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Stellantis will 'try its best' not to hike price of Grand Cherokee this year

Published: 12 Feb. 2025, 00:00

CHO YONG-JUN
[email protected]

Stellantis Korea Managing Director Bang Sil at a press conference in Gangnam District, southern Seoul, on Tuesday. [CHO YONG-JUN]

Stellantis Korea's Managing Director hopes to keep price hikes — including those of the upcoming Jeep Gladiator, Grand Cherokee and Peugeot 3008 — to a minimum this year even as high foreign exchange rates push the tags of competing models ever higher.

“I always check the exchange rate every morning when I wake up,” Stellantis Korea Managing Director Bang Sil said Tuesday during a news conference for its upcoming offerings in Gangnam District, southern Seoul. “We have to pay in Euro for the cars produced in Europe and pay in dollar for the cars produced in the United States. I’ve received a lot of internal pressure to raise the price. I'm trying my best not to.

"We will be bringing new models that have higher appeal to customers while minimizing the impact of a price increase," the managing director said.

Stellantis had a low year in 2024, as Peugeot, after introducing no new models, sold less than 1,000 vehicles through the year, according to data from Korea Automobile Importers and Distributors Association. While Jeep had sold more than 1,100 units of its signature Wrangler off-roader SUV, it managed to only sell 32 models of the Avenger — the company’s first full-electric SUV, hit by its high price.

“While we’ve had a lot of customers who were interested in the vehicle, we sold less than what we had expected to sell,” the managing director commented, adding that Peugeot, too, had suffered from lower EV demand.

The managing director said the company has plans to preemptively provide consumers with discounts close to the amount of the government’s proposed EV subsidy.

Jeep will bring the face-lifted version of the Gladiator pickup truck in April, fitted with 12.3-inch infotainment and side air bags as standard, while they are also preparing to launch the face-lifted New Grand Cherokee by the end of the year. The New Grand Cherokee, which is yet to be revealed even in the U.S. markets, is set to come with the same two-row, three-row and plug-in hybrid versions.

Peugeot will launch mild hybrid versions of its existing 308 and 408 vehicles, which will both come with a 1.2-liter engine paired with a 28-horsepower EV motor. The 3008 mild hybrid SUV, set to hit the market at the second half of 2025, will come with a 21-inch panoramic display and ChatGPT integration.

While the Stellantis Korea's managing director refrained from commenting on the fallout of Trump's threatened tariffs, Bang expressed hopes of “lowered nontariff barriers” for Korea's imported car markets.

BY CHO YONG-JUN [[email protected]]