U.S. automaker General Motors Co. plans to invest 2.13 billion pesos ($448 million) in the production of a new model in Argentina in 2015, the Industry Ministry said.

"Project Phoenix" will be launched in early 2013 and is expected to generate $1.2 billion in exports annually, the ministry said in a statement.

General Motors executives outlined the plan during a meeting on Wednesday with President Cristina Fernandez, the ministry said.

Production of the new model will start in October 2015 at the GM plant in General Alvear, a city in the central province of Santa Fe. EFE