Interesting article in today's Wall Street Journal here.
California's green regulations often drive national policies, so it's worth pointing out how its programs to cut vehicle emissions have become a gravy train for the 1%.
Well, yeah. But it gets better:
According to state survey data, the typical rebate recipient earns over $150,000 and owns at least one other non-electric car. About 80% hail from the Bay Area, Los Angeles and Orange County. The most popular car among rebate recipients this year has been Tesla's Model S sports sedan, which runs between about $70,000 and $100,000.
As a side note, California last year also awarded Tesla a $10 million grant to develop its Model X SUV and $756,000 in funds for "workforce training." As a recent state assembly analysis of the vehicle subsidies notes, "everyone benefits from clean air, but some of the beneficiaries are more equal than others."
Meantime, demand for rebates among the well-to-do is surging, which has created a funding squeeze. In March, the state had to create a waiting list. While the legislature appropriated an additional $15 million for rebates in June, the program is already running on empty and needs at least $30 million more to meet demand in the coming year.
In other words, so many rich people are buying Teslas that California's run out of rebate money. Pity the poor suckers who bought Leafs!
I imagine I'll love my car, even though Nevada does not offer EV rebates. As for California...well, something that can't go on forever, won't. Not that this has stopped them in the past.
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