Chinese company CRRC continues to actively invest in research and development (R&D), according to its latest financial report, this is reported by the railway transport news portal Railway Supply.

CRRC is increasing investments

In 2023, the investment volume in R&D projects amounted to over 14.3 billion yuan, approximately equivalent to $2 billion.

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This represents 6.3% of the company’s total revenue, which in 2023 amounted to 234.3 billion yuan or $32.4 billion, a 5.1% increase compared to 2022.

These figures are the highest in the past five years both in absolute and relative terms.CRRC also notes an increase in the number of employees engaged in R&D.

In 2023, more than 19,000 people worked in this field, accounting for over 12% of the company’s total workforce.

Additionally, the company has a significant number of scientific and technological centers at both national and international levels, and it implements numerous research projects on rolling stock and components development.

Key areas of CRRC’s work include projects for high-speed trains, suburban trains, next-generation regional electric trains, and hydrogen trains for urban transport.

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Furthermore, the report highlights a significant portion of export contracts despite opposition from European and American countries.

As of the end of 2023, the company’s order backlog was estimated at 270.3 billion yuan, with the share of overseas contracts accounting for 42%.

One of CRRC’s main strategic goals is to develop railway rolling stock services and intensify work on various types of transportation, including trams, maglev, and monorails.

The company also focuses on mass production and standardization of key components to ensure the efficiency and competitiveness of its products.

Photo: Caixin Global

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