Ferrari N.V. (NYSE:RACE) has signed a Memorandum of Understanding with battery manufacturing company SK On to renew the two companies' ongoing technological collaboration.

As per the company's statement, these exchanges help both companies envision new possibilities and potential solutions to drive improvement.

SK On has been supplying battery cells for the Italian sports car manufacturer's powerful models since 2019.

The models covered by SK On include marque's first ever range supercar and PHEV, the SF90 Stradale and its open-top variant, the SF90 Spider, followed in 2021 by the 296 GTB and by the 296 GTS in 2022.

"When companies and suppliers come together, collaboration powers common progress," said Ferrari CEO Benedetto Vigna. "We are working together with SK On to explore new frontiers and fuel the energy of shared ideas."

Price Action: RACE shares are trading higher by 0.49% at $440.13 on Wednesday.

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