• 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.

See more from Benzinga

• Click here for options trades from Benzinga

• Silgan Acquires Easytech Closures For .5M

• Esports Partners With Alpha Tech To Design Computer Vision For Automated Scoring

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.