The Hyundai Genesis sedan won 189 out of 500 votes from US and Canadian automotive journalists, beating out Ford's Flex and Volkswagen's Jetta TDI for the win.

"It is the perfect luxury car for bad economic times," priced below USD 40,000, John Krafcik, president of Hyundai Motor America told reporters.

Car buyers now "do not want to pay a premium for luxury," he commented.

The vehicle marks a "new beginning" for the company, its first global luxury sedan, equipped with its first V8 engine, "a game changing vehicle which will define our products going forward," said Hyun Soon Lee, vice chairman of Hyundai in accepting the award.

Launched in mid-2008 in North America, Hyundai has sold a mere 6,167 Genesis sedans in Canada and the United States, competing mostly with BMW's 5 Series.

A whopping 75 per cent of Genesis buyers were new to Hyundai, Lee said.

He hopes the award nod drives up sales of its entire line.

"Hyundai Genesis shows that the Korean automakers have come of age," said award jurist Matt DeLorenzo of Road and Track.