The state of California is offering new incentives to first-time electric vehicle buyers, with legislation passed for purchases without an application needed.
The new incentives could help Rivian Automotive (NASDAQ:RIVN) and Lucid Group (NASDAQ:LCID), while notably ignoring Tesla Inc (NASDAQ:TSLA). • Where is TSLA stock headed?
New First-Time Buyer Deal With the expiration of the $7,500 federal EV tax credits, the state of California is hoping to win over first-time EV buyers who will stay loyal and keep buying EVs.
The state’s lawmakers and governor recently passed a $135 million program.
The terms of the program are that the new EV has to be under $50,000 if new or under $25,000 if used.
