So I was right – it was the cracked/cheap/broken connectors to the motor controller. I replaced all of the connectors on the controller, and the motor now works VERY well. I really can’t use first gear anymore.
However, I discovered that I mounted the water pump in a bad position. According to some sites, I’m not supposed to put the inlet of the pump in a vertical position. Will keep you appraised of that.
Meanwhile, the new motor is just awesome. Once I get more comfortable with it, I just might burn rubber. O_O
Cheers!