California Governor Gavin Newsom signed SB 168 today, creating a new “MyFirstEV” program that gives first-time electric vehicle buyers a $3,500 instant rebate at the dealership starting later this summer.

The point-of-sale discount is backed by $135.5 million in state funding, matched dollar-for-dollar by participating automakers — and a California-headquarters rule makes Rivian and Lucid the biggest winners, while Tesla qualifies only on its cheapest models.