Stellantis Reverses on Sales Plans for Jeeps

Stellantis (NYSE:STLA) shares lost some mustard Tuesday, on reports its Jeep brand plans to grow U.S. sales of its plug-in hybrid electric vehicles by as much as 50% this year as it leans into the technology as a bridge between its traditional gas-guzzling SUVs and all-electric vehicles amid a slower-than-expected sales pace of EVs.

Jeep CEO Antonio Filosa says the company expects to sell 160,000 to 170,000 plug-in hybrid electric vehicles, or PHEVs, in the U.S. this year, an increase of 40% to 50% from last year.

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

“It’s the best time to be flexible, as we are,” Filosa said during an interview Thursday after unveiling the brand’s new EV in New York. “One of the pillars of growth for the market is going to be freedom of choice.”
PHEVs, which combine an internal combustion engine with EV technologies, could help accelerate consumer adoption of electrified vehicles, as a sort of stutter step to all-electric models.

PHEV sales at the level Jeep is expecting this year would top Stellantis’ total 2023 U.S. sales of the vehicles, at roughly 143,000 units. They also would outperform an industry forecast for 27.5% segment growth this year, according to AutoPacific. That compares with the consulting and data firm’s 17% growth for EVs.

STLA shares fell 21 cents, or 1%, to $21.77.

Source link

About The Author

Scroll to Top