US Business

California wildfire doubles in size

A wildfire burning outside Los Angeles has doubled in size in less than 24 hours, firefighters said Thursday as they endured yet another day of blistering heat in the western United States.

Thousands of people have been told to evacuate in the face of the growing Fairview Fire, which has now spread to 19,000 acres (7,700 hectares).

“Active fire behavior occurred in the east, south, and north portions of the incident,” Cal Fire said.

“Fire will become active with primary movement to the east. Steep drainages will aid the spread with the up canyon/up slope winds and heavy fuels.”

Two people are known to have died in the blaze, which erupted on Monday, the midpoint of a heat wave which has lasted more than a week and seen temperatures repeatedly exceed 110 Fahrenheit (43 Celsius) in parts of California, Nevada and Arizona.

The searing heat has put enormous strain on California’s electrical grid, as households crank up the air conditioning.

That has led to daily calls for consumers to conserve power to avoid blackouts, including text alerts sent to mobile phones.

The grid operator has hailed public co-operation which it said has helped keep the lights on throughout the state all week.

Another “Flex Alert” was issued Thursday, asking for thermostats to be raised, and major appliances to be switched off during peak hours.

Thursday’s call was of longer duration than previous alerts, with a request to conserve power between 3:00 pm and 10:00 pm — two hours longer.

“The state and much of the West is enduring an historically long and record-breaking heat wave, straining the grid from high electricity use,” California Independent Service Operator said.

“The Flex Alert is in effect for extended hours because of projected supply deficiencies during that time.”

Forecasters say the heat wave will begin to dissipate over the coming days, but warned California was not out of the woods yet.

“Dangerous heat also continues to impact the Golden State as high temperatures are once again forecast to reach well into the triple digits both today and Friday, particularly over interior valley regions,” the National Weather Service said.

Euro slides as Fed chief steals ECB's rate hike thunder

The euro slid on Thursday against the dollar despite a record interest rate hike by the European Central Bank as Federal Reserve chief Jerome Powell also signaled a tough approach against inflation.

Meanwhile, the pound remained close to a 37-year low against the dollar that was struck Wednesday, as new British Prime Minister Liz Truss announced that she will freeze domestic fuel bills for two years to help ease the burden of a UK cost-of-living crisis.

The British currency did not move significantly on news of the death of Queen Elizabeth II after a 70-year reign.

The ECB warned Thursday that inflation was “far too high” and likely to stay above target for “an extended period” as it announced its record 0.75 percentage point hike.

ECB chief Christine Lagarde made clear interest rates were far from where they need be to bring inflation down.

“We actually took the decision today that we would continue to raise interest rates… because we believe that we are far away from the rate at which we hope we’ll see inflation return to the two percent medium term target,” she said.

Lagarde also warned the eurozone risks recession if Russia completely cuts off gas, which it has nearly done.

But comments by Fed chief Jerome Powell were seen as even more hawkish than those by Lagarde.

“We need to act now forthrightly, strongly as we have been doing and we need to keep at it until the job is done to avoid … the kind of very high social costs” of the surge in inflation in the 1970s and 1980s, Powell told a US think tank.

– Greenback ‘more attractive’ –

Chris Beauchamp, chief market analyst at online trading platform IG, said “Investors clearly believe that the Fed is more committed to higher rates than the ECB, while the stronger economic performance of the US means the greenback and not the euro seems the more attractive prospect.”

The euro, which had broken back above parity with the dollar, slid down as far as $0.9934 before recovering some ground.

The Fed has made it clear it plans to continue to aggressively raise interest rates to rein in surging inflation, even at the cost of causing some economic pain.

The dollar has moved ever higher against its major peers in recent weeks as investors flood into the currency hoping for better returns as the Fed raises rates and as they seek a haven in the face of economic turmoil.

The euro on Wednesday touched a fresh 20-year dollar low.

The Fed holds its next policy meeting on September 21, with a third successive 75-basis-point lift forecast.

