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Ford Motor Co., the world's second- largest carmaker, plans to invest between 550 million euros ($644 million) and 600 million euros in its factory in Belgium to produce new models.

The company plans to build new versions of the Galaxy and Mondeo models at the plant, it said in a faxed statement. The Genk, Belgium, factory will have capacity of 300,000 units annually.

Ford is cutting 3,000 jobs at the plant after canceling plans to build the Focus model at the factory. It had originally planned to invest some 900 million euros in expanding the factory. The company is trying to return to profit in Europe.

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