California Proposes $1.5B for Electric Vehicles, Hydrogen in Stimulus Plan

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Electric vehicle (EV) manufacturers may benefit from a new buying incentive put forth by California Governor Newsom Tuesday in a newly-proposed stimulus bill.

The new budget, according to CNBC, would put $1.5 billion into helping consumers and businesses buy electric and hydrogen cars and equipment, as well as towards expanding and maintaining the currently-available charging infrastructure.

With more EVs set for release in 2021 than ever before, the bill could seriously increase revenues for Tesla, Lucid, and a number of other EV automakers.

Newsom’s stimulus also plans to put $300 million towards making the state’s infrastructure more green, including the installation of EV chargers at all state-owned facilities. The bill would also heavily support the Governor’s prior climate change order, signed in the midst of a historic wildfire season in September, to ban the sale of all new gas cars by 2035.

If the budget is to pass, it will not only benefit EV companies from a sales standpoint, but it will also directly benefit them by including $430 million in incentives and grants for California businesses to expand jobs, as well as the increase of “interest-free payment options” for companies particularly affected by COVID-19 restrictions.

Newsom will unveil the full details of his budget proposal on Friday, and EV companies can expect to gain a lot from it, including the likes of Tesla.

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