500 million dollar electric vehicle investment from Nissan

Nissan Motor will invest $500 million in the conversion and renovation of its US factory for the production of electric cars.

According to the statement made by the Japanese manufacturer, Nissan plans to turn its factory in Mississippi into a production point for electric models.

Accordingly, the company will invest $500 million in extensive refurbishment and conversion for the production of electric models at its Canton facilities, which came into service in the state in 2003.

It was noted that the facility, which is planned to be put into service in 2025 after the transformation, will also provide manufacturing support to the luxury segment's Infiniti brand.

The Yokohama-based firm announced in its domestic sales pie that it aims to increase its electric model sales to over 40 percent by fiscal year 2030.

The alliance of Renault, Nissan, and Mitsubishi Motors announced last month that they will invest 23 billion euros ($26 billion) in jointly developing electric vehicles over the next five years, and will launch 35 new electric vehicle models over the next nine years.