Rolls Royce unveiled the latest model of the Phanton, the eight generation of its flagship saloon at a show in London on Thursday.

The New Phantom will reach the market next year at an estimated price of £350,000 ($458,000).

Peter Schwarzenbauer, the chairman of Rolls-Royce, said: "The New Phantom is a powerful statement of design, engineering and bespoke expertise and I am delighted with the response we have received from our many highly discerning customers worldwide."

Rolls Royce said China is its second biggest market after the United States although it does not reveal its country sales. Worldwide, the automaker delivered 1,575 Phantoms in the first half of 2017, a decline of 6.5 percent over the same period last year.

The company said that anticipation of the New Phantom partly accounted for the decrease in overall sales.

In spite of the poor sales of the Phantom, Rolls-Royce announced in January that 2016 was the second-highest annual sales in the marque's 113-year history. It sold 4,011 vehicles worldwide last year, up 6 percent on 2015.

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