MILAN (Reuters) - Luxury sports car manufacturer Ferrari (NYSE:RACE) has entered a preliminary agreement with its electric-vehicle (EV) battery supplier SK On on further expansion of their cooperation.
South Korea's SK On has been supplying battery cells for Ferrari models since 2019, including for the SF90 Stradale, the carmaker's first hybrid vehicle, the more recent 296 GTB and 296 GTS, as well as for special series cars.
"We are working together with SK On to explore new frontiers," Ferrari Chief Executive Benedetto Vigna said in a statement.
Known globally for its high-performance luxury sports cars, the Italian company has promised its first fully electric model for late next year.
Under the memorandum of understanding announced on Wednesday, the two companies plan to share expertise in respective areas to expand their technological collaboration and exchange valuable insights, SK On said in a separate statement.
"The latest partnership is expected to help SK On and Ferrari explore new possibilities and potential solutions to advance cell technology," it added.
No further details of the deal were provided.