In equities trading, eurozone stocks closed the day mostly higher, and Wall Street equities pushed higher following a choppy session.

Analysts said the hawkish central bank policy was largely in line with expectations.

“The resilience was construed as a sign that a lot of bad news, and worries about near-term rate hikes, have been priced in already,” said Briefing.com. 

– Key figures at around 2130 GMT –

New York – Dow: UP 0.6 percent at 31,774.52 (close)

New York – S&P 500: UP 0.7 percent at 4,006.18 (close)

New York – Nasdaq: UP 0.6 percent at 11,862.13 (close)

London – FTSE 100: UP 0.3 percent at 7,262.06 (close) 

Frankfurt – DAX: DOWN less than 0.1 percent at 12,904.32 (close)

Paris – CAC 40: UP 0.3 percent at 6,125.90 (close)

EURO STOXX 50: UP 0.3 percent at 3,512.38 (close)

Tokyo – Nikkei 225: UP 2.3 percent at 28,065.28 (close)

Hong Kong – Hang Seng Index: DOWN 1.0 percent at 18,854.62 (close)

Shanghai – Composite: DOWN 0.3 percent at 3,235.59 (close)

Euro/dollar: DOWN at $1.0001 from $1.0006 on Wednesday

Pound/dollar: DOWN at $1.1500 from $1.1533

Euro/pound: UP at 86.93 pence from 86.76 pence

Dollar/yen: UP at 144.07 yen from 143.74 yen 

West Texas Intermediate: UP 2.0 percent at $83.54 per barrel

Brent North Sea crude: UP 1.3 percent at $89.15 per barrel

burs-jmb/st

Former Trump advisor Bannon charged with fraud in New York

Donald Trump’s former advisor Steve Bannon was charged with fraud Thursday over a scheme that misappropriated millions of dollars donated for the construction of a wall between the United States and Mexico.

Bannon, 68, a far-right ideologue who was closely involved in Trump’s rise to the American presidency, turned himself in earlier in the day to face the charges in New York. 

Standing outside the Manhattan prosecutor’s office, he accused the judiciary of “persecuting” him.

Bannon and a nonprofit organization called We Build The Wall were charged with money laundering, conspiracy and fraud over what prosecutors said was a year-long fundraising scheme that netted more than $15 million from donors based on false promises.

“It is a crime to turn a profit by lying to donors, and in New York, you will be held accountable,” said Manhattan District Attorney Alvin Bragg as he announced the charges at a news conference.

Federal fraud charges were brought against Bannon in 2020 over the same allegations, but he was pardoned by Trump before he could be brought to trial.

Building a wall along the US-Mexico border was a key campaign promise by Trump in his run for the presidency in 2016. 

“There cannot be one set of rules for everyday people and another for the wealthy and powerful — we all must play by the same rules and must obey the law,” said Letitia James, New York’s state attorney general.

“Mr. Bannon took advantage of his donors’ political views to secure millions of dollars which he then misappropriated. Mr. Bannon lied to his donors to enrich himself and his friends.”

– ‘Never shut me up’ –

CNN cited Bannon’s lawyer Robert Costello as saying the former advisor would plead not guilty.

Walking handcuffed through the corridor into the courtroom, Bannon vowed that “they will never shut me up.”

“They’ll have to kill me first.”

That mood echoed a statement he released Tuesday, in which he denounced “bogus lawsuits” against him 60 days before the November 8 midterm legislative elections.

He blasted “an armed partisan politicization of the criminal justice system.”

The criminal indictment comes six weeks after Bannon was convicted in a federal court in Washington of obstructing the investigative powers of Congress. 

He had refused to cooperate with the House committee investigating the January 6, 2021 assault on Capitol Hill by Trump supporters.

Even after leaving the White House in August 2017, Bannon had remained close to Trump, speaking with him the day before the Capitol riot.

Trump is himself at the center of multiple probes, including an investigation in New York into his business practices, legal scrutiny over his efforts to overturn results of the 2020 election, and in connection with the January 6 attack on the US Capitol.

