Top Train Maker CRRC Will Miss Foreign Sales Target
China’s top state-owned train maker CRRC Corp. expects orders from foreign customers to total no more than $4.5 billion this year, half the $9 billion target set at the beginning of 2017.
Internal disputes and rising competition from global rivals are the main factors slowing CRRC in its international foray, sources told Caixin.
This year's weak performance might influence the company's plan to set up more branches overseas, a person close to the company said. The CRRC’s newly established subsidiaries in North America and South America both missed their sales targets, the source said.
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