An electric-powered car race will be held in Korea next year.

Formula E Korea said in a statement Tuesday that the ABB FIA Formula E World Championship will be held in Seoul on May 3rd, 2020.

The Formula E championship was first held in Beijing in 2014, and the upcoming Seoul event marks the sixth iteration of the event.

Organizers said in a news conference in Seoul that the international competition for eco-friendly cars will showcase speed and performance at the former Olympic venue of Jamsil Stadium.

The global electric car market is expected to expand an average of 42 percent a year by 2025 as South Korea, Japan and China seek to increase their shares in the battery market.