|Day's Range||7.28 - 7.33|
|52 Week Range||6.45 - 7.99|
|PE Ratio (TTM)||16.07|
|Dividend & Yield||0.02 (2.31%)|
|1y Target Est||8.05|
Chinese rail car manufacturer CRRC Corp will build 64 subway cars for the Los Angeles metro as part of an order that could be worth as much as $647 million. A CRRC executive confirmed the news on Monday, which was first announced by the Los Angeles County Metropolitan Transportation Authority (LACMTA) late last week. The LACMTA said these cars will be used for the metro's red and purple lines, and they may also opt to buy another 218 subway cars, bringing the total order value to about $647 million, it said.
Foreign firms say they are struggling to gain access to China's vast railway market as the country, seeking to transform its domestic industry into an export powerhouse, tightens the bidding criteria on rail tenders. The complaints echo similar concerns raised in other industries including technology and renewable energy, and highlight what some foreign companies see as an uneven playing field when operating in China. "In the last 1-2 years there have been tendencies to disregard foreign-invested companies as Chinese companies, and to prefer Chinese-invested companies versus foreign-invested companies," Ansgar Brockmeyer, board chairman of German brake maker Knorr-Bremse's Asia Pacific arm, told Reuters.
China's CRRC Corp said it has won its second major contract in the United States after the Chicago transport authority accepted its $1.3 billion bid to build rail cars for the city. "This is the largest subway car project that a Chinese railway equipment company has received from a developed country to date. 'Made in China' rail is set to land in the United States' Chicago," the company said in an e-mailed statement.