Governor Gavin Newsom announced that California will introduce tax incentives for electric vehicle (EV) sales, contingent on the federal government discontinuing its program, potentially impacting the current EV market dynamics.
Newsom emphasized that the new tax incentives will incorporate 'market share limitations,' aiming to influence consumer choices while also acknowledging the competitive landscape in the EV sector.
California houses over 30% of all EV sales in the US, attributed not only to its large population but also higher gas prices compared to the national average, influencing consumer preferences effectively.
The proposed tax incentives could significantly affect Tesla's US revenue and market share, as they currently control 49%, with potential market disruptions contributing to a 4% drop in their stock price shortly after the announcement.
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