The investment is said to be nearly evenly split between a new engine plant in Chihuahua state and a new transmission factory in Guanajuato state, unnamed sources told Reuters.
The company has not yet announced the plan or confirmed any further details, but an unnamed Mexican official has reportedly claimed the engine plant will create approximately 4,000 jobs.
Several Ford plants already build engines and vehicles in Mexico, including the Fiesta, Fusion, F-Series pickups and the Lincoln MKZ, though production of medium-duty F-650 and F-750 trucks will be shifting back to the US.
Mexico automotive manufacturing continues to grow at a fast pace as automakers take advantage of the relatively cheap labor and proximity to the US market, with production and exports up by nearly 10 percent in 2014. Other recent expansion announcements have come from Toyota, General Motors and Volkswagen, among others.
Ford is expected to officially announce its Mexico expansion plans by the end of the week.
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