Jeep’s New £100k Electric Flagship Set to Drive UK Growth
Introduction
The upcoming release of the Wagoneer S, Jeep’s new electric flagship, is expected to lead the way for three key models arriving in the next 18 months. The new UK boss of Jeep, Kris Cholmondeley, believes that the Wagoneer S has the potential to be more than just a niche product and can play a significant role in the growth of the American brand in the UK market.
Current Market Share
Currently, Jeep holds a 0.5% market share in the UK. The majority of their sales come from the supermini-sized Avenger, which accounts for about 75% of their total sales. On the other hand, the larger and more upmarket Grand Cherokee has struggled to attract buyers.
Confidence in the Wagoneer S
Despite its expected price tag of around £100,000, Kris Cholmondeley is confident that the Wagoneer S can be a success in the UK market. He believes that the Wagoneer S has the right credentials and can compete with other SUVs in its segment. Cholmondeley acknowledges the risk involved but believes that the Jeep brand has the potential to make a significant impact in the market.
Future Models
Following the release of the Wagoneer S, Jeep plans to introduce two more electric models. The first is the Recon, an electric 4×4 that will parallel the Wrangler in terms of off-road ability. The second model is yet to be confirmed but is rumored to be a new electric Compass SUV based on the same platform as the Peugeot 3008 and Vauxhall Grandland.
Importance of the Recon and Wagoneer S
Kris Cholmondeley emphasizes the importance of the Recon and Wagoneer S in establishing Jeep as a reputable 4×4 brand across all segments. These models will serve as halo models for the brand and contribute to its overall success. Cholmondeley believes that relying solely on the success of the Avenger is not enough for Jeep to achieve its market share ambitions.
Upcoming Model Release
In November, Jeep plans to reveal another new model. While it has not been confirmed, it is speculated to be the third-generation Compass. Cholmondeley states that this model will be crucial in achieving their market share goals and will position Jeep in the popular C-segment market.
Stabilizing Sales and Future Ambitions
Jeep’s UK sales have been inconsistent in the past decade, often relying on small cars like the Avenger and Renegade. Kris Cholmondeley aims to stabilize sales and focus on sustainable growth that protects residual values. He believes that Jeep’s only limiting factor is a lack of ambition due to their history and envisions Jeep becoming a 2% market share brand in the next five to ten years.
