OFFICIAL PUBLICATION OF THE CALIFORNIA NEW CAR DEALERS ASSOCIATION

Pub. 4 2022 Issue 1

As-California-Transitions-to-Electric

As California Transitions to Electric Vehicles, Franchise Laws Are More Important Than Ever

In November 2021, electric vehicle mania was in full swing on Wall Street. Rivian’s stock price hit over $170 per share, resulting in a market cap well over $100 billion. This young electric vehicle automaker was worth close to the combined value of Ford and GM, despite having delivered only a few hundred vehicles. Lucid, another EV automaker with only a few hundred vehicles delivered, was not far behind with a market cap of nearly $100 billion. And Tesla hit a stock price of over $1,200 per share, making it a $1 trillion company and Elon Musk the richest man in the world.

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