CNR, CSR clinch US$7.3b train deals
Print Edition
CHINA CNR Corp and CSR Corp , China’s two top trainmakers, have signed deals worth 45.41 billion yuan (US$7.3 billion) with Chinese and foreign firms.
CSR yesterday said it had signed 14 deals worth 21.11 billion yuan, including the sale of electric trains and maintenance contracts, equivalent to 21.6 percent of its 2013 revenue.
CNR signed 30 contracts worth a total of 24.3 billion yuan, which involved high-speed trains, urban subways and electric vehicles, equivalent to about 25 percent of its 2013 revenue.
Both companies did not provide details on when the deals were signed.
CNR’s deals included the confirmation of a 4.12 billion yuan subway contract with the Massachusetts Bay Transportation Authority, marking China’s first technology export of high-end equipment to the US.
The deal was a follow-up to MBTA’s approval to purchase 284 subway trains from CNR in October, and was considered as a breakthrough for Chinese rail transport equipment makers in the US market.
The trains are expected to serve for at least 30 years. CNR will further expand its business to New York and Washington DC, the company said on its website.
CNR also said it will set up a research and development center in the US.
The company said its global expansion is closely connected with the Chinese government’s efforts to promote the country’s high-speed trains. Last year, CNR signed overseas deals worth US$3 billion, an increase of 73.5 percent from 2013.
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