Earlier:
That “major global firm” now appears to be TSLA. That’s according to the latest from Bloomberg.
Samsung Electronics has signed a $16.5 billion multiyear agreement to manufacture semiconductors for Tesla through 2033, according to a source familiar with the matter.
The company announced on Monday that it had secured a 22.8 trillion won contract with a major global firm, though it did not name Tesla. A source later confirmed Tesla as the customer, while Samsung and Tesla declined to comment publicly.
The deal provides a major lift for Samsung’s foundry business, which has faced challenges including underutilised capacity and declining market share. Following the news, Samsung’s shares rose as much as 3.5%, their largest intraday gain in nearly a month.
This article was written by Eamonn Sheridan at investinglive.com.
