A $500 million dollar investment in General Motors' (GM) Argentina-based plant will help fund manufacturing for a new 2020 Chevrolet-branded model, Reuters reported.

Over the next three years, $300 million is set to be invested by GM itself, with the additional $200 million coming from the company’s supplier network.

The Alvear plant, which is located in Santa Fe, will increase its importing and exporting operations out of the Terminal Puerto de Rosario, reports Automotive Logistics.

About 6,000 containers and 1,500 vehicles are moved in and out of the port each year. Once the investment is complete, the annual container volume is slated to double and the import and export of vehicles is expected to be well over 100,000 a year.

In March, Argentina's government made a deal with labor unions to increase vehicle production to 1 million per year by 2023 to help create more competitive labor arrangements.

GM invested $740 million in the plant between 2014 and 2016.

The latest investment announcement comes as Latin America’s third largest economy is beginning to rebound following a recession last year in both Argentina and Brazil, a major export destination.

In August, the GM announced a $1.4 billion investment in its Sao Caetano do Sul, Joinville, and Gravatai facilities in Brazil.