A luxury sedan developed by South Korea’s top carmaker Hyundai Motor and designed to compete with the world’s high-end cars debuted Wednesday, attracting a solid response, officials said.

“Thousands of clients have lined up to buy the Genesis sedan before its release at home today,” a Hyundai spokesperson told Agencies.

The Genesis represents the world’s sixth-largest car maker’s first foray into the high-end market after it spent almost 500 billion won (540 million dollars) over four years developing the sedan.
“Genesis is the pride of Hyundai technology and symbolises our determination to enter the highly competitive arena of luxury cars now dominated by the Europeans,” Hyundai Motor chief Chung Mong-Koo said in a statement.
The Genesis will pave the way for “our leap forward into the global market,” he said, expressing strong confidence that consumers could drive the car more for than 10 years “without a major hitch.”
Hyundai said the cheapest version of the Genesis would be priced between 30,000 and 40,000 dollars. It will hit the US market by June, equipped with either a 3.8-liter or a 4.6-liter engine.
The new car features rear wheel drive, a smart cruise control system and other high-tech navigation and audio systems. The company has set a 2008 sales target for the Genesis of 35,000 at home and 20,000 abroad.
“The Genesis will provide the reputation of a premium brand that Hyundai has been longing for over a decade,” said Hana Daetoo Securities analyst Lee Sang-Hyun.