The FBI is also investigating Trump’s handling of classified materials, following a raid on his Florida home.

Ukraine claims battlefield breakthrough as Blinken ramps up aid

Ukraine on Thursday claimed a military breakthrough in its counter-offensive against Russian invaders as US Secretary of State Antony Blinken, on a surprise visit to Kyiv, unveiled another $2.8 billion in military aid.

Ukraine said its forces made gains in the north, the south and the east, prying back land seized by Russia which had hoped for a swift victory when it attacked nearly seven months ago.

“Our heroes have already liberated dozens of settlements. And today this movement continued,” said Ukraine President Volodymyr Zelensky in an address to the nation.

“In total, more than a thousand square kilometres (nearly 400 sq miles) have been liberated since September 1,” he said shortly after announcing the recapture of Balakliya in the eastern Kharkiv region, a town which fell to Russian forces in early March.

In the area around Kharkiv, Ukraine’s second city, forces penetrated 50 kilometres (30 miles) beyond Russian lines and “liberated” more than 20 towns and villages, senior military official Oleksiy Gromov said.

Hoping to build on the momentum, Blinken secretly travelled to Kyiv for his second trip during the war, passing through dark hallways with sandbags in the sealed presidential compound to meet President Volodymyr Zelensky.

“It’s very early, but we are seeing clear and real progress on the ground,” Blinken said after spending more than two hours with Zelensky.

Blinken vowed the United States would keep up assistance “until the aggression ceases and Ukraine is fully sovereign” and that pressure on Russia would keep getting “heavier and heavier”.

“You have our word — and our track record,” he told Zelensky.

Zelensky, clad in his now signature military-green T-shirt, presented a state award to Blinken as he voiced gratitude for the “enormous support” of the United States.

The aid “is a guarantee that we can return our territories,” Zelensky said.

The latest package includes $675 million to be shipped shortly in arms, ammunition and supplies and another $1 billion in longer-term loans and grants for Ukraine to buy more US equipment.

The State Department also approved $1.2 billion for 18 other nations seen as facing threats from Russia including Baltic states, Moldova and Georgia which both have breakaway regions backed by Moscow.

A day after the United Nations said there were “credible reports” of Russia forcing Ukrainian children into its territory, Blinken started his trip by visiting toddlers injured in the war at a hospital. 

In a room with toy trucks and alien figurines, he arrived with a basket of stuffed animals, announcing, “I brought some friends.”

“The spirit of your children sends a very strong message around the world,” he said.

– ‘Accountability’ –

Blinken later toured Irpin on the capital’s outskirts where the deputy mayor described indiscriminate attacks during Russia’s 25-day occupation at the start of the war and said there were 30,000 open cases related to war crimes.

“There has to be accountability for those who committed atrocities,” Blinken said. 

In a coordinated display of resolve, President Joe Biden spoke by telephone with allied leaders about Ukraine and Defence Secretary Lloyd Austin met his counterparts at Ramstein air base in Germany.

“Now, we’re seeing the demonstrable success of our common efforts on the battlefield,” Austin said.

Amid Ukraine’s reports of gains, Russia also trumpeted battlefield successes, saying it hit five command posts and downed 13 drones on Thursday.

Addressing a forum in Moscow, Prime Minister Mikhail Mishustin said Russia had withstood Western sanctions over the war better than expected, estimating that GDP had fallen just over one percent year-on-year in the first six months of 2022.

Russia’s central bank expects a contraction of four to six percent for the year, while Blinken cited an estimate of an even steeper drop.

“Unprecedented sanctions were imposed on our country. But their initiators did not achieve their main objective. They failed to undermine our financial stability,” Mishustin said. 

– Allies pledge support –

But as the war grinds on, both sides have increasingly been facing a crunch on military supplies with US officials saying Russia was buying drones from Iran and large quantities of rocket and artillery shells from North Korea.

