Gavin Newsom has announced that automakers are offering a $3,500 instant rebate for state residents buying or leasing their first new zero-emission electric vehicle as part of a $271 million incentive program. Customers buying or leasing a used ZEV are eligible for a $1,750 rebate. According to the California Air Resources Board, the MyFirstEV program aims to accelerate ZEV deployment, strengthen California’s ZEV market, and support U.S. auto innovation. Go deeper: The program has a Manufacturer’s Suggested Retail Price cap of $50,000 on new vehicles and a $25,000 sales price cap on used vehicles. Manufacturers headquartered in California are exempt from the MSRP and sales price caps if they only produce ZEVs.