Ford says the multi-million pound investment package at its Ford engine plant in Bridgend will help safeguard jobs.
The £24m will be spent on producing a new engine.
Ford says the 1.5-litre EcoBoost petrol engine uses technology that delivers the power of a larger engine with smaller unit fuel consumption. Production will start in 2014.
It will be built alongside the 1.6-litre EcoBoost engine, which was introduced in 2011.
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The Lesbian, Gay, Bisexual and Transgendered communities in Cardiff are celebrating 30 years of campaigning; as part of LGBT History Month.
Cloudy at first, with outbreaks of rain gradually easing during the morning.
A grey and damp start today. Rain will turn heavy and persistent late afternoon and winds will increase overnight.