Jeep Wagoneer S Trailhawk EV Concept
Michael Wayland/CNBC
AUBURN HILLS, Mich. – stellantis expects to increase global sales of Jeep vehicles by 50% over the next three years, as the automaker attempts to leverage the quintessential American SUV brand to boost profits.
The transatlantic automaker said Thursday that it will expand production and sales to approximately 1.5 million units by 2027. To do so, the company will increase its offering of vehicles and powertrains.
Jeep plans to expand its vehicle brands from 10 to 13 by 2027, Jeep CEO Antonio Filosa said Thursday during Stellantis' investor day at its North American headquarters. Those vehicles will include 27 different powertrain offerings: traditional internal combustion engine, hybrid, plug-in hybrid/extended range electric, and all-electric. That's more than the current 18.
“We want to grow,” said Filosa, describing three pillars of its strategy: customer choice of propulsion systems, increased market coverage and globalization.
Much of the expected growth is aimed at North America, where the brand aims to surpass sales of 1 million units by 2027, up from approximately 700,000 last year.
Jeep is expected to launch the recently revealed Wagoneer S EV later this year, followed by a Jeep Wrangler-inspired off-road vehicle called Recon. An unnamed new midsize SUV is planned for next year to replace the discontinued gasoline-powered Cherokee SUV. Jeep is also planning plug-in versions of its current Wagoneer and Grand Wagoneer large SUVs.
A roughly $25,000 Jeep Renegade EV is expected by 2027, according to the company's investor platform. Stellantis CEO Carlos Tavares announced such a vehicle last month and said it would arrive in the United States “very soon.”
The New York Stock Exchange welcomes the Jeep brand (NYSE: STLA) to the podium on May 31, 2024. To honor the occasion, Antonio Filosa, CEO, accompanied by Lynn Martin, President of the NYSE Group, plays the opening bell®. .
NYSE
Offering a new electric vehicle for around $25,000 has long been the goal of automakers like Stellantis, Tesla and others. The importance of such a vehicle has become more evident as Chinese automakers such as BYD and Nio increase their sales of less expensive electric vehicles outside of China.
During the first quarter of this year, Jeep sales totaled 31,750, 47% more than the same period last year. The brand sold nearly 643,000 vehicles last year, down 6% from 2022. Jeep accounted for 42% of Stellantis' U.S. sales in 2023.
