Hyundai and UTC Sign MOA on FCV Development

February 07, 2002 by Jeff Shepard

Hyundai Motor Co. (South Korea) signed a memorandum of understanding (MOA) with United Technologies Corp. (UTC, Hartford, CT) aimed at forming a strategic alliance to develop fuel cell vehicles (FCVs).

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