On Monday, Tesla and Samsung announced a $16.5 billion multiyear deal for the latter to provide all-important artificial intelligence chips for the former. For Samsung, it’s a chance to finally carve out some market share from rival chipmaker TSMC.

Electric vehicle costs in the US could drop by $6,000 or more. Ford, GM, and Tesla have all invested heavily in LFP battery production in the US, partnering with LG, Samsung, and in the case of Ford, using tech from Chinese battery giant CATL. Stellantis has also partnered with CATL to build an LFP factory in Spain.