Tesla is set to get its next generation of semiconductor chips from South Korean electronics giant Samsung in a new deal worth more than $16 billion over the next eight years.

Shares in Samsung Electronics eked out small gains on Tuesday, following a sharp rally the previous day after the South Korean technology company clinched a $16.5 billion deal to supply artificial intelligence chips to Tesla .

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.