Ford is taking its first step in revamping the entire world-wide powertrain technology with the announcement that they will introduce a number of new engines and transmissions this year.

Ford has borrowed some of the new technology from its European operations as the automaker is determined to replace or upgrade all of its North America engine offerings before the end of this year from its 2008 models portfolio.

All in all, that would be 9 new engines and 6 new transmissions slated to be introduced this year. Among them is the Ti-VCT 305 horsepower, a 3.7 liter V6 for 2011 Mustang. The Mustang GT will also be upgraded to a 412-hp 5.0 liter V8.

The Ford Fiesta will get a 1.6 liter, 4-cylinder engine mated with Ford’s PowerShift dual clutch transmission. The all-new 2012 Ford Focus will also be fitted with a normally aspirated 2.0 liter direct-injection 4-cylinder.

Also one of the new introductions is the 6.7 turbocharged Super Duty diesel engine that will be fitted in Ford’s line of trucks.

Although the new engines and transmissions will not return high-performance numbers, their fuel economy figures are impressive enough by North American market standards and will likely make Ford a fierce competition against Japanese brands sold there.