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Bombardier wins $4B Chinese train contract
By François Shalom, Montreal Gazette September 28, 2009
Zefiro high-speed train from Bombardier.
Photograph by: Bombardier, Bombardier
MONTREAL – Bombardier Inc. signed a landmark rail order in China Monday, a $4.36-billion deal for 80 very high-speed Zefiro 380 trains, of which Bombardier’s share is about $2.14 billion.
Bombardier’s Chinese joint venture, Bombardier Sifang (Qingdao) Transportation Ltd., landed the order from the Chinese Ministry of Railways for 80 Zefiro 380 VHS (very high speed) trains, consisting of 1,120 cars spread out over 20 eight-car trainsets and 60 sixteen-car trainsets.
A Bombardier spokesperson said the deal, important even by standards in today’s China, which is building 6,000 kilometres of high-speed rail lines at blistering speed, catapults Bombardier as the new leader worldwide in high-speed train technology.
Talal Zouaoui called the Zefiro project “historic” and said it represents a breakthrough of sorts for Bombardier as the new “the global leader with the broadest portfolio” in high-speed rail. “We are now the innovators.”
But analyst Timothy James of TD Newcrest Inc. in Toronto noted that Alstom SA of France and Siemens AG of Germany still have slightly larger market shares in worldwide high-speed rail.
The Zefiro 380 refers to the top speed of 380 kilometres per hour, on par with the fastest trains in France, Japan and other countries with developed high-speed train networks. Bombardier has already delivered Zefiro 200 (kilometres per hour) and Zefiro 250 (khp) trains to China, and some of the new trains might run on routes currently served by the Zefiro 200 and 250.
The other $2-billion plus will go to local Chinese train companies, but one source said that it isn’t clear even to Bombardier which ones and how many.
The deal won’t create new jobs in China, where Bombardier Sifang employs 3,000 people, but will provide ample work for the coming years, said Zouaoui.
Deliveries are due to start in 2012 and run until 2014, an unusually compressed time frame for new and complex technology.
But analyst Cameron Doerksen of Montreal’s Versant Partners said that “China moves forward rapidly, more rapidly than in Europe or North America” and “there’s no real reason they can’t deliver” by then. The technology is a continuation of the Zefiro 200 and 250 models, rather than a brand new clean-sheet design, he said, and Bombardier’s rail unit has also managed to reduce significantly its project delays and overruns in the last few years.
Analysts welcomed the deal, although Chris Murray of CIBC World Marlets said from Toronto that it had been “more or less” expected.
Bombardier is bidding on 15 other major rail deals around the world, including other projects in China, in Europe, the U.K., France, Canada and Sweden, he said, and is bound to win some of them.
Partly as a result of the deal, Doerksen upped his outlook on Bombardier from “sell” to “neutral,” as well as his projected stock performance from $4.25 per share to $4.90. Shares gained 6 per cent yesterday to close at $4.86.
It isn’t known on which routes China’s ministry will deploy the trains. Bombardier has already sold more than 1,000 passenger cars to China’s rail authorities since launching its Bombardier Sifang joint venture in 1998, and is currently working on two other contracts, including one for the fastest sleeper-car trains in the world.
Zouaoui said the electric trains would be the most energy-efficient train in operation, with savings derived from Zefiro’s aerodynamics and power transfer. Like a hybrid, for instance, it generates energy when it brakes, but unlike hybrids which transfer that energy to the battery, the Zefiro 380 can transfer that power to other trains. In train stations, for instance, the energy generated by braking can be transferred to other trains there.
James added that the contract doubles in one fell swoop the roughly $500 million a year Bombardier does in China to about $1 billion for the next few years.
“The timetable might be a bit of a tall order,” said James, “But it’s achievable.”
And the company’s “massive presence in China in relation to its competitors” gives the company a major advantage – if not a lock – on future contracts, he added.
Siemens, Bombardier’s competitor with the second highest presence in China, has about one-quarter of Bombardier’s workforce there.
Jianwei Zhang, Bombardier China’s president said in a statement that “China has a clear vision of the critical role high speed rail must play in a sustainable transportation system, and is making the strategic investments necessary to ensure that vision is realized.”
