Leading American automaker Tesla strives to fully dominate the electric vehicle market with a new potential partnership. Tesla CEO Elon Musk and Samsung Electronics Co. Executive Chairman J. Y. Lee met in the US last week, Yonhap News Agency reports citing the South Korean firm’s Sunday statement.
According to the report, Lee and Musk met at Samsung Electronics’ semiconductor research center in Silicon Valley, California. It is worth noting that the private meeting was the first between the heads of the electric vehicle giant and the largest chipmaker worldwide.
Agenda
Interestingly, the report suggests that the two leading technology firms are exploring a potential partnership to develop IT-related technologies, including semiconductors for self-driving cars.
This meeting may unlock new opportunities for the two companies, particularly in the automotive chip sector.
Tesla probably wants to capitalize on Samsung’s expertise in semiconductors, given that the latter is one of the biggest producers in the world. However, a formal agreement has yet to be made public.
Experts forecast that the global automotive chip market will hit US$400 billion in 2024 and $700 billion in 2028, the report stated.
The 22-day trip Lee took to the United States ended on Friday with his arrival back home. Sources claim that Lee also spoke with several other business executives during his stay, including Microsoft CEO Satya Nadella and Google CEO Sundar Pichai.
See Also:
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- Semiconductors may drive EV growth
- Tesla delivers hardware 4 computers (FSD2)-equipped vehicles
- Tesla seems to have purchased a vast number of new TSMC Self-Driving Chips
The possible merging of Samsung’s technological strength and Tesla’s supremacy in automobile production might pave the way for an intriguing relationship at a time when the electric vehicle market is expanding at an unprecedented pace.
