Hyundai Motor has decided to lower the prices of its larger flagship models by up to 1 million won ($940), bucking a seasonal trend of other carmakers that have already announced new price hikes this year.

Hyundai said Thursday it will offer 10 versions of its five brand models, including the Sonata, Genesis and Santa Fe, at discounted prices from Jan. 1, with no change made to their specifications.

The price of the best-seller sedan Sonata has been lowered from 26.5 million won to 26.28 million won starting this year, while the luxury model Genesis has been reduced by 1 million won to 54.24 million won. 

“A growing number of customers are demanding high-end features. We aim to diversify consumer choices by offering premium models at affordable prices,” said a Hyundai official. “Considering increased car prices overall this year, we expect the price cut will have a greater impact among customers.”

As the government’s tax benefits on car purchases that began in September expired at the end of last year, car prices have been adjusted this year to reflect the tax regime, while some carmakers have hinted at further price hikes.

Hyundai had already frozen car prices last year when it launched the new versions of the Sonata and Grandeur sedans. Even though new premium features were added, the carmaker said, the prices remained unchanged.

The company also plans to diversify the price ranges of new models or facelift versions depending on their specifications and options, that used to be done for high-end models.

By Lee Ji-yoon (jylee@heraldcorp.com)