Jeep Wagoneer S
Stellantis’ $STLA ( ▲ 5.74% ) challenges in the EV market aren’t just limited to the all-electric Dodge Charger Daytona—with reports that some Chrysler Dodge Jeep Ram (CDJR) dealers are now slashing prices on the Jeep Wagoneer S.
The details: The all-electric Wagoneer S—which starts at $66,995 (not including the $1,795 destination fee)— is seeing price cuts of nearly $25,000 on some models, including EV incentives.
According to CarScoops, Jimmy Britt Chrysler Dodge Jeep Ram, which is located in Georgia, has a Wagoneer S with an MSRP of $67,590 listed at $43,104—a price decrease of $24,486.
In Florida, Taverna Chrysler Dodge Jeep Ram Fiat has a $67,590 Wagoneer S slashed to $43,138—amounting to a savings of $24,452.
Chris Nikel Chrysler Jeep Dodge Ram Fiat in Oklahoma has a Wagoneer S listed for $43,425—$24,165 below sticker.
Why it matters: The Wagoneer S was supposed to be Jeep's premium entry into the EV market, but massive discounts suggest either the pricing was wildly unrealistic or consumer demand for electric Jeeps is much weaker than anticipated. Either way, it's a costly miscalculation for a company already struggling financially.
Between the lines: There are clearly some bigger implications tied to CDJR dealers slashing the pricing on Wagoneer S models—namely the struggles that many automakers now face in luring car buyers to battery electric vehicles (BEV) amidst slowing market demand for EVs.
53% of Americans say they are not too or not at all likely to seriously consider purchasing an EV, according to a report by the Pew Research Center.
Studies indicate that now one-third of Americans say they would very or somewhat seriously consider purchasing an electric vehicle (EV) as their next vehicle compared to 42% of Americans in 2022.
The Jeep Wagoneer S—which arrived in U.S. dealerships in Q1—saw sales of 2,595 units, with total sales increasing 21% from March to February.
The challenges that the Jeep Wagoneer S faces to gain traction in the market reflect some of the same issues that the Dodge Charger Daytona EV has faced in the market, as the Dodge brand’s first BEV, which has also seen drastic price cuts by dealers.
Bottom line: Stellantis bet big on electric versions of iconic American brands like Jeep and Dodge, but consumers aren't buying the premise. The company is now stuck with expensive EVs that need huge discounts to move, eating into already thin margins while competitors focus on profitable gas-powered vehicles.
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