New Delhi, Sep 26 (IANS) Hyundai Motor India Ltd (HMIL) Monday launched its sixth generation sedan Verna for the mid-size Indian car segment.

"The mid-size car segment in India is very exciting and is having immense potential," Hyundai Motor India managing director Hueng Soo Lheem told a press conference here.

HMIL, a 100 percent subsidiary of South Korean car manufacturer Hyundai Motor, is the second largest and the fastest growing car manufacturer in India.

The new Hyundai Verna comes in three petrol variants and one diesel variant having 54 percent of local content. The company plans to increase it to almost 70 percent.

"With the launch of this car we are targeting leadership in this segment," said Arvind Sazena, vice president (sales and marketing) of HMIL.

HMIL is the largest exporter of passenger cars, with exports of over Rs.18 billion recording a growth of 27.2 percent over 2004.

The sixth largest automaker in the world has a manufacturing unit in Chennai where Verna is manufactured.

HMIL has also announced plans to launch a second plant that will produce 300,000 units annually, raising its total production capacity to 600,000 units by 2007.

The automaker currently boasts of 162 dealer networks and has plans to increase this to 200 by the end of this year.

The introductory prices of Hyundai Verna (petrol) is Rs.629,000 to 639,000 while the diesel variant costs Rs.735,000.