Subsidizing low- and middle-income adoption of electric vehicles: Quasi-experimental evidence from California

•Electric vehicle demand for low- and middle-income households is relatively elastic.•Lowering prices by 10 percent increases low- and middle-income sales by 21 percent.•Buyers capture most of the value of subsidy offered by the program.•Every $1,000 of subsidies lowers subsidy-inclusive prices by $730 to $850.