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It looks like the state of California is bailing out Tesla BI_FRANCE_light_background_color_vertical Profile Icon Search Icon Globe Icon BI_FRANCE_light_background_color_vertical Logo Business Insider Intelligence

Tesla CEO Elon Musk speaks at a company shareholder meeting on June 7, 2017. Screenshot/Tesla The California state Assembly passed a $3-billion subsidy program for electric vehicles, dwarfing the existing program. The bill is now in the state Senate. If passed, it will head to Governor Jerry Brown, who has not yet indicated if he'd sign what is ostensibly an effort to put EV sales into high gear, but below the surface appears to be a Tesla bailout.