DURHAM-Cree is now officially renamed Wolfspeed. It has an important new customer: General Motors.

Following the name change, the company traded on the New York Stock Exchange (NYSE) under the ticker symbol "WOLF".

Company executives, including CEO Gregg Lowe, are scheduled to ring the opening bell of the exchange this morning.

The name change announced earlier this year occurred after the company described it as a "large-scale four-year transformation" in a statement.

The company previously sold its LED lighting business.

Wolfspeed executives rang the opening bell of the New York Stock Exchange. (Picture from CNN video)

In a major deal that was also announced this morning, GM is signing a deal with Wolfspeed because GM has expanded its commitment to electric vehicles. Wolfspeed semiconductor technology is seen as driving the development of electric vehicles.

Shilpan Amin, GM's vice president of global procurement and supply chain, said in the announcement: "Our agreement with Wolfspeed represents another step forward in our transition to an all-electric future." "Customers of electric vehicles are looking for bigger ones. In terms of cruising range, we regard silicon carbide as an indispensable material in the design of power electronics to meet customer needs. Cooperation with Wolfspeed will help ensure that we can realize our vision of an all-electric future."

Lowe added: "Our agreement with General Motors further proves that the automotive industry is committed to providing innovative electric vehicle solutions to the market and using the latest advances in power management to improve the overall performance of the car. The agreement ensures a long-term supply to General Motors. Silicon carbide to help them fulfill their promise for an all-electric future."

In an interview with WRAL TechWire, Lowe said that the rationale behind the decision is one of the key points.

The company chose to focus its business strategy on a specific business area: silicon carbide materials and semiconductor devices.

In the first six years, the company brand of this department was Wolfspeed.

Lowe said this is why the company changed its name. "this is us."

In his own words: The CEO revealed the reason why he changed Cree’s name to Wolfspeed

"The next generation of power semiconductors will be driven by silicon carbide technology, and its superior performance will bring new possibilities and positive changes to our lifestyle," Lowe said in a statement. "As the original proponents of this technology, we are extremely excited about the future development."

Lowe pointed out that the company's silicon carbide technology can be traced back about 30 years ago. Lowe pointed out that the company began preparing for this transition about two years ago, when a global shortage of semiconductor chips caused a massive disruption in the automotive industry.

But Wolfspeed is ready, Lowe pointed out. Lowe said that due to the company's investment two years ago and the decision to lay off employees to focus on this line of business as the way forward, the company has increased its production capacity by 30 times.

Lowe said, now is the time. It is expected that multiple industries will shift from silicon to silicon carbide. In a statement, Wolfspeed said that its silicon carbide technology "is the key to the electrification of powertrain systems to support the transition to electric vehicles, wireless infrastructure to unlock the potential of smart cities, and power storage to enable wider adoption of renewables." energy".

Lowe joined the company in 2017.

Cree's name change to Wolfspeed will take effect on October 4th

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