SEOUL, South Korea — Sister South Korean automakers Hyundai Motor Co. and Kia Motors Corp. will invest $3.1 billion in the U.S. in the next five years and may build a new assembly plant in the United States, Hyundai Motor's president told reporters on Tuesday.

The investment is about 50% more than the automakers spent in the past five years, said Chung Jin-haeng, Hyundai Motor's president, reports Bloomberg. GM also announced it would invest an additional $1 billion in the U.S. Both announcements come on the eve of the inauguration of President-elect Donald Trump, who has been urging automakers to create jobs in the U.S.

Hyundai is considering producing its luxury Genesis sedans in the U.S. as well as offering a U.S.-only SUV.

"We expect a boost in the U.S. economy and increased demand for various models as President-elect Trump follows through on his promise to create one million jobs in five years," Chung said.