here. please come back soon. still ahead, we re live with cnbc for a look at what s driving the markets after another roller coaster day on wall street. and a legacy automaker wants to throw tesla a target date for taking over the ev market. way too early continues in just a moment. way too early continues in just a moment.
chargers. we re not going to dictate the format. these are taxpayer dollars. it can t just be a blank check. we have to make sure they re being spent effectively. we caught up with buttigieg talking shop with students at heartland community college in normal, illinois, home to a degree program, training a new wave of ev builders and technicians. these are the guys who will help get more electric cars on the roads and those cars are pretty pricey. the average cost for an electric car is more than $56,000, enough to leave many americans ot of the ev market. the auto industry is going all in on electric, planning to spend, $515 billion on evs in the next five years. toyota, gm, ford and bmw announcing massive investments to catch up to electric car leader tesla. we got to get the sticker price down, we have to accelerate these being produced on a widespread basis in the united states, and it s why we want more tax incentives to buy down the upfront cost.
slipping byjust over 20%. as you said, having to slash that global production target to 8.5 million, it had to cut the target last year as well because of exactly the same reason, the chip shortage, the really starting to affect the performance of toyota as well. it is dealing with a pandemic and the chip shortage but what other challenges are facing toyota currently? is toyota currently? is interesting - toyota currently? is interesting that toyota has been announcing is electric vehicle strategies lately because the company has long focused on hybrids instead of ev, and they are still very popular in some of the emerging markets but as we know, electric cars have been gaining popularity and are being promoted in some of its biggest markets like china, the us and now europe. toyota is having to play catch up in the ev market, especially as it tries to retain the title as the worlds best selling carmaker. ==