Speaking at Ramstein, top US General Mark Milley said there was “significant consumption of munitions” by Ukraine that will need to be addressed by allies.

Norway offered 160 Hellfire missiles and night-vision equipment, Germany offered winter supplies and The Netherlands joined Germany with demining training.

The latest package by the United States — Ukraine’s largest supplier — includes 105mm howitzers, precision-guided GMLRS rockets and artillery ammunition. 

It brings  US military aid to Ukraine since the invasion to $15.2 billion.

Among the most efficient weapons sent by Washington are the HIMAR multiple rocket launch systems, which are paired with GMLRS rockets that can reach targets up to 80 kilometres (50 miles) away.

But Kyiv is seeking ATACMS — precision-guided, medium range tactical missiles capable of striking 300 kilometres.

The United States has so far refused as it fears the missiles could land in Russian territory, sparking an even bigger conflict.

“The range of the HIMARS is sufficient to meet the needs of the Ukrainians as they are currently fighting,” Milley said.

burs-sct-jbr/bp

GM unveils electric SUV aimed at middle class

General Motors unveiled an electric sport utility vehicle Thursday with a starting price tag of $30,000, positioning the model for consumers priced out of the growing segment.

The 2024 Equinox EV, which will be available in fall 2023 has a starting price of $30,000, less than half the average price of EVs now available in the market.

“We are at a turning point where EVs will be the mainstream choice for the next generation of customers and Equinox EV will lead this charge for us,” said GM Chief Executive Mary Barra.

The launch is part of an aggressive EV build-out strategy by the auto giant amid a gradual industry-wide shift towards emission-free vehicles, which includes battery plants and massive investment under its Ultium banner.

“With the flexibility of GM’s Ultium Platform, we are bringing to market vehicles at nearly every price point and for every purpose.”

The gasoline version of the Equinox was GM’s second most popular vehicle in 2021 after the Chevrolet Silverado, a pickup truck. 

GM described the model as part of the “compact SUV segment,” where it will be “the most affordable EV in its class,” the company said in a news release.

However, GM’s initial affordable EV offering, the Chevy Bolt, suffered from recalls due to battery problems.

GM had previously disclosed that the Equinox would be intended for middle-income consumers, saying in January the vehicle would start at $30,000 at an event to launch the electric Silverado.

The average price of a new electric vehicles was nearly $67,000, according to a July 2022 Kelly Blue Book estimate.

Charles to inherit queen's private fortune

King Charles inherits not just the throne after the death of his mother, Queen Elizabeth II, but also her private fortune — without having to pay inheritance tax.

British monarchs are not required to reveal their private finances but according to the Sunday Times Rich List 2022, the queen was worth some £370 million ($426 million), up £5 million on the previous year.

The bulk of the late sovereign’s personal wealth will pass to Charles intact, without the British government getting a slice.

The real royal wealth — the Crown Estate lands and the Royal Collection of art and jewellery, plus official residences and the Royal Archives — is held by the monarchy as an institution.

As such, they will only pass to Charles in trust.

Similarly, The Crown Jewels, estimated to be worth at least £3 billion, only belonged symbolically to the queen and are automatically transferred to her successor.

The queen’s private wealth will be added to Charles’ own, which has been estimated at some $100 million by the site celebritynetworth.com.

In comparison, Elizabeth’s late husband, Prince Philip, left a more modest estate worth £10 million, including an art collection of some 3,000 works, most of which were given to family and friends, the Sunday Times reported.

A court in 2021 ordered his will to be sealed for 90 years.

As king, Charles inherits the Duchy of Lancaster, a private estate of commercial, agricultural and residential assets owned by royalty since the Middle Ages.

The monarch is entitled to use its income and largely uses it to meet official expenditure. In the financial year 2021-22, it delivered a net surplus of £24.0 million.

On the other hand, Charles will lose the Duchy of Cornwall, another private estate, in southwest England. It brought in a revenue surplus of some £23 million in 2021-22. 

