11 THE NAFCU JOURNAL MAY–JUNE 2022 vulnerabilities as traditional dealers will need to determine how heavily to invest in EV showrooms and servicing. Tesla famously eschews the traditional dealership franchise network. EV startup Rivian is expected to follow suit and has already partnered with JPMorgan Chase to fund loans to new customers. Credit unions that want to maintain their share of the local auto loan market will need to grapple with not only the transition to electric vehicles, but also new financing channels and an increasingly online sales experience. “Limited charging networks have long been a key factor cited by car buyers who are reluctant to make the jump to EVs. But 2021 saw a clear surge in new charging stations, which now number over 50,000 according to the Alternative Fuels Data Center.” References • The White House. “FACT SHEET: The Biden-Harris Electric Vehicle Charging Action Plan.” December 13, 2021. • U.S. Energy Information Administration. “Short-Term Energy Outlook.” March 8, 2022. • Experian. “State of the Automotive Finance Market Q4 2021.” • Chase Media Center. “Rivian, Chase partner to create an all-digital customer financing experience.” January 14, 2021. Notes: Google search trends on term “electric vehicle;” gas price is per gallon, regular, all formulations; each series reflects three-week moving average; data through March 13. Sources: U.S. Energy Information Administration, Google. Chart 2: Gas Prices vs. Google Search Activity 100 80 60 40 20 0 $4.50 $4.00 $3.50 $3.00 $2.50 $2.00 $1.50 Gas Price Google Searches 2017 2018 2019 2020 2021 2022
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