Kia Motors has slashed the prices of its K9 models by up to W2.91 million (US$1=W1,062) to lure customers amid slumping domestic sales and a growing threat from imported cars.

The carmaker said Wednesday it has reduced the number of option packages available for the premium sedan from eight to four and lowered the price of the most expensive package to around W3 million, down from W5.8 million.

Kia said the newly modified K9s are still equipped with many of the latest cutting-edge functions. The best-selling model, which has a 3.3-liter engine, has been reduced in price to W55.30 million from W58.21 million.

Kia said that it would have bumped up the price by around W3.60 million as it has added W5 million worth of newly-added features, such as a head-up display and a leather steering wheel. But it removed W1.4 million worth of features, such as a lane departure warning system, to facilitate the price drop.

The carmaker also cut the prices of its K5, a midsize sedan, and New Sorento R. The 2-liter K5 Prestige is now priced at W26.36 million, down W290,000, while the Sorento Rs have been discounted by about W600,000.