China Railway Rolling Stock Corporation (CRRC) recorded sales of 243.7 billion and profit 16.3 billon yuan in 2015 which was an 8% and 17% increase respectively from the level of previous year.
The overseas sales was 26.57 billion yuan (US$3.86billion) in 2015 as CRRC sets a target to push it to US$15 billion by 2020.
The state owned CRRC was founded in 2015 through a government directed merge between two former rivals CSR Corp and CNR Corp, a move aimed at avoiding unnecessary competition between these two state-owned corporations that bidding against each other had been common. CSR and CNR was originated from CRC which was established in 1954.
CRRC now has 190,000 employees and 430 subsidiaries all over the world. Being the world’s largest railcar builder, CRRC has delivered high speed trains, railcars, locomotives, passenger coaches, wind power equipment, engineering machinery, railway signalling and controlling systems and various services such as railway system maintenance to 102 countries.
CRRC has set up 56 branches such as CRRC North America or CRRC South America in 21 countries with 4,625 employees.
CRRC North America will deliver its first train built in its manufacturing plant in Springfield, Massachusetts to the Boston transit system in 2018. CRRC promises to build 60 % of the value of its train cars in the United States, to earn the “Made in U.S.A.” label. However some of the most significant elements, including the design, engineering, steel work and some manufacturing — would still come from China.
In August this year CRRC’s first joint venture in India, CRRC Pioneer (India) Electric Co Ltd, started operations. CRRC holds a 51% stake in the venture.
CRRC is also prepared to join in forces with its international competitors to develop major projects, for example CRRC and Bombardier agreed in September 2016 to form a consortium to bid for the project of reforming the aging subway system in New York.
In March 2016 , though its subsidiary CSR Sifang America JV, CRRC won a contract to supply up to 846 metro cars to Chicago , which will be assembled at a purpose-built facility in the city.
CRRC operates plants that produce electric locomotives, subway trains, and related control systems in South Africa, Malaysia, Turkey and Iran, Brazil, Argentina, Saudi Arabia, Thailand, New Zealand, and Hong Kong.
Rail is one of China’s most strategic assets. The country has built more than 7,500 miles of high-speed rail tracks in recent years, four times as much as Japan, which has the world’s second-biggest high-speed rail network, according to the World Bank.
In 2013, China’s high-speed rail lines accrued more passenger-kilometres than the rest of the world combined — about four times the volume in France and two and a half times that of Japan. It plans to connect all its cities of more than 500,000 people through fast rail this year.