S Korea's Hyundai launches luxury car brand

South Korea's Hyundai Motor launched Wednesday a high-end brand named after its Genesis line of vehicles as it looks to expand its presence in the fast-growing luxury auto market.

Hyundai, which together with affiliate Kia is the world's fifth largest carmaker, said its premium Genesis brand will offer six models by 2020, including its existing luxury sedan launched in 2013 and another large sedan to be unveiled next month.

The company has boosted its high-end auto line ups including Genesis and Equus in recent years in a bid to shed its image as a cheaper alternative to bigger rivals like Toyota.

The Genesis models -- first introduced in 2008 -- have won a series of awards for design and are said to be more refined than the firm's past vehicles.

The existing sedan to be included in the luxury portfolio is priced at up to $54,000 before tax in the US.

"High-end cars account for only 10 percent of the global market but... the sector is leading the industry in terms of technology and design," Hyundai vice chairman Chung Eui-Sun said at a press conference.

"I am confident that the launch of the new brand will play a major role in our future growth," he added, saying consumer demand for luxury cars is growing faster than the overall auto market.