General Electric (GE) has signed an agreement with China's CSR Corporation to establish a US-based joint venture to advance high-speed and other rail technology in the US.
The parties will invest about $50m in the joint venture, which will supply high-speed rail passenger trains or electric multiple units for the two proposed US high-speed corridors in Florida and California.
The agreement will also focus on passenger rail transport through the manufacturing of medium-speed passenger trains and transit rail vehicles for US cities.
The final production of the trains will be carried in the US, which GE says will sustain around 3,500 long-term high-tech manufacturing jobs in the country.
