Hyundai Rotem has secured the largest electric train project in history from Morocco.
As of 9:28 a.m. on 26th, Hyundai Rotem is trading at 89,600 won, up 0.56% from the previous day.
On that day, Hyundai Rotem announced that it had signed a contract with the Moroccan National Railway Office for a supply of double-decker electric trains worth 2.2027 trillion won.
The Moroccan double-decker electric train operates at a speed of 160 km/h, connecting major areas centered around Casablanca, the largest city in the region. Maintenance of the trains is expected to be jointly handled by Hyundai Rotem and Korea Railroad Corporation (Korea Train Express), under separate negotiations with the Moroccan National Railway Office.
With this project, Hyundai Rotem has made its first entry into the Moroccan market, setting a record for the largest single project order in the railway sector. The previous large-scale order was for the Australian NIF double-decker electric trains worth 1.4 trillion won.
The market sees the success of this order as a result of the collaboration between the public and private sectors under 'Korea One Team.' Last year, Minister of Land, Infrastructure and Transport Park Sang-woo visited Morocco, meeting with the Minister of Transport and Logistics and the head of the railway office. Officials from the Korea Railroad Corporation and the Korea National Railway Authority also participated in the bidding in Morocco.
Hyundai Rotem evaluated, "This order is a result of the joint efforts of the public and private sectors through Korea One Team and a case where the competitiveness of K-rail has been recognized in the global market."