Samsung, Ferrari sign MOU for OLED displays

Industry

Published: 11 Apr. 2023, 14:52 Updated: 11 Apr. 2023, 15:17

Samsung, Ferrari sign MOU for OLED displays

Benedetto Vigna, left, Ferrari CEO, and Samsung Display CEO Choi Joo-sun pose for a photo during a signing ceremony held at the Samsung Display's Asan plant in South Chungcheong on Tuesday. [SAMSUNG DISPLAY]

Samsung Display will supply organic light-emitting diode (OLED) displays for Ferrari, the panel maker said Tuesday.

Samsung Display and Ferrari signed a memorandum of understanding (MOU) that day at the company’s Asan plant in South Chungcheong, with Benedetto Vigna, Ferrari CEO, and Samsung Display CEO Choi Joo-sun in attendance.

With the signing of the MOU, Samsung Display, 84.8 percent owned by Samsung Electronics, will supply OLED panels for Ferrari’s next-generation vehicles as the Italian carmaker speeds up electrification.

Samsung Display signed automotive OLED supply deals with other carmakers as well, such as Hyundai Motor, BMW and Audi.

Samsung Display first introduced a digital cockpit equipped with its 34-inch bendable OLED display during CES 2023 held in Las Vegas in January. The company cited narrow bezels, slim design and energy efficiency as its automotive OLED panels’ strengths.

“With the technological capacities in OLED manufacturing accumulated over a long period of time, we will provide cutting-edge display solutions that will fit Ferrari’s status,” Choi said.

The company will “continue to strengthen its automotive OLED business in collaboration with leading carmakers such as Ferrari,” Choi added.

Samsung Display recently announced a 4.1 trillion won ($3.1 billion) investment in an OLED production facility through 2026.

Automotive OLED revenue is expected to reach $1.11 billion by 2027, compared to this year's $264 million, according to market tracker Omdia.

BY SHIN HA-NEE [shin.hanee@joongang.co.kr]