Ford Announces New Investment in Argentina for New Product, Plant Improvements, Quality Upgrades

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Apr 07, 2010, 07:00 ET

BUENOS AIRES, Argentina, April 7 /PRNewswire-FirstCall/ -- Alan Mulally, president and chief executive officer of Ford Motor Company (NYSE: F), today announced a new ARS 1.000 billion (U.S. $250 million) investment in its operations here during a meeting with Argentina President Cristina Fernandez de Kirchner.

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."

Through its investments in Argentina and Brazil, Ford is demonstrating its high expectations on the opportunities and growth potential for the Mercosur Region. The ONE Ford Plan includes a long-term growth strategy for South America and calls for 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."

About Ford Motor Company

Ford Motor Company, a global automotive industry leader based in Dearborn, Mich., manufactures or distributes automobiles across six continents. With about 198,000 employees and about 90 plants worldwide, the company's automotive brands include Ford, Lincoln, Mercury and, until its sale, Volvo. The company provides financial services through Ford Motor Credit Company. For more information regarding Ford's products, please visit www.ford.com.

SOURCE Ford Motor Company