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Photo = Yonhap news |
[Alpha Biz= Kim Jisun] Hyundai Rotem has secured a landmark electric train supply contract in Morocco worth KRW 2.2 trillion ($1.65 billion), setting a new record for South Korea’s railway industry in a single overseas project.
The company announced on Tuesday (local time) that it had signed a contract with the Moroccan National Railways Office (ONCF) to supply double-decker electric trains. These 160 km/h trains will be integrated into Morocco’s expanding transportation network, connecting major cities, including Casablanca.
As one of the co-hosts of the 2030 FIFA World Cup, Morocco is investing heavily in its public transport infrastructure, including high-speed rail (320 km/h) and commuter and urban electric trains (160 km/h). While France’s Alstom won the high-speed rail contract, Hyundai Rotem secured the commuter and urban train segment.
Hyundai Rotem specializes in high-speed trains and urban rail systems, alongside its defense division, which manufactures K2 tanks. Since its founding in 1977 as a freight train manufacturer, it has grown into South Korea’s sole producer of high-speed trains. Following its recent expansion of K2 tank exports, the company has now set a new milestone in railway exports. This deal surpasses its previous record of KRW 1.4 trillion for an Australian train supply contract.
With this latest order, Hyundai Rotem’s order backlog is expected to exceed KRW 20 trillion, up from KRW 18 trillion at the end of last year. The company also aims to expand its high-speed rail exports in the future.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
