- General Motors (GM +1.0%) is out with its official announcement on the new Ultium Drive program.
- The automaker says next-generation EVs are set to be powered by a family of five interchangeable drive units and three motors. Ultium Drive is expected to help the company transition its current portfolio to a fully electric lineup, providing significant advantages over GM's previous EVs in performance, scale, speed to market and manufacturing efficiencies.
- What is Ultium Drive exactly? The platform is said to combine electric motors and single-speed transmissions to apply power – generated by Ultium battery cells – to the wheels of GM's upcoming electric vehicles.
- "Ultium Drive will be more responsive than its internal combustion equivalents with precision torque control of its motors for smooth performance."
- American Axle (NYSE:AXL), a key supplier to GM, is weaker on the session after the announcement.
- Will it be the jolt to get GM shares moving out of their five-year slog?