Jeep says a $25,000 Renegade EV is coming to the US, but can it deliver?
Rugged SUV maker Jeep officially announced plans to launch a Renegade EV in the US for under $25,000. However, industry experts believe the low starting price point may be hard to hit. Can Jeep deliver an electric Renegade for under $25K?
A new affordable Jeep EV is coming to the US
Jeep confirmed plans to launch a new Renegade EV during its Investor Day earlier this month. The electric SUV will start at under $25,000 as Jeep aims to revamp the brand in the US.
As part of the overhaul, the rugged SUV brand is returning to the small UV segment in North America. Jeep will add a new model every year over the next three years to build a 13-vehicle lineup.
By 2027, Jeep will launch six fully electric vehicles. These will include the Wagoneer S, Recon, a new mainstream UV, and the Renegade EV, which will start under $25,000.
The revamped lineup will help increase market coverage in North America from 45% in 2023 to 85% in 2027.
Stellantis CEO Carlos Tavares told investors last month that a $25,000 EV was coming to the US very soon. “If you ask me what is an affordable BEV, I would say 20,000 euros in Europe and $25,000 in the US,” Tavares explained.
Like the $21,500 (20,000 euro) Citroen e-C3, launched in Europe, the US “will have a $25,000 Jeep very soon,” Tavares said.
Is a $25,000 Jeep Renegade EV possible?
Although Jeep dealers say an affordable electric Jeep Renegade would likely sell, can the brand deliver it for under $25,000?
Stellantis dealer Ralph Mahalak Jr. would welcome a low-cost electric Jeep. Mahalak owns six dealerships in Ohio, Michigan, and Florida.
“If it’s inexpensive and competitive with all the other the little EVs in that price class and that size class, obviously I’m up for it,” he told Automotive News.
Mahalak explained that the model would need 200 to 300 miles range to compete in the US market.
According to global auto forecasting firm AutoForecast Solutions, Jeep may have a hard time hitting its price target. The firm does not expect Jeep to build the Renegade EV in North America, which would disqualify it from receiving federal incentives.
“The way it’s laid out right now, it’s either going to come from Poland, which is most likely, or Brazil,” AutoForecast Solutions VP Sam Fiorani said.
Either way, Fiorani explained, “it would not get IRA incentives on it, which makes it a wholly $25,000 vehicle,” which would be difficult to achieve.
Jeep could eliminate features or reduce interior quality to meet its target. However, it can’t go too cheap, or Jeep could hurt the brand.
Other industry analysts, like Edmunds’ Joseph Yoon, believe a Jeep Renegade EV could sell, even if it costs slightly over $25,000.
“If the Renegade comes in at, let’s say [$30,000] starting for the launch models, or maybe even [$35,000],” Yoon believes it could put up some numbers for Jeep. But, again, Jeep can’t cut too many corners regarding range, features, and interior quality.
Electrek’s Take
Jeep plans to enter the affordable EV segment in the US (and globally) as part of a wider brand overhaul.
Jeep’s US sales slipped 6% last year after falling 12% in 2022. After sales peaked in 2018, reaching nearly 1 million, Jeep has struggled to gain momentum.
Jeep CEO Antonio Filosa believes Jeep’s new electric models can help turn things around. The new Wagoneer S, unveiled last month, will compete with the best, including Tesla. Filosa said “Something like 100% will be conquested,” regarding Wagoneer S sales.
“The brands we are targeting are mainly Tesla… but there are many others,” Jeep’s chief boasted earlier this month.
Meanwhile, most rivals are also targeting the low-cost EV segment at this point. Kia opened orders for its EV3, starting at $30,700 (KRW 42.08 million), in Korea earlier this month.
Although Volvo EX30 deliveries are delayed again for the US, the compact electric SUV starts at $35,000 with deliveries now slated to begin next year. In Europe, the EX30 is already off to a hot start.
Chevy’s new Equinox EV is rolling out, with a $35,000 model coming later this year. Volkswagen, Ford, Hyundai, and several others are all looking to capitalize on the climbing demand for low-cost EVs.
