, offering customers around the world best-in-class safety, quality, fuel efficiency, smart design and value,” Mulally said.

“Today’s investment announcement about bringing a new global vehicle to our operations here speaks about Ford Argentina’s important role in this plan.”

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Ford said that it has high expectations on the opportunities and growth potential for the Mercosur Region with Ford Argentina to play a key role in supplying key products for the Latin American markets.

“Our plan is to deliver even more new products and technologies people really want and value in markets around the world – including Argentina,” Mulally said.

“Ford is celebrating its 97th year in Argentina this year, and we’re committed to continue delivering great products for customers here and supporting the communities where we operate.”

See also: ARGENTINA: PSA plans EUR135m spend this year