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Technology Stocks : Fuel Cell Investments

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To: Retiarius who wrote (165)	1/30/2002 5:37:48 AM
From: SemiBull	Read Replies (1) of 280

Hyundai, United Tech sign electric vehicle MOU SEOUL, Jan 30 (Reuters) - South Korea's Hyundai Motor Co plans to work with a unit of United Technologies Corp (NYSE:UTX - news) 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. Kia Motors Corp , a Hyundai affiliate, is also participating in the project. Conneticut-based UTC Fuel Cells produces fuel cells used in vehicles as well as in commercial, residential and space applications. Hyundai is Korea's biggest automaker and DaimlerChrysler AG owns a 10 percent stake. Hyundai shares were down 2.32 percent at 29,500 won at 0226 GMT, outperforming a broader stock index down 2.89 percent.

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