Hyundai Motor and affiliate Kia Motors will spend three-point-one billion U.S. dollars, or three-point-six trillion won, in the United States in the next five years.

Bloomberg reports Hyundai Motor President Chung Jin-haeng announced the plan in a meeting with reporters in Seoul on Tuesday.

The planned investment is larger than the two-point-one billion dollars South Korea’s two largest automakers spent in the previous five years.

Chung told reporters that the group is considering building a new factory in the U.S. and may produce Hyundai Motor’s upscale Genesis vehicles in the country.

He emphasized Hyundai and Kia have no additional plans to invest in Mexico and will not transfer production or jobs from the U.S. to Mexico.