Hyundai Motor has unveiled its new Equus luxury sedan in Korea.

The new third generation Equus, equipped with either a 3.8-litre or a 4.6-litre gasoline engine, will hit showrooms in South Korea next month, Hyundai said in a statement.

Hyundai did not provide a sales target or information about the sedan’s price range, but local news reports say the cheapest model will cost around 100 million won.

South Korean automakers’ sales fell 35% last month despite hopes a weaker won and growing demand for smaller cars would help them weather the current economic storm.

Hyundai Motor car sales fell 26.7% while affiliate Kia Motors saw January sales slump 37.9%.