California Launches EV Incentive Program Benefiting Rivian Over Tesla
California has introduced a new $135 million program offering point-of-sale rebates for first-time electric vehicle buyers, which benefits Rivian (RIVN) more than its competitors like Tesla (TSLA). The state's incentives are capped at specific price points that exclude most luxury EVs but align with the pricing of Rivian’s new R2 fleet. This initiative could serve as a model for other states to offset lost federal tax credits.
Topics: automotive industry electric vehicles government incentives