Hyundai Motor Company, a South Korean automotive manufacturer, has launched the new front-wheel drive premium sedan codenamed AG at the Busan International Motor Show.
With this launch, the manufacturer intends to address heavy competition from its counterparts including Bayerische Motoren Werke AG (BMW) and Daimler AG's Mercedes-Benz in its home-market, reported Bloomberg.
In 2013, Hyundai's sales fell for second consecutive year in the country that accounts for nearly 44% of its total revenue.
Hyundai co-chief executive officer Kim Choong Ho told the news agency that amid tougher business conditions and fiercer competition, Hyundai Motor is continuously striving to provide products and services with solid fundamentals.
"We place customer satisfaction before anything else, and the improved Grandeur and AG, introduced today, are at the center of these efforts," added Choong.
The motor company has also introduced a diesel version of the Grandeur sedan for the first time at the exhibition.
The market launch of AG is scheduled during the second half of the year.
Earlier in March, cintroduced a revamped Sonata at the New York International Auto Show and it is aiming for the sale of 63,000 vehicles in Korea and 165,000 overseas in 2014.
