Samsung Electronics Co.’s surprise $16.5 billion chipmaking deal with Tesla Inc. has breathed new life into a foundry business all but written off by many investors.Most Read from BloombergThe World’s

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.

Samsung's Taylor, Texas plant will begin producing the A16 chip for new Tesla vehicles and robotaxis in the years ahead.