In April 1999 Hyundai launched the Equus sedan, its first V8 powered luxury car destined only for South Korean market. Back then Hyundai set new standards for Korean-developed vehicles in terms of luxury, power…and price.

The Equus was a flagship model for Hyundai Motor Company and until early this year, when SsangYong Chairman was launched, Equus was the highest priced Korean vehicle car ever.

The Equus was Hyundais best selling luxury vehicle in Korea until January this year, when Hyundai Genesis sedan went on sale. Since then, Equus sales has been plummeting. Last month, only 374 units Equus sedans were sold and after almost ten years of prosuction, Hyundai decided to stop manufacturing it.

Another reason why Hyundai will axe production of Equus model is to make some space for its successor, which is coming to production early next year.

Codenamed VI, the all-new super-luxury Hyundai sedan will be far more advanced than Equus and will feature all the latest hi-tech technology, including more powerful V8 powerplants. Officially debuting in February 2009, the VI will most probably adopt new nomenclature and is expected to go on sale in Korea sometime between March and May of next year.

Find more about 2010 Hyundai VI (including spy shots) here.