Luxury Jeep in the Works

Fiat Chrysler Automobiles NV's Jeep unit is planning a luxury model that could top $100,000, Bloomberg News reports.

CEO Sergio Marchionne tells Bloomberg the top-end SUV will compete against Jaguar Land Rover Ltd.'s pricey Range Rover model. Marchionne declined to provide any details about the program, noting he hasn't mentioned it previously because he didn't want to tip off competitors.

Jeep's current lineup includes the Cherokee, Renegade and range-topping Grand Cherokee, which has a base price of about $30,000 but can climb to more than double that when fully loaded. The company also plans to bring back its hefty Grand Wagoneer SUV in three years.

Jeep's global sales have grown dramatically in recent years, soaring to a record of more than 1 million units last year as demand for SUVs rocketed. It is targeting sales of 1.9 million units in 2018. This will be fueled in large part by overseas expansion as Jeep ramps up production and adds dealerships in China, Brazil and Italy.

With luxury models now accounting for nearly half the total SUV market in the U.S., the field is becoming increasingly crowded. In addition to hot-selling models from Cadillac, Lincoln and Porsche, new high-end SUVs are due in coming years from Audi, Bentley, Maserati and Jaguar.

There is still room for a luxury Jeep, analysts note, pointing to the marquee's off-road bona fides as a key differentiator.