SEOUL, April 3 (Yonhap) -- Hyundai Motor Co. said Thursday that the base price for its all-new Genesis premium sedan to be sold in the United States has been set at US$38,000.
The total does not include the $950 freight charge.
The base car comes with a 3.8-liter V6 engine generating 311-horsepower, mated to an eight-speed automatic with shiftronic transmission, built in-house by Hyundai.
It said an all-wheel-drive version using the light weight "HTRAC" system will be priced at $41,450 with destination charge, while the 5-liter, V8 mill generating 420 ponies with a rear-wheel-drive (RWD) configuration will cost $52,450 as delivered.
"H" in HTRAC stands for Hyundai, and TRAC is short for "Traction."
Hyundai said that the overall price of the new sedan, to reach consumers this month, represents a 7.9 percent increase for the base model vis-a-vis the outgoing Genesis that has been on the market for five years.
The carmaker, however, claimed that the increase is more than offset by various safety features and amenities found in the new model.
Compared with the 3.8-liter "Exclusive" trim model that has been on sale in South Korea for the past few months, the U.S. model is $13,200 cheaper, but the difference is mainly due to high taxes slapped on locally sold vehicles, Hyundai said.
"In South Korea 18.6 percent of the vehicle's price is tax," a company official explained. He added that 3.8-liter RWD base cars sold in the country come with standard head-up-display and around-view monitor, which need to be added to cars sold in the U.S.
<All rights reserved by Yonhap News Agency>