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Jeep, the crown jewel of Stellantis<\/a> NV\u2019s 14 vehicle brands, will lower prices and add models and features to its lineup this year as it seeks to regain market share lost to squeezed consumers and stiffer competition in its core US market.<\/p>\n The carmaker is lowering the sticker price on its top-selling Grand Cherokee SUV by as much as $4,000. It is cutting prices on its Jeep truck, the Gladiator, by an average of $1,700. The 2024 Jeep Compass<\/a>, the lowest-priced model in its lineup, starts below $26,000, an average drop of $2,500, said Antonio Filosa, who\u00a0became global head\u00a0<\/a>of the Jeep brand in November.\u00a0<\/p>\n The 2024 Jeep Wrangler includes $3,000 worth of new content, like a 12.3-inch touch screen that comes standard on all trims.\u00a0<\/p>\n \u201cInflation was such a big negative hit for families and people here in the US, we needed to do something,\u201d Filosa said in a presentation to reporters Friday at the company\u2019s US headquarters in Auburn Hills, Michigan.\u00a0<\/p>\n This is a critical year for the prized SUV brand, which saw its\u00a0move upmarket falter<\/a>\u00a0after higher interest rates shifted consumers toward more affordable vehicles. Jeep has\u00a0cut production<\/a>\u00a0to tame bloated inventories.\u00a0<\/p>\n The automaker also plans to offer new products, including Jeep\u2019s first full battery-electric offerings for US consumers, the Jeep Recon and the Jeep Wagoneer S.<\/p>\n Read more: Stellantis CEO says Chinese EVs are \u2018possibly the biggest risk\u2019 facing his carmaker and Elon Musk\u2019s Tesla<\/a><\/p>\n The Jeep Wagoneer S, a midsize pure electric SUV, will come to market in the second half of 2024 as a premium offering with 600 horsepower. The Jeep Recon, an all-electric version of the off-roading Wrangler, will debut at year-end. Filosa said he expects to sell 10,000 fully electric Jeeps in 2024.<\/p>\n Filosa said the \u201cfreedom of choice\u201d of powertrains will be a strength in the marketplace, a nod to the\u00a0industrywide slowdown<\/a>\u00a0in demand for electric vehicles. Jeep, which has historically lagged its peers in electrification, is counting on its plug-in hybrid 4xe technology to reach consumers who aren\u2019t ready to embrace pure BEVs.<\/p>\n The Wagoneer nameplate, once part of a\u00a0luxury sub-brand<\/a>\u00a0introduced in 2021, will now be folded into the Jeep lineup, he said.<\/p>\n Jeep\u2019s average transaction prices continued to climb last year and its market share\u00a0tumbled<\/a>. Jeep\u2019s share fell to 3.92% in the fourth quarter of 2023, down from 3.97% a year ago and 5.17% in 2019, according to researcher Cox Automotive. \u00a0<\/p>\n Jeep sold 152,818 vehicles in the fourth quarter of 2023, down 31% from the same period in 2019, though they\u00a0rose 7%<\/a>\u00a0from the fourth quarter of 2023, a sign deliveries are turning around. Stellantis was the only major automaker to post lower sales in 2023 versus 2022, when chip shortages drained dealer lots, according to Cox.\u00a0<\/p>\n Chief Executive Officer Carlos Tavares has publicly stated his displeasure with the company\u2019s North American performance last year.\u00a0<\/p>\n \u201cI don\u2019t think we were stellar in 2023\u201d when it came to marketing, managing cash flow, manufacturing and coordination with dealers, he said on a conference call with reporters earlier this month. \u201cI\u2019m quite confident 2024 will be better than 2023.\u201d<\/p>\n<\/div>\n\nLost Share<\/h3>\n
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