Samsung Display will supply OLED panels for the next generation of Ferrari, as the display maker looks to diversify in the midst of falling demand for smartphones and televisions.

“Based on our extensive expertise in OLED technology, we are poised to introduce cutting-edge display solutions that meet the Ferrari standard,” JS Choi, president and CEO of Samsung Display, said of the partnership.

“We are certain that our collaboration with Ferrari will provide an exciting opportunity to apply our strengths to the supercar field and reinforce our position in the automotive OLED market, enabling us to reach ever new heights.”

Samsung Display announced last week it was invest A$4.66 billion into expanding its OLED production capabilities. Yesterday, Samsung Electronics announced a move away from memory chip production, as it posted a 96 per cent drop in operating profits for the March quarter.

“Through this strategic partnership with Samsung Display for the dedicated development of bespoke OLED technology display solutions, we will make a significant step forward in the digital environment of our next-generation models,” Ferrari CEO Benedetto Vigna said of the deal.

No monetary details regarding the deal were released.