The Jeep brand of Stellantis NV said Thursday it’s bringing out a global electric vehicle model later this year.
The company said the 2024 Jeep Wagoneer S Launch Edition SUV will come out in the U.S. and Canada this fall. The model will be available in other markets after that.
Stellantis said the Jeep Wagoneer S will have a range of 300 miles on a charge, with 600 horsepower. The automaker was scheduled to conduct an event in New York for the introduction.
The new model “marks a new chapter in the storied history of the Jeep brand,” Antonio Filosa, Jeep brand CEO, said in a statement. He said “this first global EV will introduce a whole new generation of owners to an experience that is distinctly Jeep and 100% electric in every way.”
The Jeep Wagoneer S will have a suggested retail price of $71,995 (including destination) and qualifies for the Inflation Reduction Act Retail and Lease EV credits, according to the company statement.
General Motors Co.’s Cadillac Lyriq has an estimated charging range of 300 miles, according to GM. That model’s price begins at $58,590.
Stellantis is based in the Netherlands and was created by the merger of Fiat Chrysler and PSA Group. The automaker’s main North American asset is the former Chrysler Corp., especially the Jeep brand, which has worldwide appeal.
The Wagoneer S will reach U.S. dealerships amid a mixed situation for EVs.
Demand for electrics has cooled in the U.S. and some consumers are looking at alternatives such as gasoline-electric hybrids.
“In terms of the balance between inventory share and movement share, EVs have been in an oversupply situation since the beginning of 2023 when the former started to outpace the latter,” a report by research firm Cloud Theory, said. “Hybrids, meanwhile, have demonstrated that there is room to grow supply to meet an increasing demand scenario, as movement share of these vehicles has consistently outpaced inventory share over the past three years.”
At the same time, demand for EVs remains strong in Asia and Europe as government regulators seek to reduce greenhouse gas emissions. An April report by AlixPartners said EV demand will remain strong overall, especially in China.
