New Delhi, June 6 : Automobile major Mahindra and Mahindra Thursday launched its maiden sub-four metres compact sedan Verito 'Vibe', priced between Rs. 5.69 lakh and Rs. 6.55 lakh (ex-showroom Delhi), and announced that it is looking forward to bring in an electric powered version of the passenger car.

"This a part of our strategy in which we introduce new models for new segments on already proven platform at an attractive price points," Pravin Shah, chief executive, automotive division, Mahindra and Mahindra, said at the launch here.

"This allows us to enter into new segments and providing the customers with more choices. This new launch allows us to enter into the highly competitive compact car segment."

According to Shah, the company which was already present in the super compact segment which has an off-take of 2.30 lakh vehicle per annum with Verito sedan, will now get an opportunity to tap the eight lakh per annum compact sedan segment.

"We now have an opportunity to cater to one million passenger car market (super compact and compact). This will bring in more options to first-time buyers and customers who wish to upgrade from a hatchback to compact sedan," Shah said.

The new compact sedan will directly compete with Maruti Suzuki's Dzire and Honda's Amaze. The passenger car is powered by Renault's 1.5 litre dci diesel engine which gives a milage of 20.8 km per litre.

The car also has 330-litre of boot space and a large back seat area.

Shah added that the company, which is popularly known for its sports and utility vehicle manufacturer in recent past, has created a small portfolio of passenger cars that includes, Vertio sedan, Verito Vibe and the electric powered E2O vehicle. (IANS)