California's new EV incentive gives a leg up to Lucid and Rivian

Companies like Rivan and Lucid could be exempt from the price caps that bar EVs from qualifying for California's new incentive program. Patrick T. Fallon/AFP via Getty Images CA Gov. Gavin Newsom signed a new bill that gives first-time EV buyers a $3,500 rebate. The bill limits the incentive to new EVs priced at $50,000 or less. The bill exempts California-based companies, such as Rivian and Lucid, from the price cap. California is launching a new incentive program for first-time electric…