Would you buy a Jeep Renegade EV for under $25,000? What about $35,000? Let us know what features and range you would expect in the comments below.
FTC: We use income earning auto affiliate links. More.
Daimler Trucks, Accelera by Cummins, and truck maker PACCAR broke ground on a huge battery cell factory for electric trucks in Mississippi.
July 2, 2024, update: The joint venture is called Amplify Cell Technologies, and it’s building a 2 million-square-foot, energy-efficient factory on a 500-acre site to produce lithium-iron-phosphate (LFP) battery cells. It will have an annual manufacturing capacity of 21 gigawatt hours (GWh), and Amplify plans to begin battery cell production in 2027.
Mississippi’s Republican governor, Tate Reeves, celebrated the factory’s groundbreaking, catalyzed by and will benefit from President Biden’s Inflation Reduction Act. Reeves said:
This project is the largest payroll commitment in state history, and it will bring an incredible 2,000 new jobs to this community. This fantastic investment from these industry leaders will help to further charge Mississippi’s electric economy.
January 18, 2024: The factory will be in Marshall County, Mississippi, southeast of Memphis. The joint venture’s factory will localize battery cell production for commercial electric trucks. It’s expected to create more than 2,000 US manufacturing jobs.
The joint venture between Accelera by Cummins, Daimler Truck, and PACCAR – which manufactures light-, medium-, and heavy-duty trucks under the Kenworth, Peterbilt, and DAF nameplates – was announced in September 2023.
The total investment is expected to be in the range of $2-3 billion for the factory.
Daimler asserts that the LFP battery cells they produce will offer lower cost, longer life, and enhanced safety without the need for nickel and cobalt.
Each company will own 30% of the joint venture. China-based EVE Energy, which manufactures LFP battery cells for EVs, will be the technology partner in the joint venture, with 10% ownership. It will bring its battery cell design and “manufacturing know-how” to the table.
The companies say the joint venture enables them to create the scale needed for cost-effective EV batteries, “ultimately creating value for commercial vehicle customers in North America.”
“Localized battery cell production is an important component of delivering our customers – the fleets that keep America and the world moving – cost-effective options for decarbonizing their operations,” said John O’Leary, president and CEO of Daimler Truck North America.
Read more: Uber Freight and Greenlane team up to electrify America’s trucking routes
Photo: Daimler Truck North America
To limit power outages and make your home more resilient, consider going solar with a battery storage system. In order to find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. They have hundreds of pre-vetted solar installers competing for your business, ensuring you get high quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use and you won’t get sales calls until you select an installer and you share your phone number with them.
Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisers to help you every step of the way. Get started here. – ad*
FTC: We use income earning auto affiliate links. More.
Hyundai is showing no signs of slowing down in the US EV market after a record-breaking second quarter. The Hyundai IONIQ 5 and IONIQ 6 both set new Q2 sales records as demand for long-range EVs at an affordable price continues to climb in the US.
Hyundai IONIQ 5 tops Q2 sales record in the US
After setting a new May sales record, Hyundai’s electric SUV continued its hot streak last month. Hyundai sold 3,755 IONIQ 5 models in the US last month (+20% YOY), a new June record.
Although it’s down slightly from the 4,449 sold in May, the growth was enough to push Hyundai’s IONIQ 5 to a new Q2 sales record. Hyundai sold 11,906 IONIQ 5s in the second quarter of 2024, up 51% from the 7,905 handed over at this time last year.
Hyundai has now sold 18,728 IONIQ 5 models through the first half of 2024, an increase of 37% over last year.
The IONIQ 5 wasn’t Hyundai’s only EV with a new sales record. With 3,266 models sold (+8% YOY), Hyundai’s IONIQ 6 also set a new Q2 sales record. Hyundai’s overall EV sales climbed 15% in Q2.
.
| January | February | March | April | May | June | 2024 YTD Total | % Chg YTD | |
| Hyundai IONIQ 5 sales | 1,465 | 1,993 | 3,361 | 3,702 | 4,449 | 3,755 | 18,728 | +37% |
The news comes after Kia set a new Q2 EV sales record as demand for its three-row EV9 and low-cost EV6 continues climbing.
