SEOUL (AFP) — South Korea's leading carmaker Hyundai Motor said Thursday it would sell a new luxury sedan overseas from next April to compete with foreign high-end cars.
Hyundai said it had spent 500 billion won (540 million dollars) over four years to develop the Genesis sedan, which reflects a drive to shake off its image as a maker of cheap cars.
The new car features rear wheel drive, a smart cruise control system and other high-tech navigation and audio systems. It will be released at home in January.
Hyundai officials said the Genesis would represent the company's first foray into the high-end market. It is equipped with either a 3.3-liter or a 3.8-liter engine for domestic sales and either a 3.8-liter or a 4.6-liter engine for exports.
Hyundai and its affiliate Kia Motors control 70 percent of the domestic market. But Hyundai's overseas sales have been hit by intense competition, the won's appreciation and high oil prices.
Hyundai's overseas sales in November fell 1.2 percent from a year earlier to 238,470. Domestic sales rose 1.7 percent to 54,736.
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