California just signed a brand-new $3,500 instant EV rebate into law called "MyFirstEV" (SB 168)—but there is a massive catch hidden in the fine print.
While the new program is designed to help first-time buyers go electric with an on-the-hood, point-of-sale discount, a highly specific "headquarters loophole" completely waives the $50,000 price cap for California-based EV brands like Rivian and Lucid. Meanwhile, Tesla (now headquartered in Texas) gets left out in the cold on its premium models. In today's episode, we break down exactly how this new $3,500 rebate works, why it's sparking a massive political feud between Gavin Newsom and Elon Musk, and how you can take advantage of the cash before the state's funding completely runs out.
Are you looking to buy your first EV this summer? What do you think about this new loophole? Let me know in the comments!
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