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.

A private seller in Littleton, Colorado has listed a brand-new 2027 Rivian R2 Performance on Cars.com for $79,900 — roughly $20,000 over what Rivian charges for the same vehicle.

The listing went up July 1, just weeks after Rivian started delivering the R2 to its first customers, and it comes with the kind of cover story flippers tend to lean on.

Rivian has commenced an underwritten public offering of 75 million shares of common stock, a raise worth roughly $1.5 billion based on the stock’s recent price.

The capital raise lands just days after Rivian’s stock rallied on stronger-than-expected Q2 delivery results and a raised full-year outlook.