The chairman of South Korea's Samsung Electronics Jay Y. Lee departed on Tuesday to Washington for a business trip, a company spokesperson said, a day after unveiling a $16.5 billion deal to supply chips made in Texas 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.