Jeep, the iconic American SUV brand, has ambitious plans for global growth in the coming years. Stellantis, the trans-Atlantic automaker that owns Jeep, aims to increase sales of Jeep vehicles by 50% by 2027. To achieve this, the company plans to expand production and sales to approximately 1.5 million units.
Stellantis CEO Carlos Tavares emphasized the potential of the Jeep brand during an investor day event, stating that Jeep can be a “local hero anywhere.” The company intends to reinforce the manufacturing footprint of Jeep and expand its vehicle offerings. By 2027, Jeep plans to have 13 different vehicle nameplates and 27 powertrain options, including traditional internal combustion engines, hybrids, plug-in hybrids, and all-electric vehicles. This is a significant increase from the current lineup of 10 nameplates and 18 powertrain options.
Customer choice, increasing market coverage, and globalization are the three pillars of Jeep’s growth strategy. The brand aims to achieve much of its sales growth in North America, with a target of selling over 1 million units by 2027, up from approximately 700,000 in the previous year.
Jeep has several exciting new models in the pipeline. The recently revealed Wagoneer S EV is set to launch later this year, followed by a off-road vehicle inspired by the Jeep Wrangler called the Recon. In addition, a new midsize SUV will be introduced next year to replace the discontinued Cherokee SUV. Jeep also plans to offer plug-in versions of its Wagoneer and Grand Wagoneer large SUVs.
One of the most anticipated developments from Jeep is the introduction of an electric vehicle priced at around $25,000. This has long been a goal for automakers like Stellantis and Tesla. The demand for affordable electric vehicles has soared, especially as Chinese automakers such as BYD and Nio gain traction with their less-expensive EVs in markets outside of China. Stellantis aims to launch the $25,000 Jeep Renegade EV by 2027, with CEO Carlos Tavares stating that it will arrive in the U.S. “very soon.”
Jeep’s sales performance has been strong, with first-quarter sales reaching 31,750 units, a 47% increase compared to the same period last year. In 2023, Jeep sold nearly 643,000 vehicles, accounting for 42% of Stellantis’ U.S. sales.
In conclusion, Jeep is positioning itself for significant growth in the global market. The brand plans to expand its vehicle lineup and powertrain options while focusing on customer choice, market coverage, and globalization. With the introduction of exciting new models, including electric vehicles, Jeep aims to capture a larger share of the SUV market and increase its profitability in the coming years.
