California snubs Tesla in its newly passed EV incentive that favors Rivian and Lucid

California has passed a $135 million EV incentive program that favors Rivian and Lucid, with a price cap of $50,000 for new EVs, excluding California-based automakers. Tesla's lineup is largely ruled out due to the cap, although some lower-priced models qualify. The exemption benefits Rivian and Lucid, headquartered in California.