Jeep plug-in hybrid SUV sales expected to grow 40% in 2024 | Wilnesh News

NEW YORK – Jeep plans to grow U.S. sales of its plug-in hybrid electric vehicles by 50% this year as it leans toward leveraging the technology for its traditional gas-guzzling SUVs and all-electric vehicles amid a slowing economy. bridge between.

this star The brand expects to sell 160,000 to 170,000 plug-in hybrid vehicles (PHEV) in the United States this year, a 40% to 50% increase from last year. Jeep CEO Antonio Filosa told CNBC.

The goal comes as Jeep launches its first all-electric SUVs in the U.S., starting with the Wagoneer S.

“Now is the best time to be flexible, as we are,” Filosa said in an interview Thursday after launching the brand’s new electric vehicle in New York. “One of the pillars of market growth will be freedom of choice.”

Plug-in hybrids, which combine internal combustion engines with electric vehicle technology, can help accelerate consumer adoption of electric vehicles and are a step toward all-electric models.

Jeep expects PHEV sales this year to exceed Stellantis’ total U.S. sales in 2023, which is about 143,000 units. According to AutoPacific, their segment growth rate this year will also exceed industry forecasts, which is 27.5%. By comparison, the consulting and data company’s EV growth rate is 17%.

Jeep’s PHEV sales last year totaled 113,113 units, including 67,429 Jeep Wrangler units and 45,684 Jeep Grand Cherokee units. As of the first quarter of this year, sales totaled 31,750 vehicles, an increase of 47% compared with the same period last year. The brand ranks first in sales of plug-in hybrids in the United States.

Amid tightening emissions and fuel economy standards, Jeep is leaning more toward plug-in hybrids than other brands to offset sales of the brand’s gas-guzzling SUVs.

The next Jeep model is expected to be the Wagoneer S EV this fall, followed by a Wrangler-like EV called the Recon and a replacement for the discontinued Cherokee midsize SUV in the first half of next year. The automaker will also add a new plug-in “range-extender” model to its gasoline-powered Wagoneer and Grand Wagoneer large SUVs in 2025.

“We have a game plan. We have a business plan and we believe that from a price positioning and product standpoint, we can definitely meet the volumes that we want,” Filosa said.

Hybrids and plug-in hybrids both combine traditional engines with electric vehicle technology. Conventional hybrids, e.g. toyota The Prius has electrification components, including small batteries that complement the engine to provide better fuel economy.

Plug-in hybrids typically have larger batteries that can provide all-electric driving for a certain number of miles until the engine or electric motor is needed to power the vehicle.

Filosa and Stellantis Chief Technology Officer Ned Curic both said the company is evaluating whether to launch conventional hybrids in the U.S. in addition to plug-in models.

“We’re currently deciding how the market is going to react to our hybrids,” Couric said in a separate interview. “We have a lot of roadmaps between electric vehicles, plug-in hybrids (and internal combustion engines). Good combination.”

“Range-extended electric vehicles” (REEVs) operate slightly differently than typical hybrids. The vehicles can operate as zero-emission electric vehicles until the vehicle’s battery is depleted, and the onboard electric motor-generator powered by the 3.6-liter V6 engine kicks in to power the vehicle after the first charge.

Stellantis’ first REEV vehicle is expected to be the Ram Ramcharger full-size pickup truck later this year.

“This is a very good choice,” Couric said. “I’m confident the car will perform very well.”

Curic said it expects REEV prices to be higher than PHEVs (which are already more expensive than traditional gasoline-powered vehicles), but lower than all-electric models.