New engines include a 3.7 liter V6 with 305 hp for the Mustang, 5.0 liter V8 with 412 hp for the Mustang GT and a 6.7 liter Super Duty diesel.

Ford has announced it will be introducing a slew of new engines and transmissions for the North American market in 2010, the first step in a 5-year plan to overhaul its entire world-wide powertrain technology.

Some of the new technology is borrowed from Ford's European operations, but the Detroit-based automaker has committed to replacing or upgrading all of its engine offerings in North America by the end the year from its 2008 models portfolio.

That means that 9 new engines and 6 new transmissions will be introduced this year. Notable among them is the Ti-VCT 305 horsepower, a 3.7 liter V6 for the 2011 Mustang. That engine will rate about 30 mpg (7.84 liters/100 km) in fuel economy coupled to a 6-speed automatic transmission. The Mustang GT will also get an upgraded 5.0 liter V8 with 412 hp and 390 lb-ft (530 Nm) that rates 25 mpg (9.4 liters/100 km).

Another new intro is the 6.7 liter turbocharged Super Duty diesel engine to be introduced in Ford's line of trucks.

The Ford Fiesta will get a 1.6 liter, 4-cylinder engine with Ford's PowerShift dual clutch transmission which will give the vehicle a fuel economy rating of 40 mpg (5.9 liters/100 km).

The all-new 2012 Ford Focus will also be fitted with a normally aspirated 2.0 liter direct-injection 4-cylinder. Likely very similar to Ford of Europe's 2.0 liter engine in the European Focus.

As is typical in a U.S. release, we don't always get power figures, particularly for the smaller engines. But the fuel economy numbers are impressive by North American market standards and will likely make Ford the most competitive U.S. automaker vis-a-vis the Japanese brands there.

See the press release for more details.