SIEGY - Siemens wins $3.4B in Amtrak train orders

Leadinglights/iStock Unreleased via Getty Images Siemens Mobility ([[SIEGY]] +0.5%) says it was awarded $3.4B in contracts in the U.S. to design, manufacture and technically support 73 multi-powered trains, in the company's largest-ever North American contract. Siemens says Amtrak could order as many as 140 additional trains and further maintenance agreements. The order includes dual power and hybrid battery trains, with the first planned for delivery in 2024, while the first of its kind Venture Hybrid battery train will begin testing in 2025. "These new trains will reshape the future of rail travel by replacing our aging 40-to-50-year old fleet with state-of-the-art, American-made equipment," Amtrak CEO Bill Flynn says. Siemens recently raised its targeted comparable annual revenue growth to 5%-7% over its business cycle of the next 3-5 years.

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Siemens wins $3.4B in Amtrak train orders