Italian luxury sports automaker Ferrari and South Korean battery giant SK On formally extended their existing partnership on March 26, 2024, through a new memorandum of understanding (MoU) for advanced battery cell technology development.
Agreement
According to SK On’s press release, leaders from both companies attended the signing ceremony at the SK Seorin Building in Seoul on Tuesday.
As part of the agreement, SK On and Ferrari pledged to share their knowledge and expertise to expand their existing partnership and lead innovation in battery cell technology.
The two companies aim to “explore new possibilities and potential solutions to advance cell technology,” without specifying the planned battery technologies or formats. Therefore, the partnership remains quite general as of now.
“We are excited to join Ferrari’s electrification journey. Combining expertise and technologies from the two companies, we expect to provide customers with new experiences and values.”
SK On Lee Seok-hee
Long-standing partnership
SK On is currently the only battery supplier of Ferrari. The South Korean battery company has powered Ferrari’s plug-in hybrids with its battery cells since 2019.
The battery cell supplies powered the Italian automaker’s inaugural plug-in hybrid, the premium-priced SF90 Stradale supercar, and the SF90 Spider convertible version.
In addition, SK On supplies its battery cells to the power storage units for the 296 GTB and 296 GTS, which were introduced in 2021 and 2022, respectively.
“When companies and suppliers come together, collaboration powers common progress. We are working together with SK On to explore new frontiers and fuel the energy of shared ideas.”
Ferrari CEO Benedetto Vigna
Electrification targets
Ferrari aims to have electrified vehicles, including plug-in hybrids or battery-electrics, account for 60% of its vehicle lineup by 2026. That rate will increase to 80% by the decade’s end, consisting of 40% BEV and 40% PHEV.
In hindsight, Ferrari CEO Vigna said in an interview last November 2023 that the company had already set the development of the brand’s first battery-electric model, which will hit the market in Q4 2025. According to Electrive, the yet-to-be-named model will undergo production in its electric vehicle factory in Maranello.
