Reduced-order electrothermal models play a key role in the design and control of lithium-ion cell stacks, calling for accurate model parameter calibration. This paper presents a complete electrical and thermal experimental characterization procedure for the coupled modeling of cylindrical lithium-ion cells in order to implement them in a prototype Formula SAE hybrid racing car. The main goal of the tests is to determine how the cell capacity varies with the temperature and the discharge current to predict the open-circuit voltage of the cell and its entropic component. A simple approach for the characterization of the battery equivalent electrical circuit and a two-step thermal characterization method are also shown. The investigations are carried out on four commercial 18650 NMC lithium cells. The model was shown to predict the battery voltage with an RMS error lower than 20 mV and the temperature with an RMS error equal to 0.5 °C. The authors hope that this manuscript can contribute to the development of standardized characterization techniques for such cells while offering experimental data and validated models that can be used by researchers and BMS designers in different applications.