Tesla exhausts its California MyFirstEV rebate allocation in 5 days

California's new MyFirstEV rebate program ran out of money for Tesla buyers just five days after it opened. The rebate gives first-time EV buyers $3,500 off a new electric vehicle priced under $50,000, or $1,750 off a used one under $25,000, taken directly off the price at the dealership with no application needed. The statewide program has $135.5 million in state funds, matched by automakers for a total pool of about $271 million, split across roughly 13 car brands. Tesla's share worked out to around $9 million before the automaker match, and buyers used it all up by August 8.

Tesla ran out fastest simply because it sells far more qualifying EVs in California than any other brand, registering roughly 500 vehicles a day in the state. Only Tesla's lower-priced Model 3 and Model Y trims qualify, since the $50,000 price cap is waived only for EV-only automakers headquartered in California, like Rivian and Lucid, a category Tesla no longer fits after moving its headquarters to Texas.

If you're shopping for a Tesla in California, the rebate for that brand is gone for now. Other automakers are rolling into the program on a staggered schedule: Hyundai and Lucid also started August 3, Ford, Rivian, Chevy, and Kia are set to join later in August, and Toyota, Honda, and Subaru begin in September. Whether any funding remains by the time your preferred brand comes online is worth checking before you count on the discount.