Benzinga | Oct 4, 2021 12:57PM EDT

GM, Wolfspeed Enter Supplier Agreement To Use Silicon Carbide For Electric Vehicles

* 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.