- General Motors Co (NYSE: GM) has signed a supplier agreement with Wolfspeed Inc (NYSE: WOLF) to develop and provide silicon carbide power device solutions for GM’s future electric vehicle programs. The financial terms of the deal were not disclosed.
- Cree, Inc. (NASDAQ: CREE) officially changed its name to Wolfspeed and began trading today under the new ticker “WOLF” on NYSE.
- Wolfspeed’s silicon carbide devices will enable GM to install more efficient EV propulsion systems that will extend the range of its EV portfolio.
- The silicon carbide will be used in the integrated power electronics contained within GM’s Ultium Drive units in its next-generation EVs.
- GM will also participate in the Wolfspeed Assurance of Supply Program to secure domestic, sustainable, and scalable materials for EV production.
- Wolfspeed will produce the silicon carbide power device solutions at its 200mm-capable Mohawk Valley Fab in Marcy, New York, launching in early 2022.
- Price Action: GM shares are trading higher by 2.71% at $54.58, WOLF on the last check Monday.
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