Tesla Rumored To Have Struck $400M Camera Deal With Samsung For Cybertruck

Tesla Inc TSLA is rumored to have signed a $400 billion deal with South Korea’s Samsung Electro-Mechanics to supply cameras, likely for the highly-anticipated Cybertruck pickup truck launch.

What Happened: The $436 million deal is for a rearview camera for a vehicle that does not have side mirrors and the electric vehicle is equipped with more than eight cameras to enable self-driving, Electrek reported on Monday, citing Korea Economic Daily.

Tesla plans to launch the Cybertruck by the end of 2021. The electric truck was first unveiled in November 2019.

See Also: Tesla Veteran Jerome Guillen Departs 3 Months Into Leading Heavy Trucking Business

Why It Matters: The Cybertruck is a departure from conventional pickup designs and is key to Tesla’s growth in the category. The electric pickup will be powered by Elon Musk-led company’s in-house 4680 batteries and is expected to contribute about 5% of Tesla’s total sales volume a year from its launch.

Price Action: Tesla shares closed 4.38% higher at $685.70 on Monday.

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Photo: Courtesy of Tesla