Ford Motor Co. today announces a $250 million investment to fund improvements to its Pacheco, Argentina, assembly plant.

The investment, which will be made between 2010 and 2012, will prepare the plant to build an all-new vehicle “currently not in production in any part of the world,” the auto maker says, noting the model will be manufactured for Latin American markets.

Ford says the investment demonstrates its “high expectations” for growth potential in the Mercosur region, a South American trade bloc whose members include Argentina, Brazil, Paraguay and Uruguay. Venezuela’s entry is pending ratification.

The “One Ford” plan, designed to leverage the auto maker’s global resources, includes a long-term growth strategy for South America, with Argentina playing a key role in supplying products for the Latin American markets.

“Our plan is to deliver even more products and technologies people really want and value in markets around the world – including Argentina,” Ford CEO Alan Mulally says in a statement.

“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.”