How Bank of America plans to get a jump-start on EV lending
Bank of America, one of the biggest auto lenders in the country, began pursuing electric vehicle loans before many others. It sees a bright future in this still small segment of the car market and is excited about opportunities beyond the usual loans and leases. One example is financing for home charging stations.
Bank of America has been touting electric vehicles for at least three years — tactics it sees as an investment in the future.
In an annual online event, called EVolution, it hosts experts on various aspects of electric vehicles, from economic forecasts about their share of market to the outlook for the national grid, in terms of the need for charging stations. This is on top of maintaining an online EV resource center that addresses consumers’ questions about electric vehicles.
BofA sees education as a key element of financing the nation’s pending transition to electric vehicles, something that not only ties into its auto lending, but also aligns with its corporate environmental goals.
In a July analysis by the Bank of America Institute, an internal think tank, researchers projected that the country’s penetration rate for EVs could be as high as 21% by 2025. That would be nearly a four-fold increase from 2022 levels.
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