CEO says opportunities can be made in the segment

In a recent interview with Bloomberg, Fiat Chrysler CEO Sergio Marchionne confirmed that Jeep was in the middle of developing a luxury crossover to rival the Range Rover and other luxury SUV's in its class. Marchionne said the brand is missing an opportunity and said “When I see a Range Rover on the street, my blood boils, because we should be able to do a thing like that and we will.”

Sergio Marchionne

At the moment, the most expensive Jeep in the range is the Grand Cherokee which starts at $29,995 all the way to the SRT-8 starting at $64,695. The upcoming luxury SUV will be more expensive than the Grand Cherokee and will be named the Grand Wagoneer. The Grand Wagoneer name will be revived which was Jeep's premium offering from 1984 to 1991. It was based from the standard Wagoneer which debuted in 1964. The new luxury SUV is expected to arrive by 2018.

Marchionne didn't mention any specifications about the upcoming luxury SUV. Initially, the model wasn't mentioned in the company's five year plan because the CEO didn't want to show his cards too soon.