The duchy, created in 1337 by Edward III for his son and heir, prince Edward, will go to Charles’ eldest son, Prince William, who is now heir to the throne.

– Grants and profits –

Charles will also receive the annual Sovereign Grant from the UK Treasury, which is set at 15 percent of the profits from the Crown Estate, and which the monarch surrenders to the government under a deal dating back to 1760.

The Sovereign Grant covers costs of official engagements for the monarch and other senior members of the royal family, paying the salaries of their staff and the upkeep of royal palaces.

In 2021-22, it was set at £86.3 million — equivalent to £1.29 per person in the UK — and included funding for the renovation of Buckingham Palace.

The Crown Estate’s portfolio includes commercial and retail properties, including prime locations in central London, as well as rural and coastal land across the country, and the waters around England and Wales.

That makes it one of Europe’s biggest property empires, with a huge commercial interest in areas such as developing offshore wind power generation.

In the financial year to March 2022, it posted a net revenue profit of £312.7 million, up from £269.3 million in 2020-21.

Inheritance tax in Britain is charged at 40 percent on estates above a £325,000 threshold.

But the new king will not pay inheritance tax on the personal wealth he will inherit from his mother due to rules drawn up in 1993.

Those assets passed from one sovereign, or a consort of a sovereign, to the next monarch, are exempt.

The rules were drawn up to avoid wiping out the royals’ private wealth in the event that a series of monarchs died in quick succession and their estate was reduced by 40 percent every time.

The rules, set out in a 2013 government memorandum of understanding, also ensure the monarch has his or her own private money and thus financial independence from the state.

Amazon defends diverse casting in 'Lord of the Rings' prequel series

Streaming giant Amazon has defended the racially diverse casting of its big budget series “The Lord of the Rings: The Rings of Power,” which some fans say distorts the world of J.R.R. Tolkien.

Since the first two episodes of the series aired, social media has been awash with protests that the decision to cast Black and Latino actors in some roles was forcing diversity onto the original source material.

Among such characters is fan favorite dwarf princess Disa, played by Black actress Sophia Nomvete.

But other fans saw the diversity as a welcome development in the fantasy universe.

Amazon also defended the choice in a post on the show’s official Twitter account.

“JRR Tolkien created a world which, by definition, is multi-cultural. A world in which free peoples from different races and cultures join together, in fellowship, to defeat the forces of evil. Rings of Power reflects that,” the actors said in a joint statement, also released on the show’s Twitter.

“Our has never been all white, fantasy has never been all white. Middle-earth is not all white,” the statement said, referring to the medieval-inspired universe in which Tolkien’s story takes place, populated by humans, hobbits, dwarves and elves among others.

This is not the first time a popular fantasy series has had to defend its diverse casting choices. In June, Star Wars lead Ewan McGregor struck out at people targeting fellow “Obi-Wan Kenobi” actor Moses Ingram, who is Black, with racist abuse online.

Former Trump advisor Bannon charged with fraud in New York

Donald Trump’s former advisor Steve Bannon was charged with fraud Thursday over a scheme that misappropriated millions of dollars donated for the construction of a wall between the United States and Mexico.

Bannon, 68, a popular ideologue who was closely involved in Trump’s rise to the American presidency, turned himself in earlier in the day to face the charges in New York. Standing outside the Manhattan prosecutor’s office, he accused the judiciary of “persecuting” him.

Bannon and a nonprofit organization called We Build The Wall were charged with money laundering, conspiracy and fraud over what prosecutors said was a year-long fundraising scheme that netted more than $15 million from donors based on false promises.

“It is a crime to turn a profit by lying to donors, and in New York, you will be held accountable,” said Manhattan District Attorney Alvin Bragg as he announced the charges at a news conference.

Bannon was indicted in 2020 for financial fraud over the same allegations, but was pardoned by Trump before he could be brought to trial.

Building the wall on the Mexican border was a key campaign promise by Trump in his run to the presidency in 2016. 

– Multiple lawsuits –

CNN cited Bannon’s lawyer Robert Costello as saying the former advisor would plead not guilty.

