Two views of electric vehicle lending potential
Are they coming on strong or unlikely to sweep the market?
If volts are replacing gallons in the car world, does that change auto lending for credit unions?
Electric vehicles are coming on strong, says Bob Child, chief operating officer of Origence, a CUES Supplier member based in Irvine, California. “The manufacturers are committed,” he says. “They introduced 32 new EV models in 2023 and are slated to introduce 50 more in 2024.”
Currently EVs make up just 7.2% of car sales, but that number is doubling every year, he reports. “By 2028, I can see them comprising half of the new car sales. It’s changing the top of the funnel in new cars. CUs need to reposition themselves around the top of that funnel.”
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