GM Daewoo Auto & Technology Co yesterday introduced the Veritas, the third premium sedan added by a South Korean auto maker this year,.

The move comes as car makers target richer drivers less affected by rising fuel prices and slower growth, Bloomberg News reported.

The Veritas has a 3.6-liter V6 gasoline engine and a five- speed automatic transmission, General Motors Corp's South Korean unit said in a statement yesterday. The model, on sale next month, will cost from 46.5 million won ($41,245) to 57.8 million won.

GM Daewoo joins Hyundai Motor Co, the country's biggest auto maker, and Ssangyong Motor Co in adding a premium sedan as domestic demand growth for larger cars outpaces the overall market. The model may also help the auto maker reach its goal of boosting domestic vehicle sales at least 7 percent this year.

'The large luxury sedans sell very well' as customers are still able to afford them, Chief Executive Officer Michael Grimaldi said in Seoul yesterday. 'The mid-size segment in South Korea is under pressure as people are shifting toward the small and mini segments.'

South Korean sales of large sedans, with engines of 2 liters or more, rose 9.5 percent in the first half, compared with a 5.7-percent increase for the overall vehicle market, according to the Korea Automobile Manufacturers' Association. Hyundai added the Genesis premium sedan in January. Ssangyong unveiled the Chairman W the following month.

The Veritas marked the first step in GM Daewoo's plan to overhaul its entire lineup by 2010, Grimaldi said.