UPDATE 1-Hyundai Motor CEO says new Sonata planned in 2014

SEOUL, March 21 (Reuters) - Hyundai Motor plans to launch a revamped version of its flagship Sonata sedan in 2014, its first upgrade in more than four years, its chief executive said on Wednesday, as the company grapples with increasing foreign competition in its home market.

Hyundai, the world's fifth-largest auto group along with its affiliate Kia Motors, has only one new model planned for a global launch this year. It started taking pre-orders on Wednesday for the new Santa Fe sports utility vehicle, which will be unveiled in April.

The latest version of the Sonata was launched in September 2009 in South Korea and early 2010 in the United States.

Sonata, which competes with Toyota Motor Corp's Camry, is Hyundai's top-selling model in the United States and helped the South Korean automaker achieve record sales and market share there last year. It was Hyundai's third-best selling model in South Korea last year.