No Big Apple for China’s Top Rail-Equipment Maker
Leading rail equipment maker CRRC Corp. Ltd. has been eliminated from the bidding for a $3.2 billion contract to supply subway cars to New York, in a major setback for its drive to offset slowing sales at home with exports, a knowledgeable source told Caixin.
The loss ends a recent streak that had seen CRRC win contracts to supply subway and urban rail cars to major U.S. cities including Chicago, Boston, Philadelphia and Los Angeles. It also marked a reversal of signals earlier this year, when a source told Caixin that CRRC was the leading bidder for the immense contract.
CRRC was informed over the last few days that a bid it was making jointly with Canada’s Bombardier Inc. to supply 1,000 rail cars to New York’s subway operator had been eliminated from the competition, a source close to CRRC told Caixin on Wednesday, speaking on condition of anonymity because he was not authorized to speak to the media.
The deal would have marked the biggest overseas order for subway cars to date for CRRC, which has built up its credentials over the last decade by helping many of China’s largest cities build new subway systems. A deal would have also carried extra prestige due to New York’s status as the largest city and financial capital of the U.S.
“CRRC is extremely disappointed to lose this project,” the source told Caixin.
CRRC’s latest subway contract win came in May, when it beat out Bombardier for a contract to supply rail cars to the mass transit operator in the Canadian city of Montreal. That deal was relatively small, worth about $50 million. Other deals in Philadelphia and Los Angeles were also worth less than $150 million each, though the Chicago contract was larger with a value of about $1.3 billion.
Contact reporter Yang Ge (email@example.com)
Jul 13 19:13
Jul 13 18:03
Jul 13 16:34
Jul 13 13:57
Jul 13 12:49
Jul 10 19:00
Jul 10 18:54
Jul 10 17:22
Jul 10 16:31
Jul 10 13:03
- 1For Electric-Vehicle Maker Nio, Government Tie-Up Has Its Benefits
- 2Tencent’s PUBG Mobile Game Hits $3 Billion Milestone
- 3Zoom Investment Grew From Li Ka-shing’s Disgust at Pricey Video Gear, Says His Tech-Savvy Companion
- 4In Depth: CATL Loses Electric-Car Battery Crown as Foreign Firms Muscle In
- 5Trending in China: Outrage Ensues as Updated U.S. Student Visa Policies Force International Students into a Dilemma
- 1Power To The People: Pintec Serves A Booming Consumer Class
- 2Largest hotel group in Europe accepts UnionPay
- 3UnionPay mobile QuickPass debuts in Hong Kong
- 4UnionPay International launches premium catering privilege U Dining Collection
- 5UnionPay International’s U Plan has covered over 1600 stores overseas