Tesla CEO Elon Musk announced on Monday that the U.S. automaker will work the South Korean tech giant on a new microchip deal worth $16.5 billion. The move is a shot in the arm for Samsung, which has struggled to get it chip-making project off the ground in Taylor.

July 28 (Reuters) - Tesla (TSLA.O) has signed a $16.5 billion deal to source chips from Samsung Electronics (005930.KS), a move that could bolster the South Korean tech giant's unprofitable contract business but is unlikely to help Tesla sell more EVs or roll out robotaxis more quickly.