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General Motors and Wolfspeed Forge Strategic Supplier Agreement to Leverage Silicon Carbide for GM’s Future Electric Vehicle Programs
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Rhea-AI Summary
General Motors (NYSE: GM) has entered a strategic supplier agreement with Wolfspeed (NYSE: WOLF) to utilize silicon carbide power devices in its upcoming electric vehicles (EVs). This collaboration aims to enhance EV propulsion efficiency, extend vehicle range, and secure a domestically sourced supply of materials through Wolfspeed's Assurance of Supply Program. The silicon carbide solutions will be produced at Wolfspeed's advanced 200mm-capable Mohawk Valley Fab in New York, which is the largest of its kind globally, addressing the growing demand in the EV market.
Positive
Strategic agreement with Wolfspeed to enhance EV propulsion efficiency.
Use of silicon carbide devices expected to increase EV range.
Secured supply through the Wolfspeed Assurance of Supply Program.
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Agreement marks GM’s initial shift to using silicon carbide for EV power electronics
Silicon carbide enables longer range for electric vehicles
DETROIT & DURHAM, N.C.--(BUSINESS WIRE)--
Today,General Motors (NYSE: GM) and Wolfspeed, Inc. (NYSE: WOLF) announced a strategic supplier agreement to develop and provide silicon carbide power device solutions for GM’s future electric vehicle programs. Wolfspeed’s silicon carbide devices will enable GM to install more efficient EV propulsion systems that will extend the range of its rapidly expanding EV portfolio.
The silicon carbide will specifically be used in the integrated power electronics contained within GM’s Ultium Drive units in its next-generation EVs.
As a part of the agreement, GM will participate in the Wolfspeed Assurance of Supply Program™ (WS AoSP), which is intended to secure domestic, sustainable and scalable materials for EV production.
“Our agreement with Wolfspeed represents another step forward in our transition to an all-electric future,” said Shilpan Amin, GM vice president, Global Purchasing and Supply Chain. “Customers of EVs are looking for greater range, and we see silicon carbide as an essential material in the design of our power electronics to meet customer demand. Working with Wolfspeed will help ensure we can deliver on our vision of an all-electric future.”
“Our agreement with GM further demonstrates the automotive industry’s commitment to delivering innovative EV solutions to the market and using the latest advances in power management to improve overall vehicle performance,” said Gregg Lowe, CEO of Wolfspeed. “This agreement ensures long-term supply of silicon carbide to GM to help them deliver on their promise of an all-electric future.”
The silicon carbide power device solutions will be produced at Wolfspeed’s 200mm-capable Mohawk Valley Fab in Marcy, New York, which is the world’s largest silicon carbide fabrication facility. Launching in early 2022, this state-of-the-art facility will dramatically expand capacity for the company’s silicon carbide technologies, which are in increasing demand for EV production and other advanced technology sectors around the world.
The widespread adoption of silicon carbide as an industry standard semiconductor for transportation supports the automotive industry’s rapid transition to clean energy vehicles. Silicon carbide enables greater system efficiencies that result in longer EV range while lowering weight and conserving space. Wolfspeed’s technology is fueling electric propulsion systems across the entire voltage spectrum – from 400V to 800V – and beyond.
Wolfspeed (NYSE: WOLF) leads the market in the worldwide adoption of Silicon Carbide and GaN technologies. We provide industry-leading solutions for efficient energy consumption and a sustainable future. Wolfspeed’s product families include Silicon Carbide materials, power-switching devices and RF devices targeted for various applications such as electric vehicles, fast charging, 5G, renewable energy and storage, and aerospace and defense. We unleash the power of possibilities through hard work, collaboration and a passion for innovation. Learn more at www.wolfspeed.com.
General Motors (NYSE: GM) is a global company focused on advancing an all-electric future that is inclusive and accessible to all. At the heart of this strategy is the Ultium battery platform, which will power everything from mass-market to high-performance vehicles. General Motors, its subsidiaries and its joint venture entities sell vehicles under the Chevrolet,Buick,GMC,Cadillac, Baojun and Wuling brands. More information on the company and its subsidiaries, including OnStar, a global leader in vehicle safety and security services, can be found at https://www.gm.com.
Cautionary Note on Forward Looking Statements:
This press release contains forward-looking statements by Wolfspeed involving risks and uncertainties, both known and unknown, that may cause Wolfspeed’s actual results to differ materially from those indicated. Actual results may differ materially due to a number of factors, including the rapid development of new technology and competing products that may impair demand or render Wolfspeed’s products obsolete; and other factors discussed in Wolfspeed’s filings with the Securities and Exchange Commission, including its report on Form 10-K for the year ended June 27, 2021, and subsequent filings. For additional product and company information, please refer to www.wolfspeed.com.
