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Jeep and Dodge’s parent company, Stellantis, will offer hefty discounts and reduce output as it looks to reverse plunging US sales. Stellantis warned of significantly lower profits this year as US sales fall. It’s also facing rising low-cost competition from China globally.

Jeep owner to increase discounts as US sales plunge

Following rival Volkswagen, Stellantis is the latest legacy automaker to cut financial guidance for the year.

Although Stellantis is Europe’s second best-selling auto brand, the company is falling behind in the US. It’s also facing rising competition from Chinese automakers like BYD, which are aggressively expanding overseas.

The company is working to restore normal US inventory levels. By the end of 2024, the automaker aims to have no more than 330,000 units of dealer inventory, earlier than its initial Q1 2025 deadline.

Stellantis said it would introduce significant discounts on 2024 and older model-year vehicles while slashing US output to clear excess inventory.

The company now expects an adjusted operating profit of between 5.5% and 7% in 2024, down from its prior “double-digit” guidance.

The move comes after Stellantis’ US brand sales plunged 21% in the second quarter compared to Q2 2023. Ram (-26%), Dodge (-16%), and Jeep (-9%) sold significantly fewer vehicles compared to last year.

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Jeep Wagoneer S (Source: Stellantis)

Jeep has already slashed prices on several of its top-selling vehicles, including the Grand Cherokee, Gladiator, and Wagoneer, in an effort to boost sales. However, CEO Antonio Filosa said more could come by the end of the year.

Charging up Jeep, Dodge, Ram sales with new EVs

The price cuts come ahead of Jeep’s first global electric SUV, the Wagoneer S, which will hit US dealerships this fall. Starting at $71,995, the luxury electric SUV will play a key part in revamping sales in the US, its biggest market.

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Jeep Wagoneer S Launch Edition (Source: Jeep)

After the electric Wagoneer, Jeep will launch the Wrangler-inspired Recon EV and a new mid-size electric crossover. Stellantis also confirmed a Renegade EV, starting under $25,000, is on the way.

Jeep isn’t the only Stellantis brand going electric. Dodge and Ram will launch their first passenger EVs in the US.

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2025 Ram 1500 REV (Source: Ram)

The Ram 1500 REV will be built at Stellantis’ Sterling Heights Assembly Plant, its first US facility to make an all-electric vehicle. Ram’s first electric pickup is due out later this year.

Dodge opened orders for the 2024 Charger Daytona EV earlier this month, starting at $59,995. The high-performance Scat Pack model retains its status in the electric era as the “most powerful electric muscle car” with 670 hp and a 0 to 60 mph time in 3.3 secs. It costs $73,190.

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2024 Dodge Charger Daytona EV Scat Pack (Source: Stellantis)

Stellantis CFO Natalie Knight said reversing slumping US sales and rising inventory is the “top priority” going into the end of 2024.

Stellantis chairman John Elkann confirmed to Bloomberg News last week that Stellantis is searching for a successor to replace CEO Carlos Tavares when his contract expires in 2026.

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Jeep EV roadmap (Source: Stellantis)

Can electric vehicles help reverse falling Jeep, Dodge, and Ram sales in the US? Stellantis is hoping it will help build momentum. The company’s board of directors is set to meet in the US on October 9, 2024, to develop a turnaround plan.

As part of its Dare Forward 2030, Stellantis aims for 50% of US passenger and light-duty truck sales to be electric by 2030.

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Europe’s wind power hits 20%, but 3 challenges stall progress

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Europe’s wind power hits 20%, but 3 challenges stall progress

Wind energy powered 20% of all electricity consumed in Europe (19% in the EU) in 2024, and the EU has set a goal to grow this share to 34% by 2030 and more than 50% by 2050.

To stay on track, the EU needs to install 30 GW of new wind farms annually, but it only managed 13 GW in 2024 – 11.4 GW onshore and 1.4 GW offshore. This is what’s holding the EU back from achieving its wind growth goals.

Three big problems holding Europe’s wind power back

Europe’s wind power growth is stalling for three key reasons:

Permitting delays. Many governments haven’t implemented the EU’s new permitting rules, making it harder for projects to move forward.

Grid connection bottlenecks. Over 500 GW(!) of potential wind capacity is stuck in grid connection queues.

Slow electrification. Europe’s economy isn’t electrifying fast enough to drive demand for more renewable energy.

Brussels-based trade association WindEurope CEO Giles Dickson summed it up: “The EU must urgently tackle all three problems. More wind means cheaper power, which means increased competitiveness.”

Permitting: Germany sets the standard

Permitting remains a massive roadblock, despite new EU rules aimed at streamlining the process. In fact, the situation worsened in 2024 in many countries. The bright spot? Germany. By embracing the EU’s permitting rules — with measures like binding deadlines and treating wind energy as a public interest priority — Germany approved a record 15 GW of new onshore wind in 2024. That’s seven times more than five years ago.

If other governments follow Germany’s lead, Europe could unlock the full potential of wind energy and bolster energy security.

