Hyundai plans move into luxury market

Hyundai Motor Co., working to grow beyond its reputation for economy cars, said it would begin selling a high-end sedan in the U.S. in 2008 to compete with luxury brands such as Toyota Motor Corp.’s Lexus.

Hyundai expects the Genesis concept, unveiled at the New York International Auto Show, to capture sales from some Lexus models as well as DaimlerChrysler’s Mercedes-Benz E-Class. Some Genesis models may cost about $35,000.

“We think that we could take sales from premium brands, that people are ready to upgrade their Hyundais,” said Steve Wilhite, the automaker’s U.S. chief operating officer.