Tesla used up California's electric vehicle subsidy quota in five days
Tesla exhausted its allocation of funds under California’s new MyFirstEV electric vehicle rebate program within five days of the incentives becoming available. The company began offering rebates on August 3, and by August 8, its allocation had been fully used up, according to InsideEVs.
The MyFirstEV program provides a one-time state fund of $135.5 million to encourage the purchase or lease of electric vehicles. Automakers participating in the program have agreed to match the incentives with similar amounts. First-time EV buyers can receive up to $3,500 for a new vehicle and up to $1,750 for a used one.
To qualify for the program, the price of a new electric vehicle must not exceed $50,000, and that of a used vehicle must not exceed $25,000. California-based manufacturers Lucid and Rivian are exempt from the price cap on new vehicles because their headquarters are located in the state.
For more breaking news, follow the UA.News Telegram channel.
According to Tesla, as cited by InsideEVs, buyers have already used up half of the funds available to the company within three days. The California Air Resources Board (CARB) told the publication that the state fund was intended to be distributed equally among approximately 15 automakers. Based on this calculation, Tesla’s share of the state funds could have been about $9 million, and the total value of rebates, including the company’s contribution, approximately $18 million. This is an estimate, not an officially confirmed amount.
Incentives under the program are currently available to buyers of Hyundai, Genesis, and Lucid vehicles. Toyota, Subaru, Lexus, and Honda are set to join in September. Ford, Chevrolet, and Kia plan to launch their offers in August, while Nissan and Rivian are listed by CARB as manufacturers preparing to participate.
