General Motors Rises After Unveiling 'Ultium' EV Drive System Plans

Shares of General Motors (GM) are in the spotlight on Wednesday after the company announced plans to produce electric vehicle drive systems and motors known collectively as "Ultium Drive," challenging Tesla's (TSLA) dominance of the clean-energy car market to date. Meanwhile, GM CEO Mary Barra has recently said that the automaker had done "appropriate diligence" before signing a deal with Nikola (NKLA) and that questions swirling around Nikola "should be referred to Nikola." Barra's comments followed a short report by Hindenburg Research calling GM's partner "an intricate fraud" built on "dozens of lies."

ULTIUM DRIVE: General Motors' next-generation EVs are expected to be powered by a family of five interchangeable drive units and three motors, known collectively as "Ultium Drive," the company has announced. "Ultium Drive will 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. Ultium Drive combines electric motors and single-speed transmissions to apply power - generated by Ultium battery cells - to the wheels of GM's upcoming electric vehicles. GM will lead the design and development of Ultium Drive's modular architecture," announced General Motors.

Ken Morris, GM vice president, Autonomous and Electric Vehicle Programs, added: "Making motors, transmissions, driveline components, and systems are among GM's best-known competencies, and our manufacturing expertise is proving not only transferable but advantageous as we make the transition to EVs."

'APPROPRIATE DILIGENCE': At Monday's RBC Capital Markets Global Industrials Conference, GM CEO Mary Barra confirmed that the automaker had done "appropriate diligence" before signing a deal with Nikola and that questions swirling around Nikola "should be referred to Nikola."

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