Ford has reopened a facility north of Mexico City after a two-year closure. The company invested $1 billion in the plant to prepare it to produce fuel-efficient vehicles. Mexican President Felipe Calderon was present at the Cuautitlan plant's Tuesday reopening. The move creates 2,300 jobs.

The factory once manufactured Ford's F-series pickup trucks, which consume more fuel than the Fiesta it will now produce, which gets 40 miles per gallon.

Ford expects to produce 180,000 Fiestas at the Mexican facility this year. The Fiesta model is part of the car-makers efforts to manufacture smaller and hybrid cars.