Most fuel cell companies give up gains on US plan

Industry analysts expected more from Freedom Car announcement.

Published: 14-Jan-2002

VANCOUVER, British Columbia, Jan 9 (Reuters) - Shares of several fuel cell developers that had skyrocketed in advance of a new U.S. plan to boost hydrogen-powered cars gave up most their gains on Wednesday once the plan was actually released.

The plan unveiled by U.S. Energy Secretary Spencer Abraham and major automakers was short on specifics, and came with warnings it could take years if not decades for environmentally friendly vehicles to become commercially viable.

The plan was released at the annual Detroit international auto show, which was the spark of similar gyrations for fuel cell stocks two years ago, prompting one analyst to term this the industry's "silly season."

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