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.
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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