(Yicai Global) May 25 - China's BYD Co. has won a BRL2.5 billion (USD689 million order) in Brazil to build the world's first cross-sea autonomous monorail system, making a significant step in efforts to expand overseas.
The company will build a Cloud Rail system in the country's fourth-biggest city Salvador to replace a hundred-year-old railroad, the Shenzhen-based firm said.
The project's first phase will consist of a 4.6-kilometer track with operations expected to start in mid-2020 and a 15.4-kilometer second phase will be completed by the end of the same year.
Cloud Rail, a type of small- and medium-capacity rail transit system, took BYD's 1,000-person strong research and development team more than five years to develop through an investment of CNY5 billion. It can serve as feeder and frequently-used lines in first and second-tier cities in China as well as main lines in third and fourth-tier cities as well as at tourist attractions.
Since its development, BYD has secured Cloud Rail deals in Ningxia, Yinchuan as well as other lower-tier Chinese cities, as well as in overseas markets including the Philippines, Cambodia, Morocco and Egypt.
Editor: William Clegg