Blog Title: Jeep Ramps Up Plug-In Hybrid Sales Amid EV Slowdown
Jeep, a brand under Stellantis, recently unveiled its plans to increase U.S. sales of plug-in hybrid electric vehicles (PHEVs) by up to 50% this year. This move comes as the company seeks to bridge the gap between its traditional gas-powered SUVs and all-electric models, especially in light of the slower-than-expected sales pace of electric vehicles.
In an interview with CNBC, Jeep CEO Antonio Filosa shared that the brand aims to sell between 160,000 to 170,000 PHEVs in the U.S. in 2024, marking a significant increase from the previous year. This ambitious target aligns with Jeep’s launch of its first all-electric SUV, the Wagoneer S, in the U.S.
Filosa emphasized the importance of flexibility in the current market landscape, stating that “freedom of choice” is a key driver for growth. PHEVs, which combine internal combustion engines with EV technologies, are seen as a crucial stepping stone in accelerating consumer adoption of electrified vehicles.
Jeep’s strong focus on PHEVs has yielded positive results, with the brand leading PHEV sales in the U.S. Last year, Jeep sold over 113,000 PHEV units, with a notable increase in sales during the first quarter of this year.
Looking ahead, Jeep’s lineup includes the upcoming Wagoneer S EV, the Wrangler-like Recon EV, and a successor to the Cherokee midsize SUV. Additionally, the brand plans to introduce plug-in “range-extender” models for its gas-powered Wagoneer and Grand Wagoneer SUVs in 2025.
Stellantis Chief Technology Officer Ned Curic mentioned that the company is exploring the possibility of launching traditional hybrid vehicles alongside its PHEV offerings. The introduction of “range-extender electric vehicle” models, which can operate as zero-emission EVs before transitioning to an onboard generator powered by an engine, is another innovative step in Jeep’s electrification strategy.
These developments position Jeep as a key player in the evolving automotive landscape, offering a diverse range of electrified options to meet the needs and preferences of consumers. Stay tuned for more updates on Jeep’s electrification journey on Extreme Investor Network.