© Copyright (c) The Montreal Gazette
By François Shalom, Montreal Gazette September 28, 2009
Zefiro high-speed train from Bombardier.
Photograph by: Bombardier, Bombardier
MONTREAL – Bombardier Inc. signed a landmark rail order in China Monday, a $4.36-billion deal for 80 very high-speed Zefiro 380 trains, of which Bombardier’s share is about $2.14 billion.
Bombardier’s Chinese joint venture, Bombardier Sifang (Qingdao) Transportation Ltd., landed the order from the Chinese Ministry of Railways for 80 Zefiro 380 VHS (very high speed) trains, consisting of 1,120 cars spread out over 20 eight-car trainsets and 60 sixteen-car trainsets.
A Bombardier spokesperson said the deal, important even by standards in today’s China, which is building 6,000 kilometres of high-speed rail lines at blistering speed, catapults Bombardier as the new leader worldwide in high-speed train technology.
Talal Zouaoui called the Zefiro project “historic” and said it represents a breakthrough of sorts for Bombardier as the new “the global leader with the broadest portfolio” in high-speed rail. “We are now the innovators.”
But analyst Timothy James of TD Newcrest Inc. in Toronto noted that Alstom SA of France and Siemens AG of Germany still have slightly larger market shares in worldwide high-speed rail.
The Zefiro 380 refers to the top speed of 380 kilometres per hour, on par with the fastest trains in France, Japan and other countries with developed high-speed train networks. Bombardier has already delivered Zefiro 200 (kilometres per hour) and Zefiro 250 (khp) trains to China, and some of the new trains might run on routes currently served by the Zefiro 200 and 250.
The other $2-billion plus will go to local Chinese train companies, but one source said that it isn’t clear even to Bombardier which ones and how many.
The deal won’t create new jobs in China, where Bombardier Sifang employs 3,000 people, but will provide ample work for the coming years, said Zouaoui.
Deliveries are due to start in 2012 and run until 2014, an unusually compressed time frame for new and complex technology.
But analyst Cameron Doerksen of Montreal’s Versant Partners said that “China moves forward rapidly, more rapidly than in Europe or North America” and “there’s no real reason they can’t deliver” by then. The technology is a continuation of the Zefiro 200 and 250 models, rather than a brand new clean-sheet design, he said, and Bombardier’s rail unit has also managed to reduce significantly its project delays and overruns in the last few years.
Analysts welcomed the deal, although Chris Murray of CIBC World Marlets said from Toronto that it had been “more or less” expected.
Bombardier is bidding on 15 other major rail deals around the world, including other projects in China, in Europe, the U.K., France, Canada and Sweden, he said, and is bound to win some of them.
Partly as a result of the deal, Doerksen upped his outlook on Bombardier from “sell” to “neutral,” as well as his projected stock performance from $4.25 per share to $4.90. Shares gained 6 per cent yesterday to close at $4.86.
It isn’t known on which routes China’s ministry will deploy the trains. Bombardier has already sold more than 1,000 passenger cars to China’s rail authorities since launching its Bombardier Sifang joint venture in 1998, and is currently working on two other contracts, including one for the fastest sleeper-car trains in the world.
Zouaoui said the electric trains would be the most energy-efficient train in operation, with savings derived from Zefiro’s aerodynamics and power transfer. Like a hybrid, for instance, it generates energy when it brakes, but unlike hybrids which transfer that energy to the battery, the Zefiro 380 can transfer that power to other trains. In train stations, for instance, the energy generated by braking can be transferred to other trains there.
James added that the contract doubles in one fell swoop the roughly $500 million a year Bombardier does in China to about $1 billion for the next few years.
“The timetable might be a bit of a tall order,” said James, “But it’s achievable.”
And the company’s “massive presence in China in relation to its competitors” gives the company a major advantage – if not a lock – on future contracts, he added.
Siemens, Bombardier’s competitor with the second highest presence in China, has about one-quarter of Bombardier’s workforce there.
Jianwei Zhang, Bombardier China’s president said in a statement that “China has a clear vision of the critical role high speed rail must play in a sustainable transportation system, and is making the strategic investments necessary to ensure that vision is realized.”
© Copyright (c) The Montreal Gazette
