Benzinga | Sep 23, 2021 02:09PM EDT

Samsung Wins Tesla Contract, Beating Taiwan Semiconductor: KED

* Samsung Electronics Co Ltd (OTC:SSNLF) won a Tesla Inc (NASDAQ:TSLA) contract beating Taiwan Semiconductor Manufacturing Co Ltd (NYSE:TSM), the Korea Economic Daily reports.

* Samsung will manufacture Tesla's next-generation hardware 4 (HW 4.0) chip for its fully autonomous driving technology.

* Tesla and Samsung's foundry division were working on the design and samples of the chip from the start of 2021.

* Samsung aims to mass-produce the Tesla HW 4.0 chip at its main Hwasung plant in Korea using the 7-nm processing technology in Q4 of 2021 at the earliest.

* Tesla and Samsung agreed on the 7-nm process for the safety of Tesla's next-generation electric vehicles.

* Tesla's Cybertruck will likely adopt the HW 4.0 computer.

* Price Action: TSLA shares traded higher by 0.26% at $753.9 on the last check Thursday.