NEW YORK (TheStreet) -- Fiat Chrysler (FCAU) - Get Report shares are down 6.18% to $14.63 in afternoon trading on Monday after the automotive company announced that it is delaying the introduction of its next generation Jeep Grand Cherokee SUV by at least one year later than originally planned, said Jeep CEO Mike Manley, according to USA Today.

The company will delay the updated version of the popular selling SUV until either late 2018 or 2019, later than the company's initial plans to unveil the vehicle in 2017.

Sales of the Jeep Grand Cherokee are currently on pace to reach its sales goal of 1.9 million vehicles by 2018, and company wide, Jeep sales have spiked 20% this year which puts the Fiat Chrysler brand on pace to sell more than 1.2 million vehicles this year.

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