Charged: California announces $1B rebate program for electric trucks

Institutional investors and professional traders rely on The Fly to keep up-to-the-second on breaking news in the electric vehicle and clean energy space, as well as which stocks in these sectors that the best analysts on Wall Street are saying to buy and sell.

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From the hotly-debated high-flier Tesla (TSLA), Wall Street’s newest darling Rivian (RIVN), traditional-stalwarts turned EV-upstarts GM (GM) and Ford (F) to the numerous SPAC-deal makers that have come public in this red-hot space, The Fly has you covered with “Charged,” a weekly recap of the top stories and expert calls in the sector.

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MODEL Y PRICING: Tesla has raised the prices of its Model Y cars in the U.S., increasing the premium all-wheel drive and premium rear-wheel drive by $1,000, Reuters reports. The Model Y premium all-wheel drive and Model Y premium rear-wheel ⁠drive move to $49,990 and $45,990 respectively, while the Model Y Performance all-wheel drive will now be $57,990 in the United States, up $500 from earlier, the website showed.

REBATE PROGRAM: California Governor Gavin Newsom announced that applications are open for the California Clean Fuel Reward rebate program for electric medium- and heavy-duty trucks. Rebates will be available statewide to help fleets access and deploy zero-emission electric technology – positioning California to compete as global electric heavy-freight trucks sales tripled in 2025 alone. “With funding from the Low Carbon Fuel Standard program, CCFR is expected to become the largest utility-administered rebate program for electric trucks in the country, with $250 million available this year and over $1 billion in total rebate funding expected through 2030.” Newsom said: “While Trump surrenders America’s auto industry to China, California is choosing a different path – one that cements our global leadership in clean technologies that will define the future of transportation. California will never stop fighting for good-paying American jobs, economic prosperity, and a more secure future for our workers and families.” Publicly traded companies in the space include Ford (F), General Motors (GM), Honda (HMC), Lucid Group (LCID), Mercedes-Benz (MBGYY), Nissan (NSANY), Rivian (RIVN), Stellantis (STLA), Tesla (TSLA), Toyota (TM) and Volkswagen (VWAGY).

LI L9: Li Auto (LI) launched the Li L9, with deliveries to commence on May 17. The vehicle is available in Ultra and Livis trims, priced at RMB 459,800 and RMB 509,800, respectively.

MASS-PRODUCED ROBOTAXI: XPeng (XPEV) announced the official rollout of its first mass-produced Robotaxi in Guangzhou. This marks the first time in China that an automaker has achieved mass production of a Robotaxi through full-stack, in-house development. The newly unveiled Robotaxi, built on the XPeng GX platform, is China’s first production-ready, pre-assembled Robotaxi model developed entirely with in-house technologies and engineered to L4 autonomous driving standards. Powered by four self-developed Turing AI chips, it delivers an industry-leading effective on-board computing power of 3,000 TOPS.