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Jeep Drops Prices, Abandons Wagoneer Brand, and Sets New EV Course

Aiming to reverse an unexpected slowdown in sales, Jeep is cutting prices on four key models, while adding more content on two of them.

Jeep ReconJeep Recon; (photo/Jeep)
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Jeep is making a lot of moves as new boss Antonio Filosa settles in. The off-road brand is getting ready to launch its first all-electric model early in the second half of 2024, but it’s not the one we expected. Meanwhile, the automaker is pulling the plug on Wagoneer — at least as a standalone brand.

Like most of its competitors, Jeep has repeatedly raised prices over the past decade. But it may have gone too far, with the brand reporting a 14% drop in sales last year. It’s hoping to rebuild momentum this year by cutting prices on four key models by as much as $4,000. In some cases, buyers will also get added content such as seat heaters, bigger touchscreens, power seats, and exterior trim packages.

During his first public appearance since signing on as the new global CEO at Jeep, Antonio Filosa outlined a seven-part turnaround strategy that includes efforts to address longstanding issues with the brand’s quality and reliability.

Jeep Wagoneer S
Jeep Wagoneer S; (photo/Jeep)

Separately, Filosa suggested that more product is in the pipeline — with an increasing focus on “electrified” vehicles. That will start, he revealed, with the launch of the Jeep Wagoneer S midyear. It will become the brand’s first all-electric model, though it won’t be alone for long.

Jeep Cuts Prices in 2024

“We need to do something on market penetration and market share, because it’s not where this brand deserves to be,” Filosa said during an hour-long meeting with reporters at Jeep’s headquarters in Auburn Hills, Mich. And, price cuts for the four models representing 90% of Jeep sales will be the most immediate step.

Stop Building and Start Exploring
Jeep Grand Cherokee; (photo/Bryon Dorr)

Of the four models, the Jeep Grand Cherokee will see the sharpest price cut, 4,000 off the midsize SUV’s MSRP. The bestselling Jeep model line will now start at $36,495.

With the iconic Jeep Wrangler, the base price actually holds at $31,995 but buyers get the equivalent of a price reduction, the automaker claims, as it adds another $3,000 in content.

The midsize Jeep Gladiator pickup gets a $1,700 price cut, bringing the base MSRP down to $38,990 — even as the automaker adds $3,000 in new content.

Cheaper Entry Point to Jeep Family

Jeep recently killed off two models, including its entry-level Renegade. But buyers on a budget now have an even more affordable way to get into the brand.

Jeep Compass
Jeep Compass; (photo/Jeep)

Thanks to a $2,500 price reduction, the Jeep Compass now starts at $25,900, the automaker announced. The Renegade has started at $27,805. Compass, noted Jeep’s new CEO, is larger and better equipped than the Italian-made Renegade.

“Inflation was such a big negative hit for families and people here in the U.S., we needed to do something,” says Filosa.

Expanding the Lineup

Along with Renegade, Jeep sent the slow-selling Cherokee model driving off into the sunset. But the brand isn’t downsizing — at least, not for long. During his briefing, Filosa hinted that an assortment of new models will be arriving over the next couple of years — along with more variants of existing products.

That will include more offerings wearing the 4xe — or “four-by-e” badge. One thing Filosa isn’t going back on is Jeep’s promise to offer electrified versions of every model in its lineup.

2024 Jeep Wrangler
2024 Jeep Wrangler 4xe at NY Auto Show debut; (photo/Evan Williams)

It has reason to be optimistic about hybrid technology, in particular, as the Jeep Wrangler 4xe is the bestselling plug-in model in the U.S., with the Grand Cherokee 4xe second on the list. A version of the Gladiator is widely expected to follow.

Jeep Gets More Plugged In

Jeep Wagoneer S
Jeep Wagoneer S; (photo/Jeep)

While Jeep officials declined to offer confirmation, U.S. Jeep brand boss Bill Peffer revealed that the Jeep Wagoneer S will go into production early in the second half of this year, with deliveries to soon follow.

He noted that the midsize EV will be “the fastest Jeep ever,” making 600 horsepower and capable of launching from 0 to 60 mph in “under 3.5 seconds.” It will be the first model using parent Stellantis’ STLA Large EV architecture, though it will soon reappear, underpinning the new Ram 1500 REV pickup.

A second Jeep EV, the Recon, is set to follow soon afterward, though Jeep officials would not confirm whether it will be in production by late 2024 or early 2025.

Jeep Recon
Jeep Recon; (photo/Jeep)

Jeep Range Extenders

Separately, Filosa told me that Jeep is considering the use of a range-extender on some future EV models. The technology will first be used on the upcoming Ram 1500 Ramcharger pickup. Also known as “serial hybrids,” range extenders use a small internal combustion as a generator to keep an EV’s batteries charged.

The engine never delivers power directly to the wheels. By contrast, plug-in hybrids pair gas engines with electric motors, and either side of the drivetrain can send torque directly to the wheels.

“I’m looking at range extenders because it’s very smart technology,” said Filosa.

Wagoneer, Ho!

2023 Jeep Grand Wagoneer L
Jeep Grand Wagoneer L; (photo/Evan Williams)

When Jeep brought back the long-dormant Wagoneer badge for the 2022 model year, it launched it as a standalone brand. That strategy has been dropped.

Going forward, it will serve solely as a model name — though there will be several models, including the three-row Wagoneer and Grand Wagoneer SUVs.

There’ll also be the new EV, the Wagoneer S. But all of them will now be badged as Jeeps.

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