In a regulatory filing in South Korea, Samsung announced it has secured a $16.5 billion multi-year deal to make chips for a “big global company.”

SEOUL, July 28 (Reuters) - Tesla (TSLA.O) CEO Elon Musk said the U.S. automaker had signed a $16.5 billion deal to source chips from Samsung Electronics (005930.KS), a move expected to bolster the South Korean tech giant's loss-making contract manufacturing business.

Elon Musk announced on Monday that Tesla has signed a $16.5 billion deal with Samsung Electronics to produce new-generation chips for the electric-vehicle maker. Musk confirmed a Bloomberg report on X, saying the deal with Tesla TSLA was probably “worth much more than that.”