California vs. Elon Musk: Tesla Snubbed as New EV Incentives Boost Rivian, Lucid

The state of California is offering new incentives to first-time electric vehicle buyers, with legislation passed for purchases without an application needed. The new incentives could help Rivian Automotive (NASDAQ: RIVN ) and Lucid Group (NASDAQ: LCID ), while notably ignoring Tesla Inc (NASDAQ: TSLA ). • Where is TSLA stock headed? New First-Time Buyer Deal With the expiration of the $7,500 federal EV tax credits, the state of California is hoping to win over first-time EV buyers who will stay loyal and keep buying EVs. The state’s lawmakers and governor recently passed a $135 million program. The terms of the program are that the new EV has to be under $50,000 if new or under $25,000 if used. These prices, of course, cut out many of the EVs on the market in the U.S. A stipulation to the rule says if the company that made the vehicle is California-based, the price caps don’t matter,...