Hyundai Motor released a more affordable version of its Genesis Prada on Monday. The new model comes equipped with a smaller 3.8-liter, rather than 5.0-liter, engine and is 10 percent cheaper.

The automaker joined hands with Prada, the Italian luxury fashion brand, to launch the premium sedan last year in an effort to lure consumers away from foreign imports. The initial model came with a price tag of W79 million, 30 percent more expensive than the regular Genesis (US$1=W1,121). But consumers felt it was too expensive and the automaker achieved less than one-third of its sales target of 1,200 units.

The most distinctive feature of the latest model is that it has the words "Genesis Prada" engraved on both sides of the front tire fenders. This was added to make the vehicle more easily recognizable after drivers complained that the luxury vehicle did not do enough to distinguish itself from its rivals, the automaker said.

The starting prices for the BMW 5-series, Mercedes-Benz E Class and Audi A6 range from W55 million to W65 million, making them about W10 million cheaper than the Genesis Prada, although the deluxe imports come with smaller engines of between 2 and 3 liters.