Tesla Inc. (NASDAQ: TSLA) is said to have struck a $400 billion agreement with Samsung Electro-Mechanics of South Korea to supply cameras, most likely for the next Cybertruck pickup truck launch.
What Happened: According to Electrek, quoting Korea Economic Daily, the $436 million transaction is for a rearview camera for a vehicle without side mirrors, and the electric vehicle is equipped with more than eight cameras to enable self-driving.
The Cybertruck will be available by the end of 2021, according to Tesla. In November of this year, the electric truck was unveiled for the first time.
Also see: Why It Matters: Tesla Veteran Jerome Guillen Departs 3 Months After Taking Over As CEO Of A Heavy Trucking Company Why It Matters: The Cybertruck is a departure from traditional pickup designs and is critical to Tesla’s further expansion in the segment. The electric truck will be powered by Tesla’s in-house 4680 batteries and is estimated to account for around 5% of the company’s overall sales volume in its first year.
Tesla shares finished at $685.70 on Monday, up 4.38 percent.
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