SEOUL, May 14 (Yonhap) -- Samsung Electronics Executive Chairman Lee Jae-yong met with Tesla CEO Elon Musk earlier this week, Samsung said Sunday, hinting at a potential business partnership between the world's leading chipmaker and the electric vehicle giant.
Lee held the meeting with Musk on Wednesday (U.S. time) at Samsung Electronics' semiconductor research center located in Silicon Valley, California. It marked the first time for Lee and Musk to hold a private meeting, although they have met at other events.
Industry sources said Samsung and Tesla have been seeking partnerships in developing next-generation IT technologies, including chips for fully autonomous cars.
The latest meeting may pave the way for the two companies to expand their partnership in the automotive chip sectors, industry watchers said. The global market for automotive chips is expected to reach US$400 billion in 2024 and hit $700 billion in 2028.
Lee, meanwhile, returned home on Friday after a 22-day trip to the U.S.
During his stay, Lee also held a series of meetings with other business leaders, including Microsoft CEO Satya Nadella and Google CEO Sundar Pichai, according to sources.