First time electric vehicle buyers in California can now snag a $3,500 instant rebate on new EVs made by Tesla, Hyundai or Lucid. <\/p>\n
Gov. Gavin Newsom announced Friday that funds are available<\/a> for the state\u2019s EV incentive program, dubbed MyFirstEV, which he finalized in his state budget<\/a> last month. <\/p>\n The program allocates $135 million to provide incentives, with participating automakers matching the funds. Used EV\u2019s come with a $1,750 discount for first time buyers. <\/p>\n \u201cThis is about giving people of our state a choice, but also giving them a head start by giving them this $3,500 incentive for new cars,\u201d Newsom said during a press conference Friday. \u201cIt\u2019s about economic competition… It\u2019s about investing in our future, and it\u2019s about continuing to maintain our lead.\u201d<\/p>\n The rebates will mean that most eligible buyers will effectively get between 4% and 7% of their money back.<\/p>\n The rebates are only available to first time EV buyers, who can apply for the discount by filling out an online attestation form<\/a> once they have begun their purchasing process. <\/p>\n Vehicles purchased before a participating automaker has launched its incentive will not be eligible for the discount. Plug-in hybrid vehicles are not eligible. <\/p>\n Additional automakers are preparing to launch discounts soon<\/a>, including Ford, Rivian<\/a>, Chevrolet and Kia later this month; Toyota, Honda and Subaru in September; and Mitsubishi in November. Nissan and Volvo are still determining their rebate timelines. <\/p>\n The rebates come about a year after President Trump eliminated a $7,500 federal tax incentive for new EVs. The EV market has slowed down as Trump has taken aim at several incentives and requirements, with multiple major automakers paring back their EV offerings. <\/p>\n