Samsung Electronics chief meets Elon Musk on possible hi-tech alliance

Jeong-Ho Lee

Samsung Electronics Executive Chairman J Y Lee and Tesla Chief Executive Officer Elon Musk met in the US last week, according to Yonhap News Agency, which cited people in the industry as saying the two companies are exploring partnerships to develop next-generation technologies.
 

Lee and Musk held the meeting at Samsung’s semiconductor research center in Silicon Valley on Wednesday, South Korea’s Yonhap said on 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 & Markets.
 

Lee wrapped up his 22-day visit to the US on Friday, after a series of meetings with other leaders including Microsoft CEO Satya Nadella and Google CEO Sundar Pichai. 

No relief in battle with SEC 

Elon Musk cannot back out of a settlement with securities regulators that was reached after his 2018 tweets claiming he had secured funding to take Tesla private caused the EV maker’s share price to jump and led to a temporary halt in trading, an appeals court ruled Monday. The summary was released just days after a Panel heard lawyers’ arguments in the case.