Why General Motors Stock Is Trading Higher Today

General Motors Co GM is trading higher Monday after the company announced a strategic supplier agreement with Wolfspeed to develop and provide silicon carbide power device solutions for General Motors' future electric vehicle programs.

Wolfspeed’s silicon carbide devices will enable General Motors to install more efficient EV propulsion systems that will extend the range of its electric vehicles. 

“Our agreement with Wolfspeed represents another step forward in our transition to an all-electric future,” said Shilpan Amin, vice president of global purchasing and supply chain at General Motors.

“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," Amin added.

GM Price Action: General Motors has traded as high as $64.30 and as low as $29.15 over a 52-week period.

The stock was up 3.61% at $55.05 at time of publication.

Photo: courtesy of General Motors.