Tesla Inc. (NASDAQ:TSLA) will participate in Gov. Gavin Newsom‘s (D-CA) EV rebate program aimed at first-time EV buyers in the state amid the White House’s pro-fossil fuel stance.
Limited Funds Available
According to Tesla’s official website on Tuesday, eligible buyers in California may qualify for a $3,500 incentive on eligible Model 3 and Model Y new inventory vehicle purchases, the automaker said.
Tesla added that to qualify for the scheme, prospective buyers would need to place their order “on or after August 3, 2026 and take delivery while funds are still available.” Tesla said that the incentives applied to cash, lease and finance purchases.
“The vehicle must be registered and delivered in California to qualify,” the automaker said, adding that funds were limited and that “placing an order” did not “guarantee eligibility.”
Gavin Newsom Touts EV Rebate
The rebate provides first-time EV customers with a $3,500 discount on new electric vehicles in California, as well as a $1,750 discount on used EVs. Newsom has touted the move as a way to offset China’s influence over the EV space.
Tesla’s rivals Rivian Automotive Inc. (NASDAQ:RIVN) and Lucid Group Inc. (NASDAQ:LCID) have confirmed they will be participating in the rebate. Sen. Adam Schiff (D-CA) recently criticized the White House for deliberately slowing down EVs through its policies.
Benzinga Edge Rankings show Tesla scores poorly on the Momentum and Value metrics, but provides satisfactory Growth and Quality. Tesla shares also fail to provide a favorable price trend in the Short, Medium and Long term.
Price Action: Tesla shares were up 0.60% to $324.02 during pre-market trading on Tuesday
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