Hyundai and UTC Sign MOA on Fuel Cell Vehicle Development

Hyundai and Kia preparing to respond to commercialization of electrically-powered automobiles around 2004-2005 according to company management.

Published: 31-Jan-2002

SEOUL, Jan 30 (Reuters) - South Korea's Hyundai Motor Co (05380.KS) plans to work with a unit of United Technologies Corp to develop electric vehicles, it said on Wednesday.

Hyundai said it had signed a memorandum of understanding with UTC Fuel Cells aimed at forming a strategic alliance to develop fuel cell vehicles.

"The alliance has provided Hyundai and Kia with a basis to actively respond to the commercialisation of electrically powered automobiles expected around 2004-2005," Hyundai Vice President Kim Sang-kwon said in a statement.

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