In a statement released Tuesday, Bannon denounced “bogus lawsuits” against him 60 days before the November 8 midterm legislative elections.

He blasted “an armed partisan politicization of the criminal justice system.” 

The criminal indictment comes six weeks after Bannon was convicted in a federal court in Washington of obstructing the investigative powers of Congress. 

He had refused to cooperate with the House committee investigating the January 6, 2021 assault on Capitol Hill by Trump supporters.

Even after leaving the White House in August 2017, Bannon had remained close to Trump, speaking with him the day before the Capitol riot.

Trump is himself at the center of multiple probes, including an investigation in New York into his business practices, legal scrutiny over his efforts to overturn results of the 2020 election, and in connection with the January 6 attack on the US Capitol.

The FBI is also investigating Trump’s handling of classified materials, following a raid on his Florida home.

Ukraine claims battlefield breakthroughs as Blinken ramps up aid

Ukraine on Thursday claimed a military breakthrough in its counter-offensive against Russian invaders as US Secretary of State Antony Blinken, on a surprise visit to Kyiv, unveiled another $2.8 billion in military aid.

Ukraine said its forces made gains in the north, the south and the east, prying back land seized by Russia which had hoped for a swift victory when it attacked nearly seven months ago. 

In the area around Kharkiv, Ukraine’s second city, forces penetrated 50 kilometres (30 miles) beyond Russian lines and “liberated” more than 20 towns and villages, senior military official Oleksiy Gromov said.

Hoping to build the momentum, Blinken secretly travelled to Kyiv for his second trip during the war, passing through dark hallways with sandbags in the sealed presidential compound to meet President Volodymyr Zelensky.

“It’s very early, but we are seeing clear and real progress on the ground,” Blinken said after spending more than two hours with Zelensky.

Blinken vowed the United States would keep up assistance “until the aggression ceases and Ukraine is fully sovereign” and that pressure on Russia would keep getting “heavier and heavier”.

“You have our word — and our track record,” he told Zelensky.

Zelensky, clad in his now signature military-green T-shirt, presented a state award to Blinken as he voiced gratitude for the “enormous support” of the United States.

The aid “is a guarantee that we can return our territories,” Zelensky said.

The latest package includes $675 million to be shipped shortly in arms, ammunition and supplies and another $1 billion in longer-term loans and grants for Ukraine to buy more US equipment.

The State Department also approved $1.2 billion for 18 other nations seen as facing threats from Russia including Baltic states, Moldova and Georgia, which both have breakaway regions backed by Moscow.

A day after the United Nations said there were “credible reports” of Russia forcing Ukrainian children into its territory, Blinken started his trip by visiting toddlers injured in the war at a hospital. 

In a room with toy trucks and alien figurines, he arrived with a basket of stuffed animals, announcing, “I brought some friends.”

“The spirit of your children sends a very strong message around the world,” he said.

– ‘Accountability’ –

Blinken later toured Irpin on the capital’s outskirts where the deputy mayor described indiscriminate attacks during Russia’s 25-day occupation at the start of the war and said there were 30,000 open cases related to war crimes.

“There has to be accountability for those who committed atrocities,” Blinken said. 

In a coordinated display of resolve, President Joe Biden spoke by telephone with leaders of allies about Ukraine and Defence Secretary Lloyd Austin met his counterparts at Ramstein air base in Germany.

“Now, we’re seeing the demonstrable success of our common efforts on the battlefield,” Austin said.

Amid Ukraine’s reports of gains, Russia also trumpeted battlefield successes, saying it hit five command posts and downed 13 drones on Thursday.

Addressing a forum in Moscow, Prime Minister Mikhail Mishustin said Russia had withstood Western sanctions over the war better than expected, estimating that GDP had fallen just over one percent year-on-year in the first six months of 2022.

Russia’s central bank expects a contraction of four to six percent for the year, while Blinken cited an estimate of an even steeper drop.

