Investing.com -- California announced on Friday that nearly 12,000 residents purchased electric vehicles through a new $270 million rebate program supported by the state and automakers.

The program targets California residents buying their first electric vehicle. Governor Gavin Newsom signed the initiative into law in July.

The program provides $3,500 rebates for new electric vehicles with retail prices up to $50,000. Used electric vehicles priced at $25,000 or less qualify for $1,750 rebates.