Hyundai Motor America CEO Randy Parker said the strong demand for the IONIQ 5 helped drive growth in Q2.
In a recent interview with Electrek, Parker told us Hyundai is “humble and hungry” to distance itself from the EV pack and close the gap with Tesla.
Parker explained that Hyundai is giving buyers confidence to go electric with long-range, fast-charging EVs at an affordable price. Hyundai has six of the top ten most fuel-efficient EVs in the US this year by trim.
|
2024 Hyundai IONIQ 5 trim |
Starting Price (excluding destination fee) |
Price after potential $7,500 EV tax credit (excluding destination fee) |
Range (EPA est miles) |
| SE Standard Range | $41,800 | $34,300 | 220 |
| SE | $45,850 | $38,350 | RWD: 303 AWD: 260 |
| SEL | $47,400 | $39,900 | RWD: 303 AWD: 260 |
| Limited | $53,500 | $46,000 | RWD: 303 AWD: 260 |
| D100 | $59,400 | $51,900 | 260 |
Meanwhile, the 2024 IONIQ 5 is now more affordable to lease than the cheapest car in the US.
Although the Nissan Versa starts at under $18,000, the IONIQ 5 is cheaper to lease at $229 per month for 24 months. And that’s for the 2024 Hyundai IONIQ 5 SEL RWD with up to 303 miles range.
If you’re in the market for a new EV, there’s never been a better time to start shopping. You can use our links below to view deals on Hyundai’s EVs at a dealer near you.
FTC: We use income earning auto affiliate links. More.
China’s BYD has found a new EV leasing partner in Europe as it expands overseas. BYD signed a deal with leading car leasing firm Ayvens to distribute its vehicles across Europe.
BYD finds new EV leasing partner for Europe
BYD’s executive vice president, Stella Li, signed the Memorandum of Understanding (MoU) Tuesday as the EV maker expands outside of China.
Wang Chuanfu, BYD’s president and chairman, said the deal with Ayvens “reflects our mutual vision to accelerate the development of NEV markets in Europe.” The partnership will help support the distribution of BYD’s electric cars to European commercial and retail buyers.
Through the agreement, Ayvens clients will have access to BYD’s full range of EVs. Customers also receive tailored fleet solutions, including EV leases and end-to-end charging services.
Operational leasing services will be first rolled out in France, the Netherlands, Belgium, and Luxembourg, with new markets planned.
BYD’s new EV leasing deal comes as Europe plans to introduce new tariffs on Chinese EV imports. Despite this, BYD expects to overcome it, with some models being more profitable in the EU than in China anyway.
BYD has launched seven new models across Europe: The Tang, Han, Atto 3, Dolphin, Seal, Seal U, and Seal U DM-i.
After selling 426,039 pure electric cars in the second quarter of 2024, BYD was slightly behind Tesla with 443,956 deliveries for the global EV leader title.
BYD is expanding in key overseas markets outside Europe, like South Korea, Central and South America, Thailand, and Australia.
Although BYD is best known for its low-cost EVs like the Dolphin, Atto 3, Seal, and Seagull, it’s quickly building its lineup with luxury vehicles, pickups, and electric supercars.
BYD’s +1,200 hp Yangwang U9 electric supercar was spotted racing around the Nurburgring last week. The new EV sports car is aimed at brands like Ferrari and Lamborghini (see the video here).
FTC: We use income earning auto affiliate links. More.
-
Sports2 years ago‘Storybook stuff’: Inside the night Bryce Harper sent the Phillies to the World Series
-
Sports3 months agoStory injured on diving stop, exits Red Sox game
-
Sports1 year agoMLB Rank 2023: Ranking baseball’s top 100 players
-
Environment1 year agoJapan and South Korea have a lot at stake in a free and open South China Sea
-
Sports8 months agoGame 1 of WS least-watched in recorded history
-
Sports3 years ago
Team Europe easily wins 4th straight Laver Cup
-
Environment1 year agoGame-changing Lectric XPedition launched as affordable electric cargo bike
-
Environment1 year agoTesla advances Powerwall pilot project with German electric company