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5/13, 8:20 AM (Source: TeleTrader)
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Samsung, Hyundai to work together on chip shortage solution

Samsung Electronics Co. and Hyundai Motor Company signed a deal on Thursday vowing to work together towards overcoming the auto chip shortage that has been hindering Hyundai's output in the previous months.

The South Korean government previously revealed its intention to offer tax incentives and subsidies for companies dealing in semiconductors in order to bolster the chip supply chain.

Much like other carmakers around the world, Hyundai had to suspend production in its plant back in March due to chip shortage and has later halted operations in another facility in South Korea in April.

Breaking the News / BU