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NEW YORK (CNN/Money) - Jeep is unveiling a high-performance version of its Grand Cherokee sport/utility vehicle at the New York Auto Show Wednesday.

The Grand Cherokee SRT8 will be powered by the same 6.1 liter V-8 used in SRT8 versions of the Dodge Magnum and Chrysler 300C. Like the Jeep, those cars are products of DaimlerChrysler's Chrysler Group. In the Jeep, the engine produces 415 horsepower.

"The all-new 2006 Jeep Grand Cherokee SRT8 marries Jeep capability with SRT performance to create a vehicle that will leave in its dust competitors that cost twice the price," said Jeff Bell, Chrysler Group Vice President for Jeep, comparing the SRT8 to the Porsche Cayenne Turbo and BMW X5.

Jeep claims quicker zero-to-60 acceleration for the Grand Cherokee SRT8 than for those vehicles. The SRT8 will accelerate from a stop to sixty miles per hour in undre five seconds, according to Jeep.

SRT stands for Street and Racing Technology, Chrysler Group's performance tuning division.