California's New EV Incentive Is Almost Here—With Special Benefits For Rivian And Lucid

• California's lawmakers and governor have agreed to spend $135 million on new electric vehicle incentives.
• The program will be available only to first-time EV buyers.
• Price caps are $50,000 for a new vehicle and $25,000 for a used one, but those don't apply to California-based EV companies.

With the federal EV tax credit of $7,500 long gone, California is working up a program to fill the gap. The state's lawmakers and governor have agreed on a new budget that includes $135 million for a new EV incentive for car buyers. Bills are working their way through the legislature now.