Jeep March-April sales growth of 19.51 TP3T y-o-y... Q2 earnings expectations ↑.
Bangsil CEO seeks to restore trust and strengthen brand by stabilising sales prices and nurturing star models
Star model 'Wrangler' drives growth with lifestyle-optimised trims
The post loadtest editorial department (roadtestkorea@gmail.com)
Photo Stellantiscoria
Three months after Stellantis Korea's Bangsil took the helm, the Jeep brand seems to have rebounded slightly. Jeep's sales growth is the result of Bangsil's price stabilisation policy and strategy of nurturing star models.
Since Bang was appointed as the new head of Stellantis Korea on 1 February, Jeep has seen steady growth. According to the Korea Association of Imported Motor Vehicles (KAIDA), Jeep sales in March and April this year increased by approximately 7.21 TP3T and 35.71 TP3T year-on-year, respectively. Combined sales for March and April totalled 575 units, an increase of approximately 19.51 TP3T compared to the same period last year (481 units).
The key to Jeep's modest rebound is the two-pronged strategy that Mr Bang has implemented. At the Stellantis Korea press conference in April, Mr Bang said he would turn things around by (1) restoring customer trust and (2) fostering star models. To restore customer trust, the company plans to stabilise sporadic promotions and increase marketing activities for star models to boost sales.
In fact, Stellantis Korea has not always offered discounts, but has signed an exclusive financial partnership agreement with Woori Financial Capital to launch Jeep Financial Services, offering ultra-low interest rate financial products in the 0-4% range. Instead of using simple discounts to drive sales, the company has stabilised sales prices through official financial promotions with attractive terms and conditions, while reducing the burden of purchasing for customers.
Internally, the company has also launched a company-wide "100 Days Project" to make the Wrangler the star of the Jeep brand and to drive sales. We are also conducting marketing activities to expand customer contact points on a micro level, including the Jeep 4×4 Urban Adventure Roadshow, an outdoor exhibition event centred on The New Wrangler, which was held last month.
As a result, Wrangler's share of sales in March and April this year was the highest of any single vehicle at approximately 36.31 TP3T. More than one in three Jeep customers purchased a Wrangler, an increase of 11.11 TP3Tp from the same period a year ago (25.21 TP3T), which also drove Jeep's sales performance for the two months.
Six years after its global unveiling in 2017, The New Wrangler has been partially refreshed and modernised with a new design and enhanced comfort and safety features. In Korea, it is available in Sport S, Rubicon and Sahara trims, with Rubicon and Sahara trims accounting for the bulk of Wrangler sales.
The New Wrangler Sahara trim, in particular, has been gaining traction as an urban daily driver with its eye-catching design, more refined interior, comfortable on-road ride, and a host of driving safety amenities and infotainment features. In particular, the Sahara's one-tone body and fenders make it more sophisticated than the Rubicon's rugged exterior, which is gaining popularity among female customers.
Compared to the outgoing model, it offers more comfort and convenience with power driver and front passenger seats, premium McKinley seats, 8-way power front seats with 4-way lumbar support and wireless Uconnect, plus a remote start system, adaptive cruise control (ACC), blind spot and cross traffic monitoring system, 2.Safety is ensured with a 72:1 Select-Trac full-time 4WD system, Electronic Stability Control (ESC) with electronic rollover protection and trailer sway damping, Hill Start Assist (HAS), and off-road front and rear cameras.
Jeep's star model, the Wrangler, is priced at $78.9 million for the Sahara 4-door hardtop and $82.4 million for the 4-door powertop.