Ferrari's electrification boosts prospects for SK On

By Park Jae-hyuk

SK On is seen as the main beneficiary of Ferrari's planned launch of its first fully electric vehicle (EV) later this year, considering the Korean battery maker's long-standing partnership with the Italian luxury carmaker.

After announcing its 2024 earnings on Tuesday (local time), Ferrari CEO Benedetto Vigna confirmed that his company will introduce its first fully electric car at its headquarters in Maranello, Italy, on Oct. 9, as one of the six new models the carmaker plans to launch this year.

"We're not into an electric transition, we're rather doing electric addition," Vigna said.

SK On has played a key role since the beginning of Ferrari's efforts for electrification.

The battery firm has supplied cells for the carmaker's hybrid models since 2019, starting with its first-ever plug-in hybrid supercar, the SF90 Stradale, and its open-top variant, the SF90 Spider.

Ferrari's 296 GTB and the 296 GTS plug-in hybrid EVs are also powered by SK On's batteries.

In March 2024, Vigna and Ferrari Chief Research and Development Officer Ernesto Lasalandra met with SK On CEO Lee Seok-hee in Seoul to sign a memorandum of understanding, which outlined their plans to expand technological collaboration.

Under the partnership, the two companies agreed to share valuable insights to explore new possibilities and potential solutions for advancing cell technology, underscoring their close partnership in electrification.

"Combining expertise and technologies from the two companies, we expect to provide customers with new experiences and values," Lee said.

In June last year, SK On was recognized at the Podio Ferrari supplier convention, where it received the Fearless Organization Award for its "resolution, rigor and transparency" in addressing Ferrari's challenging technological needs.

"We are working together to combine each company's expertise to proactively support Ferrari's drive to envision new potential solutions for its high-performance EVs," Chung Goo-pil, head of SK On's Europe sales, said.

Given Ferrari's brand power, industry officials expect SK On to continue focusing on delivering batteries that can uphold the Italian company's reputation for producing high-performance and fancy cars.

"As Ferrari moves toward electrification, SK On is expected to enlarge its presence because they have been close partners," an industry official said. "SK On's ability to deliver powerful and reliable battery solutions will be critical in supporting Ferrari's electrification journey."

SK On, however, declined to comment on the forthcoming launch of Ferrari's first fully electric car, stating that it does not discuss matters related to its clients.