Samsung Electronics Co. Executive Chairman J. Y. Lee and Tesla Inc. Chief Executive Officer Elon Musk met in the US last week, according to Yonhap News Agency.
Lee and Musk held the meeting at Samsung’s semiconductor research center in Silicon Valley on Wednesday, South Korea’s Yonhap said Sunday.
The two companies are looking at possibly joining forces to develop chips for fully autonomous vehicles among other things, the report cited people in the industry as saying. The global market for automotive chips is expected to rise to $400 billion by 2024 and to jump to $700 billion by 2028, according to Yonhap, which cited Strategic Analytics and Research and Markets.
Lee wrapped up his 22-day visit to the US on Friday, after a series of meetings with other business leaders including Microsoft Corp. CEO Satya Nadella and Google CEO Sundar Pichai, the report said. The Wednesday meeting was Lee’s first private one with Musk, according to Yonhap.
