Hyundai has slashed the price of medium-sized and large sedans by W220,000 to W1 million, the company said Thursday (US$1=W1,062).

The price of five cars -- the Sonata, Genesis, Genesis Coupe, Santa Fe and Veracruz -- will drop without compromises to their specifications.

The move is seen as a response to fierce competition in the market from imported cars. Hyundai sold 668,000 cars in Korea in 2012, down 2.3 percent from a year earlier.

The company set a similar goal for this year, but it will be hard to achieve in a depressed market and amid rising competition from foreign carmakers.