CNBC's Michael Wayland joins the "Power Lunch" team to discuss Jeep ahead of its latest electric vehicle launch.

Jeep is preparing to unveil its latest electric vehicle, the Recon, which draws design inspiration from the Wrangler. The official reveal will take place ahead of the Los Angeles Auto Show, even as Stellantis, Jeep's parent company, and other major automakers have recently reduced their electric vehicle ambitions due to market challenges.

The Recon is expected to reach the market late next year and will be manufactured in Mexico alongside other models. The launch comes at a time when EV sales have declined, and Jeep is managing a recall of over 320 plug-in hybrid vehicles, leading to subdued expectations for the new model.

Jeep to unveil new EV

Let's talk about cars, because Jeep is set to unveil a brand new electric car tomorrow. It's called, there it is, the Recon, and it's inspired by the Wrangler. Now this is an interesting move by Jeep, because parent company Stellantis has been pulling back on EVs, as have fellow Detroiters Ford and GM. So let's talk about this car and what's at stake. CBC's Mike Whalen wrote a piece on cbc.com, is joining us now, and I don't want to give too much away, because I know Phil's got sort of a first look at the LA Auto Show tomorrow, but I thought Stellantis was done with EVs. Mike, what's going on here? Ryan, thanks for having me on, but yeah, you know as good as anyone, automakers take years to kind of do product planning, and while Stellantis has pulled back on its EV plans, there are still some new models coming out that they've already had kind of in the hopper, that are already paid for. The Recon is one of them, we're expected to officially see that tomorrow ahead of the Los Angeles Auto Show, but yeah, in general, it's coming at a very bad time. It's coming at a bad time for Jeep, it's coming at a bad time for Stellantis, and it's a bad time for the EV market. We've seen EV sales pretty much plummet from record highs in September to 5.8% of the market in October, and Jeep is also dealing with a recall of more than 320 plug-in hybrid electric Jeeps right now, so this vehicle is coming to market, we're expecting it late, I mean, next year, but in general, expectations kind of have been subdued in recent months for the seller. Well, it is interesting, you know, and listen, I'm a Jeep guy, as you know, I've got a Wrangler, I've got a Grand Cherokee, so I'm in on Stellantis and the Jeep and Toledo, yay, Ohio. The car's not terrible looking, kind of, we bring up, there's a couple sneak peeks, I know we got more tomorrow, but kind of looks like a Wrangler and a Compass had a baby. They call it the Wrangler's brother, and let's be clear, Toledo does build Wranglers in Toledo, sorry, Jeep builds Wranglers in Toledo, but this vehicle will actually be coming from a plant in Mexico, and it's expected to be produced alongside the Wagoneer S, as well as two gas-powered models, and I've spoken with the Jeep CEO many times, and he has said, you know what, EV sales are gonna slow, we know that, but there is a part of a market, part of a buyer who loves these vehicles, and we're gonna be there for them, and having that vehicle produced at that plant in Mexico, with the gas-powered vehicles, means that they can adjust production to demand.

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