Hyundai has announced plans for the launch of its upcoming Genesis sedan in China in April next year to capitalize on growing numbers of affluent new car buyers. China is now the second largest car market and there are still plenty of opportunities for growth.

The new car will likely cost around $50,000 and initial sales targets stand at 3,000 units a year, one official told Automotive News. Hyundai will also start selling the car in the U.S. around the same time it is launched in China and are expecting to shift close to 20,000 units per year in the world’s largest car market.

However, the first market to see the new car will be South Korea, which is set to see it in showrooms by the end of this year. Pictured above is Hyundai’s Genesis sedan concept, which is the basis for the design of the new sedan. Click here to see our previous story on the concept.