Jeep unveiled its first electric SUV this week, joining the hotly contested segment, along with other manufacturers such as Hyundai, GM, Kia, and Honda.
The new Wagoneer S, which will go on sale this fall, shares little with its gas-powered namesake, the Wagoneer. The EV utilizes the same architecture as the upcoming Dodge Charger EV. The starting price tag will come in at $72,000.
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Jeep Wagoneer S Launch Edition will feature a 600hp engine that can do 0-60 in 3.2 seconds. Jeep says the 100.5 kWh battery will give the SUV a range of 300 miles.
The EV market has faced some turmoil recently. Still elevated prices and higher interest rates have put the cost of higher end EVs out of reach for many Americans.
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Hybrids accounted for 9.3% of new light vehicle registrations in the U.S. from January to November 2023, outstripping those of EVs by 1.8 percentage points, according to S&P Global Mobility data.
Moody said recently, that buyers like hybrids because they are relatively affordable and get great gas mileage. At the same time, hybrids work with existing infrastructure and require less time for refueling than an EV.
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FOX Business' Breck Dumas contributed to this report.
