California’s new $3,500 EV rebate favors Rivian and Lucid over Tesla

California has launched a new $3,500 rebate program for first-time EV buyers, funded by $135.5 million in state money and matched by automakers, to boost electric vehicle adoption. This initiative, signed into law by Governor Gavin Newsom, is expected to significantly impact the market, particularly favoring Rivian and Lucid, due to a rule requiring automakers to have a California headquarters. Meanwhile, Tesla only qualifies for the rebate on its most affordable models, potentially reshaping competitive dynamics in the electric vehicle market. This move underscores California's commitment to advancing electric vehicle technology and reducing carbon emissions.