Governor Gavin Newsom signed legislation on July 13 creating a $270 million state program to subsidize electric vehicle purchases for first-time buyers.
The MyFirstEV program provides point-of-sale rebates of $3,500 for new battery-electric vehicles priced at or below $50,000 and $1,750 for used models at or below $25,000. The initiative is funded equally by the state budget and participating automakers, with each contributing $135.5 million.
Qualifying Tesla models include the Model 3 rear-wheel drive at $42,490, the Model 3 Long Range at $47,490, and the Model Y at $44,990. The Model S, Model X, and Cybertruck exceed the price cap and do not qualify.
The program launches later this summer. The California Air Resources Board is expected to release full participation details next month. A carve-out exempts California-based automakers such as Rivian and Lucid from the price cap.