The invention relates to a granulator for producing granulate from molten plastic with a cutter head displaceable over an adjustment range, said cutter head cooperating with a die plate dispensing the plastic strands, said cutter head being connected to a drive shaft of a drive motor containing a stator and a drive rotor and being axially displaceable with respect to the die plate. The drive rotor is axially displaceable over the adjustment range by means of a linear adjustment element and is fixable in said range.