Dousing speculation that Hyundai Motor Group was planning on opening a new production plant in the US, Chairman of the world’s fifth largest car manufacturer, Chung Mong-koo announced that Hyundai had no such plans.

“We have no plan (for a new U.S. factory) for now,” the 75-year-old told reporters at Seoul’s Gimpo airport before leaving for the United States.

It is believed that Chung will be visiting already existing production facilities for Hyundai in Alabama and Georgia while he is in the US. Chung has decided not to embark on any major expansion, but he did say last week that Hyundai “will look into whether there are opportunities” to expand production overseas. This statement spurred the  talk among industry experts that Chung was considering building a new factory in the US.

A second senior executive at Hyundai Motor Group, which is the parent company of Hyundai Motor Company and Kia Motors, Kim Yong-hwan, also stated that the company is not seriously considering new plant construction in the US at this time.

“We are closely watching the U.S. market situation … but we are not having an in-depth consideration of a new plant there,” he told Reuters.