Grid connections: a growing crisis

Access to the electricity grid is now the biggest obstacle to deploying wind energy. And it’s not just about long queues — Europe’s grid infrastructure isn’t expanding fast enough to keep up with demand. A glaring example is Germany’s 900-megawatt (MW) Borkum Riffgrund 3 offshore wind farm. The turbines are ready to go, but the grid connection won’t be in place until 2026.

This issue isn’t isolated. Governments need to accelerate grid expansion if they’re serious about meeting renewable energy targets.

Electrification: falling behind

Wind energy’s growth is also tied to how quickly Europe electrifies its economy. Right now, electricity accounts for just 23% of the EU’s total energy consumption. That needs to jump to 61% by 2050 to align with climate goals. However, electrification efforts in key sectors like transportation, heating, and industry are moving too slowly.

European Commission president Ursula von der Leyen has tasked Energy Commissioner Dan Jørgensen with crafting an Electrification Action Plan. That can’t come soon enough.

More wind farms awarded, but challenges persist

On a positive note, governments across Europe awarded a record 37 GW of new wind capacity (29 GW in the EU) in 2024. But without faster permitting, better grid connections, and increased electrification, these awards won’t translate into the clean energy-producing wind farms Europe desperately needs.

Investments and corporate interest

Investments in wind energy totaled €31 billion in 2024, financing 19 GW of new capacity. While onshore wind investments remained strong at €24 billion, offshore wind funding saw a dip. Final investment decisions for offshore projects remain challenging due to slow permitting and grid delays.

Corporate consumers continue to show strong interest in wind energy. Half of all electricity contracted under Power Purchase Agreements (PPAs) in 2024 was wind. Dedicated wind PPAs were 4 GW out of a total of 12 GW of renewable PPAs. 

Read more: Renewables could meet almost half of global electricity demand by 2030 – IEA


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Podcast: New Tesla Model Y unveil, Mazda 6e, Aptera solar car production-intent, more

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Podcast: New Tesla Model Y unveil, Mazda 6e, Aptera solar car production-intent, more

In the Electrek Podcast, we discuss the most popular news in the world of sustainable transport and energy. In this week’s episode, we discuss the official unveiling of the new Tesla Model Y, Mazda 6e, Aptera solar car production-intent, and more.

The show is live every Friday at 4 p.m. ET on Electrek’s YouTube channel.

As a reminder, we’ll have an accompanying post, like this one, on the site with an embedded link to the live stream. Head to the YouTube channel to get your questions and comments in.

After the show ends at around 5 p.m. ET, the video will be archived on YouTube and the audio on all your favorite podcast apps:

We now have a Patreon if you want to help us avoid more ads and invest more in our content. We have some awesome gifts for our Patreons and more coming.

Here are a few of the articles that we will discuss during the podcast:

Here’s the live stream for today’s episode starting at 4:00 p.m. ET (or the video after 5 p.m. ET):

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BYD’s new Han L EV just leaked in China and it’s a monster

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BYD's new Han L EV just leaked in China and it's a monster

The Chinese EV leader is launching a new flagship electric sedan. BYD’s new Han L EV leaked in China on Friday, revealing a potential Tesla Model S Plaid challenger.

What we know about the BYD Han L EV so far

We knew it was coming soon after BYD teased the Han L on social media a few days ago. Now, we are learning more about what to expect.

BYD’s new electric sedan appeared in China’s latest Ministry of Industry and Information Tech (MIIT) filing, a catalog of new vehicles that will soon be sold.

The filing revealed four versions, including two EV and two PHEV models. The Han L EV will be available in single- and dual-motor configurations. With a peak power of 580 kW (777 hp), the single-motor model packs more power than expected.

BYD’s dual-motor Han L gains an additional 230 kW (308 hp) front-mounted motor. As CnEVPost pointed out, the vehicle’s back has a “2.7S” badge, which suggests a 0 to 100 km/h (0 to 62 mph) sprint time of just 2.7 seconds.

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BYD Han L EV (Source: China MIIT)

To put that into perspective, the Tesla Model S Plaid can accelerate from 0 to 100 km in 2.1 seconds. In China, the Model S Plaid starts at RBM 814,900, or over $110,000. Speaking of Tesla, the EV leader just unveiled its highly anticipated Model Y “Juniper” refresh in China on Thursday. It starts at RMB 263,500 ($36,000).

BYD already sells the Han EV in China, starting at around RMB 200,000. However, the single front motor, with a peak power of 180 kW, is much less potent than the “L” model. The Han EV can accelerate from 0 to 100 km/h in 7.9 seconds.

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BYD Han L EV (Source: China MIIT)

At 5,050 mm long, 1,960 mm wide, and 1,505 mm tall with a wheelbase of 2,970 mm, BYD’s new Han L is roughly the size of the Model Y (4,970 mm long, 1,964 mm wide, 1,445 mm tall, wheelbase of 2,960 mm).

Other than that it will use a lithium iron phosphate (LFP) pack from BYD’s FinDreams unit, no other battery specs were revealed. Check back soon for the full rundown.

Source: CnEVPost, China MIIT

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