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Inverstors News

New Agreement Foresees Fuel Cell Vehicles from Hyundai-Kia by 2005

2002.01.31 No. 114
 
 


Hyundai-Kia and United Technologies Corporation of the United States have signed an agreement to establish strategic partnership to develop fuel cell vehicles for everyday use by 2005.
The two companies have already produced fuel-cell powered Santa Fe models and the new memorandum of understanding is designed to take the partnership further towards developing competitive fuel-cell vehicles that can be ready for public use within the next four years.
Speaking at Hyundai-Kia`s Namyang R&D center in South Korea, Hyundai Vice President Sang-Kwon Kim said: " This alliance has already provided Hyundai-Kia with the basis to respond to the need for commercially available fuel-cell vehicles by 2004-2005."
UTC President Mr. W. Miller said: "The joint development of hydrogen-powered fuel cell vehicles last year has shown our companies have global competitiveness in this field."
The Santa Fe featuring the jointly-developed fuel-cell received an award in the Michelin Challenge in California in October last year. Now the two companies will look to
Develop fuel-cell power-packs for other Hyundai and Kia cars and buses.
UTC was established in 1959 and currently produces fuel cells used in vehicles, commercial, residential and space programme applications.

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