“Unprecedented sanctions were imposed on our country. But their initiators did not achieve their main objective. They failed to undermine our financial stability,” Mishustin said. 

– Allies pledge support –

But as the war grinds on, both sides have increasingly been facing a crunch on military supplies with US officials saying Russia was buying drones from Iran and large quantities of rocket and artillery shells from North Korea.

Speaking at Ramstein, top US General Mark Milley said there was “significant consumption of munitions” by Ukraine that will need to be addressed by allies.

Norway offered 160 Hellfire missiles and night-vision equipment, Germany offered winter supplies and The Netherlands joined Germany with demining training.

The latest package by the United States — Ukraine’s largest supplier — includes 105mm howitzers, precision-guided GMLRS rockets and artillery ammunition. 

It brings  US military aid to Ukraine since the invasion to $15.2 billion.

Among the most efficient weapons sent by Washington are the HIMAR multiple rocket launch systems, which are paired with GMLRS rockets that can reach targets up to 80 kilometres (50 miles) away.

But Kyiv is seeking ATACMS — precision-guided, medium range tactical missiles capable of striking 300 kilometres.

The United States has so far refused as it fears the missiles could land in Russian territory, sparking an even bigger conflict.

“The range of the HIMARS is sufficient to meet the needs of the Ukrainians as they are currently fighting,” Milley said.

burs-sct/jbr/rox

Jeep's first electric SUV to arrive in Europe in 2023: CEO

Jeep will launch its first all-electric SUV for Europe, the “Avenger”, next year, CEO Christian Meunier told AFP on Thursday, as its parent company Stellantis moves away from fossil fuel vehicles.

“We have very strong DNA — electrification is a means of reinforcing it,” the French director of the US automaker told AFP as the company presented its first electric models to the media.

Jeep plans to sell only electric vehicles in Europe by 2030 under the Dare Forward plans of its parent company, Stellantis, a US-European group whose other brands include Peugeot, Fiat, Chrysler and Alfa Romeo.

Battery electric vehicles will account for half of Stellantis car sales in the United States by the end of the decade.

The small and rugged Avenger has a range of 400 kilometres (250 miles) per charge.

Compared with petrol models it will be a “little heavier given its batteries, but the acceleration and the fun will be there,” Meunier said.

Another electric model adding to the Jeep line-up is the boxier, more off road-orientated “Recon”, replete with power-sliding roof and removable doors.

Recon will be launched in North America in 2024.

Jeep is also releasing an electric variant of its largest sport-utility vehicle, the 600-horsepower Wagoneer S, with a range of 600 kilometres.

– Made in Poland –

The Avenger is slated to debut at the Paris Motor Show on October 17 and appear in showrooms from the first half of next year.

Production is due to begin in Tychy, Poland, in November at the Stellantis factory which rolls out the Fiat 500.

“We are designing and developing the most capable and sustainable Jeep SUVs to date, on our path to becoming the leading zero-emission SUV brand in the world,” said Meunier.

“Electrification is great for our brand, making it even more capable, exciting, sustainable and fun,” he said.

The electric line-up aims to help Jeep gain a bigger market share in Europe, as North America accounts for 60 percent of its sales.

“The all-new Avenger will offer Jeep brand capability that is rightsized for the European market,” said Antonella Bruno, head of Jeep Europe at Stellantis.

It “will appeal to a growing set of customers who are looking for a capable, compact, modern and all-electric Jeep brand alternative to the current players.”

Meunier said the new models would enable the producer to grow its long-term profile similarly to its recent inroads in Italy, home to one of the group’s founders, Fiat, and where Jeep assembles the Renegade and Compass SUV models.

It has carved out a four-percent market share in Italy.

In contrast, it requires a rethink in China following the collapse of a joint venture with Guangzhou Automobile Group (GAC).

Globally, Meunier said that “two or three years ago, when we were talking about electrification that was unimaginable for Jeep fans”.

But today 25 percent of Wrangler sales are plug-in hybrids, he said.

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