CRRC

| industry = Manufacturing

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| revenue =

| revenue_year = 2018

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| income_year = 2018

| net_income =

| net_income_year = 2018

| assets =

| assets_year = 2018

| equity =

| equity_year = 2018

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CRRC Corporation Limited (known as CRRC, China Railway Rolling Stock Corporation) is a Chinese state-owned and publicly traded rolling stock manufacturer. It is the world's largest rolling stock manufacturer in terms of revenue, eclipsing its major competitors of Alstom and Siemens.

It was formed on 1 June 2015 through the merger of CNR and CSR. As of 2016 it had 183,061 employees.

In late 2014, CNR Group and CSR Group agreed to merge, subject to approval by the Chinese state. Under the agreement, CNR Group would formally acquire CSR Group (but CSR Corporation Limited would acquire China CNR Corporation Limited). The combined business would each be renamed CRRC Group and CRRC Corporation Limited respectively (CRRC stands for China Railway Rolling Stock Corporation). The rationale given for the merger was increased efficiency, and the ability to better compete internationally.

In mid-2015, production began at a rolling stock plant in Batu Gajah, Perak, Malaysia, a satellite of CRRC Zhuzhou Locomotive, and the corporation's first plant outside China. Argentina had previously purchased a variety of rolling stock from the company over the years, including 704 EMU cars, 81 DMU cars, 44 passenger locomotives, 360 carriages, 107 freight locomotives and 3,500 freight cars, in addition to the 150 200 Series cars for the Subte. In 2017, the Argentine government purchased an additional 200 EMUs from CRRC.

In mid-2015, CRRC formed a freight wagon joint venture, Vertex Railcar, as a minority partner with Hong Kong-based private equity firm Majestic Legend Holdings to establish production in Wilmington, North Carolina at a former Terex facility. the plant was operational by the beginning of 2016. The Treasury Department released its report in December and found that the joint ownership was not a risk.

In late 2015, Yu Weiping, one of the vice president of the company, stated the company planned to double overseas sales over five years, with North American passenger rail being one target.

In March 2017, the subsidiary CRRC MA (based in Quincy, Massachusetts) was awarded a contract by SEPTA to construct 45 bi-level rail cars with the option for 10 additional cars for delivery in October 2019. The SEPTA order was to be built at the Springfield plant and car shell manufactured from the Tangshan plant. CRRC was selected over Hyundai Rotem and Bombardier, which also bid on the bi-level contract and had each produced equipment for SEPTA in the past.

Later in March 2017, CRRC was awarded a contract to build 64 HR4000 cars for the Los Angeles County Metropolitan Transportation Authority (LACMTA) that will replace existing vehicles on the agency's Red and Purple lines, with an option for another 218 cars. The LACMTA order will result in a assembly plant (installing propulsion, HVAC and other general assembly) being built in LA. Workers at the site reported problems with quality tracking, trains being advanced through the assembly process despite missing parts, assembly occurring in the wrong order, and being left with nothing to do for months at a time because a disorderly invoice system failed to reliably pay suppliers for parts.

In 2023, CRRC received the equivalent of US$214 million in state subsidies. In April 2024, SEPTA terminated their order of bi-level rail cars, citing delays and poor build quality. They have stated "The authority is assessing its options for recouping funds that have been spent on the project" after spending $50 million on the project. CRRC expressed their disappointment at the cancellation, stating "[they] remain committed to completing the project."

In 2025 until March 2026, it took over the Hyundai-Rotem factory in Araraquara, far away from S. Paulo center and Train tracks for R$50 million.

South African bribery allegations

In June 2016 a predecessor company of CRRC, CSR Corporation Limited, was implicated in allegations of bribery to obtain a 2012 US$6 billion tender to deliver 600 locomotives to the state owned Passenger Rail Agency of South Africa (PRASA). It was reported that the future South African Public Protector Busisiwe Mkhwebane was implicated in the deal when she worked as Counselor Immigration and Civic Services in South Africa's embassy in China. By 2020 it was reported that funds allocated to pay for an adjusted contract to deliver the locomotives produced by CSR Corporation, now reformed into CRRC, had been frozen by the South African Revenue Service due to possible instances of corruption paid to associates of the Gupta family.

US sanctions

The United States Department of Defense alleges CRRC is a supplier to People's Liberation Army. In November 2020, Donald Trump issued an executive order prohibiting any American company or individual from owning shares in companies that the United States Department of Defense has listed as having links to the People's Liberation Army, which included CRRC.

In October 2022, the United States Department of Defense added CRRC to a list of "Chinese military companies" operating in the U.S.

EU investigation

In February 2024, the European Union launched an investigation into CRRC for allegedly using state subsidies to undercut European suppliers.

Shareholders

, CRRC was majority owned by CRRC Group directly and indirectly (via CRRC Financial and Securities Investment, for 1.64%) for 55.91% of total share capital (all in A share).

CRRC Shijiazhuang Guoxiang Transportation Equipment
CRRC Tangshan Railway Transportation Equipment
CRRC Tianjin Railway Transport Equipment
CRRC Yongji Xinshisu Electric Equipment
CRRC Zhuzhou Electric
CRRC Zhuzhou Institute (former Zhuzhou Electric Locomotive Research Institute) (100%)
Zhuzhou CRRC Times Electric (51.81%)

Joint venture

Bombardier Sifang Transportation

Overseas

CRRC Massachusetts
CRRC Sifang America
Dynex Semiconductor (United Kingdom)
Emprendimientos Ferroviarios (Argentina)
CRRC Rolling Stock Center (Malaysia) Sdn Bhd
CRRC Kuala Lumpur Maintenance Sdn. Bhd. (Malaysia)
Vossloh Locomotives (Germany)

Other investments

On 8 January 2016 CRRC Corporation purchased 13.06% stake of China United Insurance Holding () from China Insurance Security Fund for . It also joint-owned Zhuzhou Times New Material Technology with parent company CRRC Group.

In November 2016 the company (via CRRC Zhuzhou Locomotive) confirmed plans to buy Škoda Transportation based in the Czech Republic. The deal eventually did not go through.

On 1 March 2024, CRRC 40% with Grupo Comporte 60% entered at Trens Intercidades Proposal with the possibility to deliver 22 inter-city trains, to be used from Luz Station to Campinas since supposedly 2030.

Notes

References

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