Jeep revealed new details for its first-ever EV, the upcoming Wagoneer S SUV, on Thursday night. The debut comes as Jeep parent Stellantis (STLA) and Big Three rivals GM and Ford reevaluate their EV game plans.

The near-production version of the Wagoneer S mimics the popular Jeep Grand Cherokee's clean body lines and front fascia of Jeep’s trademark waterfall grill, but features a lower roofline and sleeker overall shape, which Jeep says is needed for overall aerodynamic efficiency.

Under the hood, or body in this case, are two electric drive motors (EDMs) that integrate the motor, gearing, and power electronics in one unit. The two motors combine for 600 horsepower and 617 lb-feet of torque, resulting in a 3.4 second 0-60 mph time. The EDMs, along with the 100 kWh battery pack and Jeep-exclusive Selec-Terrain drive modes, give the Wagoneer S 300 miles of range on a full charge.

“Building upon nearly a century of innovation and design, this first global EV will introduce a whole new generation of owners to an experience that is distinctly Jeep and 100% electric in every way,” said Antonio Filosa, Jeep brand CEO, in a statement. “With new energy in the Jeep vehicle lineup, ranging from EV to V-8, customers have never had more freedom to choose their own adventure.”

-The Wagoneer S will utilize Stellantis’s STLA Large Platform, which is the company’s EV platform for large vehicles. The use of single platforms allows Stellantis to build brand-specific EVs in a cost-effective way.

Cost efficiency is important as the Big Three and rivals like Volkswagen and Toyota blaze their EV paths. GM and Ford have each pushed back on their aggressive EV rollouts in the past quarters, and even Stellantis CEO Carlos Tavares has said the company will slow down or ramp up production of EVs depending on consumer demand.

Tavares also told Yahoo Finance in February that the company is fully invested for its EV buildout through 2027, and can wait until the end of this year to determine further investments for the 2028 - 2035 timeline, indicating the company has flexibility in making its large cap-ex commitments.

While the Jeep brand in particular is thriving, with strong sales of its plug-in hybrid 4xe Jeep Wrangler and Grand Cherokee vehicles, the company and CEO Carlos Tavares still believes EVs are the future for some buyers.

Tavares said yesterday at the Bernstein Strategic Decisions Conference that the company would release a $25,000 Jeep EV in the US “very soon,” and has said the cheap Citroen EV that was released in Europe is already being made at a profit.

As for the US and the just-debuted Wagoneer S, Jeep said high-spec Launch Edition models would start at $71,995, including destination, a bit below the $80,000 some expected. Jeep did not reveal what lower-spec versions of the Wagoneer would retail for at dealers.

Pras Subramanian is a reporter for Yahoo Finance. You can follow him on Twitter and on Instagram.

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