JPMorgan Chase launched a new website on Wednesday dedicated to the world of electric and hybrid vehicles. It complements other efforts to drive interest in these vehicles.
The Electric Vehicle Education Center, a subset of Chase Auto, delivers information about types of EVs, charging the vehicles, and upfront and ongoing costs, in the form of frequently asked questions, explainers, graphics and videos. There are also links to resources where customers can find charging stations and incentives in their ZIP codes, and where they can calculate the cost of ownership. Incentives may include tax breaks, rebates and more.
“The electric vehicle landscape is complex and quickly evolving,” Jamie Jones, general manager of luxury electric brands at Chase, said by email. “We see the trends in the market — interest in EVs and hybrids is growing, and these vehicles are becoming accessible to more people as manufacturers introduce new models. The purchase of a vehicle can be a significant financial moment for consumers, and we want to provide credible information to help them feel confident in the car buying process.”
Chase has financed electric vehicles since 2018 and is the private label financier for the EV manufacturer Rivian. In April, it announced that it would pilot public fast-charging stations at 50 bank branches beginning this summer. Chase is partnering with EVgo, a public fast-charging network for EVs, to install chargers at branches in states including California, Indiana, Illinois, New York, Oregon and Pennsylvania, and expects to have the stations ready to go by the summer of 2023.
Bank of America has made its own moves in the EV market. It has a dedicated EV site as well, albeit lighter in content than Chase’s. It offers financing for buyers of Lucid Air, the first electric vehicle from Lucid Group, through a partnership with the Lucid Financial Services vehicle purchasing digital platform that the companies made public in June. In May, Bank of America announced plans to install EV charging stations at more than 90 branches by the end of 2023 with the charging network Electrify America. Currently, they exist at 51 branches.
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