Hyundai's latest and most upscale venture into the elite segment was unveiled on Thursday at the New York Auto Show when the 2011 Equus sedan hit North American market.

"Equus takes Hyundai's formula for intelligent luxury to a new level", John Krafcik, CEO of Hyundai Motor America, said in a statement.

The Equus is revealed to be the most expensive Korean vehicle to land in the U. S. market, and whether or not it will receive an overwhelming response by U. S. consumers is what Hyundai has to now wait for.

The company also served up more details about the Equus, whose price range start from about $55,000 when it goes on sale late this summer.

The new Hyundai's model is powered by Tau 4.6-liter V8 making 385 hp and 333 lb-ft of torque (with premium fuel). It's hoped to grab 16 mpg in the city, 24 on the highway and 19 combined.

The third rear-wheel vehicle on this chassis has spawned the hugely liked Gluenesis coupe and sedan. The Equus is 7.2 inches longer than the four-door Genesis.

The interior is adorned with leather and technology, featuring navigation, satellite radio and Bluetooth. The suspension has continuous damping control, and 19-inch chrome alloy wheels are standard.