Ssangyong Motor unveiled the new Chairman W in the local market more than three years after it launched the Chairman W in February 2008.

At a press conference in Seoul on Wednesday, the carmaker pledged to closely compete with global automakers in sales of premium luxury sedans.

The sedans’ prices range between 57 million won ($53,200) and 107 million won, approximately equivalent to the Equus sedan of Hyundai Motor.

Ssangyong said the new Chairman W has three trims ― CW600 equipped with a 3.2-liter engine, CW700 with a 3.6-liter engine and V8 5000 that comes with a 5-liter engine. The 3.2-liter engine produces maximum horsepower of 225 and maximum torque of 30.2 kilogram-meters.

The new Chairman W features auto-leveling headlamps and four-tronic all-wheel drive system, Ssangyong spokesmen said.

It is also fitted with a large number of high-tech safety features including a tire pressure monitoring system, brake assist system and a set of 10 airbags.

Ssangyong, under the wing of Korean unit of Mahindra & Mahindra Ltd., saw its sales climb 46 percent in Korea and 66 percent in overseas markets during the first five months of 2011, compared to corresponding period of last year.

The automaker plans to invest at least 200 billion won this year in a bid to develop new products and improve its image.

By Kim Yon-se (kys@heraldcorp.com)