Photo: Hyundai's first luxury model

Known in the U.S. as the maker of inexpensive and midmarket cars, Hyundai Motor is ready to make a test drive in the luxury market. The South Korean company on Wednesday unveiled its Genesis concept car at the New York International Auto Show. The upscale real-wheel-drive sedan--which has a 4.6-liter V8 engine that can crank out "well over" 300 horsepower--is intended to compete with the likes of cars from Mercedes, BMW and Lexus.

But budget-minded car buyers shouldn't worry about having fewer choices. "We are looking to change our image in the U.S. market," said Steve Wilhite, Hyundai's chief operating officer, as reported by the Reuters news agency, "but are not looking to abandon any of the segments that we compete in today."