New Jeep CEO cuts prices, expands lineup
Jeep, the crown jewel of Stellantis NV’S 14 vehicle brands, will lower prices and add models and features to its lineup this year as it seeks to regain market share lost to squeezed consumers and stiffer competition in its core US market.
The carmaker is lowering the sticker price on its topselling Grand Cherokee SUV by as much as $4,000. It is cutting prices on its Jeep truck, the Gladiator, by an average of $1,700.
The 2024 Jeep Compass, the lowest-priced model in its lineup, starts below $26,000, an average drop of $2,500, said Antonio Filosa, who became global head of the Jeep brand in November.
The 2024 Jeep Wrangler includes $3,000 worth of new content, like a 12.3-inch touch screen that comes standard on all trims.
“Inflation was such a big negative hit for families and people here in the US, we needed to do something,” Filosa said in a presentation to reporters Friday at the company’s U.S. headquarters in Auburn Hills, Michigan.
This is a critical year for the prized SUV brand, which saw its move upmarket falter after higher interest rates shifted consumers toward more affordable vehicles. Jeep has cut production to tame bloated inventories.
The automaker also plans to offer new products, including Jeep’s first full battery-electric offerings for US consumers, the Jeep Recon and the Jeep Wagoneer S.
United joins higher checked bag fees club
United Airlines said Friday that it is raising its fees for checking bags, following a similar move earlier this week by American Airlines.
Starting with tickets booked Saturday, economyclass passengers on domestic flights will be charged $5 more.
That will bring the price to $35 if they pay online at least 24 hours before the flight, and $40 after that.
The fee for a second checked bag will also rise $5, climbing to $45 in advance online and $50 at the airport.
Passengers in premium cabins, holders of Unitedbranded credit cards and customers with elite status in the airline’s frequent-flyer program will still be able to check a bag for free, United said.
Earlier this week, American Airlines raised its fee for a first checked bag on domestic flights from $30 to $35 if paid in advance and to $40 at the airport. It also hiked the fee for a second bag from $40 to $45. American also increased bag fees for short international flights.
Alaska Airlines raised its bag fees for most economy passengers in January, and Jetblue followed earlier this month.
Bezos, Nvidia join Openai in funding startup
Jeff Bezos, Nvidia Corp. and other big technology names are investing in a business that’s developing human-like robots, according to Bloomberg, part of a scramble to find new applications for artificial intelligence.
The startup Figure AI
Inc. also backed by Openai and Microsoft Corp. is raising about $675 million in a funding round that carries a pre-money valuation of roughly $2 billion, said Bloomberg sources who asked not to be identified because the matter is private. Through his firm Explore Investments LLC, Bezos has committed $100 million. Microsoft is investing $95 million, while Nvidia and an Amazon.com Inc.-affiliated fund are each providing $50 million.
Robots have emerged as a critical new frontier for the AI industry, letting it apply cutting-edge technology to real-world tasks.
Other technology companies are involved as well. Intel Corp.’s venture capital arm is pouring in $25 million, and LG Innotek is providing $8.5 million. Samsung’s investment group, meanwhile, committed $5 million.