Chennai, Aug 4 (PTI) Hyundai Motor India today unveiled the all new version of its mid-sized sedan, Verna which is slated to be launched later this month.Also Read - Live India vs England Score And Updates 1st Test, Day 1: Indian Openers Get Off to Cautious Start

The fifth generation Verna is based on a newly developed K2 platform and has been developed with an investment of Rs 1,040 crore. Also Read - Mumbai Rains: Death Toll Rises to 31 in Landslide, House-collapse Incidents; NDRF Ends Search & Rescue Ops

The company has also commenced the pre-bookings of the upcoming model which it plans to launch on August 22. Also Read - Banned 20 Lakh Indian Accounts From May 15 to June 15: WhatsApp in Its Compliance Report to Centre 

“We have set a target of 10,000 deliveries before Diwali,” Hyundai Motor India (HMIL) Managing Director & CEO YK Koo told reporter here.

Exuding confidence of the new offering doing well, he said: “The next gen Verna will create disruption in the sedan segment with its benchmark features and performance.” The new Verna comes with 1.6 litre petrol and diesel engines mated with both manual and automatic transmissions.

The company has so far sold 3.17 lakh units of the sedan in the country since the introduction of the model in 2006.

Globally, the company has sold around 88 lakh units of the sedan till date.

The new Verna will be pitched mainly against Maruti Suzuki’s Ciaz and Honda’s City sedans which are priced between Rs 7.65-13.43 lakh (ex-showroom Delhi) in the mid-sized sedan segment.

On the overall business, Koo said India has contributed 14.5 per cent to overall volumes of the South Korean manufacturer in the first half of the current fiscal.

“In India, we have sold a total of 3,72,982 units in the first half,” Koo said.

This is published unedited from the PTI feed.