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THE INVESTOR]
Hyundai Rotem, the train-making unit of Hyundai Motor Group, has won a 1.1 trillion won (US$994 million) train supply deal in Australia, the company said on Aug. 18.
The contract marks the company’s largest ever.
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Hyundai Rotem’s double-decker train will be supplied to the Australian state of New South Wales. Hyundai Rotem |
Under the deal, the company will supply 512 double-decker trains to the Australian state of New South Wales, along with an optional 136 trains. The shipments will start in 2019 and are to be completed by 2022.
The trains will connect major cities across the state, reducing travel time by 30 minutes compared to the trains currently running. The trains will also improve energy efficiency 13 percent.
Amid the heated bidding war, the company said it was helpful creating a consortium with UGL, an Australian engineering company, to win the deal.
With the latest deal, the company’s total orders secured this year have exceeded 2.5 trillion won.
By Lee Ji-yoon (
jylee@heraldcorp.com)
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