Can Newsom thaw his relationship with automakers? $200 million might help. [Yahoo! Finance]
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Source: Yahoo! Finance
Gavin Newsom is betting that some cold hard cash will help warm them up. Newsom's plan to balance the budget, released Friday , sets aside $200 million to prop up a new incentive program for electric vehicle buyers to help replace the $7,500 federal tax credit that the Trump administration eliminated last year. It could help bolster the EV market, which industry analysts anticipate will soon start to flag in the face of rising car prices. But it could also help get automakers back to the negotiating table. “We need to see the details of the new program, but this is a policy that has worked in the past,” said John Bozzella, president and CEO of the Alliance for Automotive Innovation, which represents most major automakers and successfully lobbied congressional Republicans to kill California's nation-leading EV sales mandate in June. “At this stage of the transition and given current market conditions, consumer incentives can lead to more EV adoption and affordability in Californi
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